Funding Full-Time Family Trips Using Savings Strategies
Traveling with your family is one way to put you off with some other reasons like your obligations, savings, and finances. There is a world of families that are traveling the globe FULL TIME?! You read that right - these families don't have a brick-and-mortar home; instead, they have prioritized traveling together and seeing the world and also of course for them to spend time with their loved ones usually most of them use their RV, a van, or whatever hotel or campsite they are staying in for the night or sometimes to be their home since it is more convenient. Just try searching "Full time-traveling family" and you'll be shocked at how many families are out there doing this at this very moment.
Lots of travel can be incredibly cost-prohibitive, most people imagine that only those with extreme wealth, people with businesses, and those who have been working out for a long time for their travel savings can afford to travel around the world with their families full-time. There are6 of the most common strategies that full-time traveling families use and we can keep them in mind for your next dream vacation.
1 Travel as Priority
If you have this desire to have enough money for your travel, make sure to place travel at the top of your priority list. This may sound so simple, but the truth is, we all save money for things that we wanted like for example you wanted a new smartphone rest assured that you will. So it is best if you prioritize travel over a furnished patio or a new car, you will be much more likely to have the necessary funds you need.
2. Keep Your Grocery Expenses Down
Grocery shopping is a large expense for any family, so taking steps to minimize these expenses can help you save quite a bit of money. But we all know that in our live food is the very first priority that we should have but it is much better if you minimize your groceries put in mind to take what you only need and extras would only be taken when you have extra funds. Day by day there are a lot of changes in price in the groceries so you should keep yourself updated so that you will know when to save or minimize your expenses. You can also see some alternative ways to save up your funds why not try going to the groceries at a cheaper cost. Sticking to your meal plan alone can drastically save you money - and eliminate food waste! If you can trim just $30 a week from your food budget, that would put an extra $1,560 at the end of the year in your pocket toward another vacation!
3. Cook at Home
If you constantly eat out in restaurants with your family and friends. It's time to make a change. Eating out in restaurants and cafes will cost you a lot and this might break your saving goals. There are some possibilities that you will be spending more than you expect since you are with the people you are as pleased as punch.
Cooking at home can be a fun family activity and it’s not only a great way to save money, but it is also healthier and can serve as a great way to explore other cultures. Cooking at home would also be one of your bonding times with your family.
4. Your Credit Card Can Earn Miles
When you opt for a high-yield savings account, you would like to aim for more funds and earn the most money in the best possible way and with the least amount of fees. You can also try to find a credit card that lets you accumulate airline miles. There are many cards that you can choose from such as Discover it® Miles, American Airlines AAdvantage MileUp℠ Card, Gold Delta SkyMiles® Credit Card from American Express, etc. Pick the right card for you and fly for free!
5. Cut Costs Elsewhere
Learning the differences between types of cost savings can help you effectively reduce costs without hurting your pocket. If you find yourself getting Starbucks every morning, re-evaluate and see if you can lower your intake. There are some instances that you will spend more when you are outside why not try to cook and eat at home and relax. If you have both Netflix and Hulu, pick one. If you have monthly expenses like house cleaning services and laundry services, cancel it and try to do it on your own. It’s important to look at your recurring monthly expenses to see where you have unnecessary costs that you can limit or even cut for you to save more.
6. Earn Extra Funds
There is a lot of ways for you to earn more money. First things first are that you need to have more self-control to your expenses and try to set your priorities. If you’ve taken the proper steps to cut costs wherever you can, but still don’t have sufficient funds, try earning some extra cash on the side. You can take a hobby of yours and turn it into a revenue-earning business like for example your hobby is to bake cakes and cookies you can have this too for you to earn extra funds. Some take photography, writing, painting, etc., and it's good to use your skills to your advantage!
https://www.ers.usda.gov/data-products/ag-and-food-statistics-charting-the-essentials/food-prices-and-spending/?topicId=14885
https://www.ers.usda.gov/data-products/chart-gallery/gallery/chart-detail/?chartId=58354
This content is developed from sources believed to be providing accurate information, and provided by Twenty Over Ten. It may not be used to avoid any federal tax penalties. Please consult legal or tax professionals for specific information regarding your situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.