Tips on How to Save on Your Finances for a Summer Vacation

With the disastrous economy, many families and individuals are opting out of a summer vacation this year. To some a vacation may seem like a mere daydream, but you are capable to turn that dream into reality. The University of Phoenix is offering some simple tips to help you save on your finances, so that the summer vacation doesn’t seem so far out of reach.

1. Set a budget. At the start of each month, sit down and look at how much money you have coming in. Subtract the amount you will owe for bills, and make a plan for the rest to track your spending.

2. Start saving early, and often. Even if you are only able to put away $10 or $20 a week, it will eventually add up.

3. Avoid eating out. Cook more meals at home, bring your lunch to work, and skip coffee outings. This is an easy way to save extra money and cut excess pounds.

4. Direct deposit into savings. Change your settings and allow for some of your paycheck to be deposited into your savings account directly. Eventually you won’t even miss that money from your paycheck.

5. Use cash. When you make your weekly run to the ATM take enough cash out that will last you the entire week, and only spend that amount.

6. Use Coupons. Though collecting coupons can be time consuming, they can help save finances on groceries, clothing and dining out.

7. Put money in Special Accounts. If you put money in a CD, you will get a penalty for taking it out early. Therefore your money will stay in the account and will accumulate over time.

8. Watch the thermostat. During the hot months, be efficient with when you need to have air conditioning. Take advantage of cool nights by opening windows and be conservative with use during the day to save on your utility bill.

9. Save bonuses and tax refunds. Tax rebates and incentives given this year can give you an extra boost. Be disciplined and set those aside for a fun getaway.

10. Do your homework. Summer vacations do not have to be pricey. Planning a simple campout could be the perfect vacation. Check online for vacation deals.

To schedule an interview and discuss these and other finance saving tips with UOP Business Instructor and Finance Expert, Woody Alexander, please contact Christina Vanskike at 916-448-5802.

Contacts

For the University of Phoenix
Christina Vanskike, 916-448-5802