Tips for a Worry-Free Summer Vacation
Wellness
Have a summer vacation planned? It’s no secret that almost everything costs more than it used to, and worrying about vacation penny-pinching can also take some of the fun out of your plans. Instead of putting off or even lowering expectations for your trip, use some of these strategies over the next several weeks to conserve your cash (and credit) for a more relaxed getaway.
Go on an all-cash “diet”
An all-cash diet is just as it sounds: using only tangible cash to pay for everything. The idea behind it – besides not adding to your credit card debt – is that by using cash, it’s easier to see how quickly your money disappears, motivating you to only spend it on items you need.
Some people use the “envelope method,” categorizing envelopes (groceries, rent, gasoline and vehicle maintenance, etc.) and then putting a pre-budgeted amount of cash in each one. But in a world where we are used to paying some of our bills online, from our mortgage to our grocery orders, this may prove inconvenient for some. If you must pay for or purchase items online, be sure to only use your debit card and pay close attention to your daily bank account balance, instead of viewing it just once a week or once a month. Watching your balance go down on a daily basis can have the same impact as counting paper bills.
Adopting a cash diet for a few months can give you an extra spending boost by the time your vacation rolls around and keeps your credit cards free for when you need the added protection a credit card offers—or even for emergencies. It may even motivate you to adopt the cash-only philosophy long term!
Daily “money minutes”
The daily money minute routine fits well with the cash-only diet. The name is literally your task: Take one minute each day to review your financial transactions. Many purchasing habits are just that – habits – so that we become oblivious to how much we’re spending daily. Taking a minute each day to review your daily purchases allows you to readily see that while the price tag on the ready-to-eat meal doesn’t seem so bad when you purchase it once, but it quickly adds up on a weekly and monthly basis.
This quick daily review can also refresh your memory on those subscription-based or automatic payments, such as for streaming services. While it’s convenient, auto-pay can make it easy to forget you signed up and are still paying for a service that you now rarely, or ever, use. Cancelling those services is an easy way to return money to your vacation spending account.
Find free or low-cost activities leading up to vacation time.
Saving doesn’t mean you can’t still participate in summer fun prior to your vacation departure date, and with a bit of planning you might be surprised at what you can do for free or on the cheap! Instead of that big water park or zoo pass, look for neighborhood block events, and free outdoor music and art festivals. Check out river parks to see if they offer tubing or canoe rentals, or if fishing is allowed. Reserve a picnic spot or even go day or overnight camping.
Let the kids pitch in!
If your children are old enough, give them the opportunity to earn some of their own discretionary vacation spending money. Think of typical youth summer fundraising activities like lemonade stands, lawn care, dog walking, pet sitting or house sitting. Older children can offer personalized shopping for elderly or shut-in neighbors, or babysitting services. For security, you can place their earnings on pre-paid debit cards, which some banks offer specifically for children and teens.
A month or two may not seem like a long time when it comes to saving up money, but even a few extra hundred dollars can lead to an extra vacation perk that you may not have been able to afford without some pre-vacation belt-tightening! And remember to take advantage of your Transocean Discount Marketplace for deals on theme park tickets, or travel and hotel stays if you’re just getting started with your summer plans – and say hooray for vacay!