There are many benefits to paying cash for your family vacation. For example you wont have a ton of bills to deal with when you return. A lot of us use credit cards when on vacation, but with cash you can divide up what amount will be used for what. For example you will want to set a budget for food, and a budget for extra activities. It may be too late to save for your vacation this year, but you can get started on next years. Below are several tips to help you with paying only cash for your next vacation.
Set up a monthly vacation fund
Start by setting aside money each month for your vacation fund. For example you can have a change jar, and empty out your pockets at the end of each day. You will be surprised at how quickly your funds can add up just from the change in your pocket. Don’t have a set amount on how much you want to spend, but let it be whatever is left over at the end of the month. This means that you will have to spend as little as possible during the month.
Plan every detail
A missed detail can mean more money out of your pocket. This may mean you have to end up using your credit card and putting yourself deeper in debt. So you will want to research and plan every meal, and every activity. Is this a lot of work? Yes! However if you want to really save some money, it will be worth the effort.
Have an emergency fund
You will also want to make sure that you have an emergency fund set up. This way if something unexpected happens you will still not have to use your credit card. You can use the envelope system to set aside some cash for your possible emergencies. Be sure to take the time to label each of the envelopes to make sure you know what is where.
Pay in advance
Pay for everything in advance, if you can, which will save you a lot of money in the long run. It will also help to keep you from spending any cash. It will all be taken care of ahead of time. You may even be able to pay for your meal in advance as well. The cash that you bring along on the trip should only be for minor extras. Paying in advance also helps so that you don’t have to bring along a ton of cash. You may want to bring an emergency credit card, just in case the cash you have does not cover everything. Better to be safe than sorry.