It's a good idea to start planning ahead for vacations. My husband and I have been discussing lately what we want to do this summer for our family vacation. Now is the time to budget and start saving for those upcoming trips.
First, come up with a dollar amount that you think you will need for your vacation. Then you can take that number divided by the number of months you have left until your vacation. Each month put that amount of money away either in a seperate bank account or in your savings. For example, we think we will be able to take a nice vacation for around $2,000. We are planning to go sometime in July. If we start saving now then we will have to put away about $167 each paycheck (every 2 weeks) from now until July.
Taking a little out of each paycheck for the next 6 months is a lot easier than coming up with a large lump sum all at once. We can transfer the money over to our savings account where it can sit until we are ready to use it in July.
You can do this for any big expense you have coming up. This post is linked to the Frugal Tuesday Tip hosted here at Learning the Frugal Life.