Last Minute Saving Tips for Vacation

I don't know about you but the winter blues are setting in and I'm already thinking about vacation time. I hope to be able to take a last minute trip with some friends this year but am still figuring out how to make it happen in my budget. May have to be a last minute thing. I found some great tips from Teri Cettina on Yahoo that I thought were great and worth sharing.

• Start with a plan. Get a specific idea on how much you can spend. Guesstimate how much you think you may spend on everything (hotel, car, gas, souvenirs, meals, etc.). If you are surprised its better to be surprised before you take the vacation instead of after the fact. This way at least you can make adjustments either in your current spending or on what you think you will be doing on the vacation.

• Make sacrifices now so you can enjoy your vacation when it comes. To help you save make some sacrifices now with your spending (health clubs, restaurants, etc.). In the long run you will be glad you did as your vacation will be what you wanted it to be. Great thing Teri states is, "Remember: You're just trading today's fun for the fun you'll have during your vacation. Move what you normally would have spent on these items into your vacation fund."

• Save money with a "Pantry Week". I love this phrase, coined by Mary Hunt, founder and editor of Debtproofliving.com. Take a week to not go to the grocery store and eat what you have in your pantry. It's OK to eat a simple sandwich for dinner one night :-).
  

• Spend less time in restaurants. The National Restaurant Association quotes the average monthly spend for families with kids under 6 at restaurants to be over $200. If you can't stop cold turkey look into ways to trim this down. Look for kids eat free nights at your local restaurants. Check out Restaurant.com for discount coupons. Make a compromise, eat at home and then maybe treat yourself to a desert out. Get creative.

• Take advantage of your tax refund now. If you usually get a tax refund each year then your employer is most likely taking too much out of your check for taxes. Consider adjusting your W4 for a while to give you more money now that you can use for your last minute vacation. You can always adjust it back later.

• Let your credit cards be your friend. Use those cards that provide incentives for most purchases to build the incentives up. You can then use some of the incentives toward plane tickets, hotel costs, etc.

Laziness Pays

Do you want to save money but just don't have the discipline to put forth the extra effort to do so? You can be lazy and save money. Here are some ideas.

• Automatic payments. Try scheduling at least your fixed monthly bills to automatic payments so that you don't miss a payment and get charged the extra late fees.

• Eat the food in your house. What?! Yeah, just eat your own groceries. Stats show that Americans regularly throw away nearly 15% of the food they buy from the grocery store. That can really add up to a lot of money depending on your budget.

• Watch the dates. Mark it on your calendar when you rent things like library books, videos, etc. so you can avoid the late fees. Many places now also offer email reminder notices. Be sure to sign up!

• Use your perks. Are you an AAA member? Do you belong to the AARP? What about your local credit union? Check organizations you have memberships with to see if they offer buying privileges or discounts.

• Just Ask. Really?! That's right, just ask. Doesn't hurt, just ask if you can have your interest rate lowered on your loan or credit card. Worst they can say is no. Can't go any higher. Or ask for discounts on services like your cell phone or pet care instead of switching to another vendor to save money.

• Have the awkward conversation. According to Financially Fit by Bank of America, Americans average more than $750 yearly on holiday gifts and that's probably much more than most would like to spend. If your gift-giving is costing you more than you can realistically afford there's a good chance it’s more than your relatives can afford (or would like to spend) as well. Take the plunge and broach the subject. Offer a more reasonable alternative. More than likely your relatives will be grateful SOMEONE finally raised the subject and you’ll save money in the process.

• Forget the pet. I can't agree on this one but do want to share the idea. Sure it sounds heartless but did you realize that welcoming home a little puppy can cost you an average of more than $1,500 a year - or $15,000 over 10 years? Kitties are pricey too - just under $1,000 a year or approximately $9,000 for 10 years of care.

Thanks to Bank of America for sharing some great ideas.