How To Pay for a Special Vacation

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By David

Taking a unique, once in a decade vacation is a core component of a rewarding lifestyle. Unfortunately, only a few get around to developing a detailed plan for making it happen. But the benefits can be immeasurable for those who do figure out how to pay for a unique excursion.

That’s not surprising when you stop to think that these fantastic journeys include extended stays in remote locations, month-long hiking trips through Europe, group tours at the South Pole, visits to the Olympic Games, or spending a summer with overseas family members. How exactly does so many ordinary working people cover the costs associated with such incredible experiences? The most common way of paying is to use a multi-pronged approach that includes tactics like lowering monthly payments by refinancing student loans, tightening the monthly budget, selling a few unneeded personal assets, and getting discounts by paying in advance. Here are the specifics.

Refinance Student Loans

Getting old debt under control frees up cash in your budget every month. That’s because it’s easy to refinance existing loans into new one that comes with potentially better rates, more time to repay, and instantly lower monthly payments. Those who want to sock away a decent chunk of money for a memorable vacation can gain a lot by simply making the decision to refinance their student loans. Many working adults don’t realize that they almost certainly have better credit scores now than when they first took out school loans. That’s one of the secrets of why refinancing is such a savvy move and an effortless way to save money every month.

Tighten the Monthly Budget

Millions of wannabe world travelers learn the fine art of tightening the monthly budget. Some of the most effective tactics include not buying fast food, reducing fuel bills by driving less, joining a wholesale shopping club to save about $1,000 annually on groceries and household items, and always shopping with a list. The savings add up and can make a big difference in your ability to achieve the long-term goal.

Turn Unwanted Items into Quick Cash

Clear out all those extra rooms, basements, attics, garages, and storage units. Sell everything you don’t need. Use online auction sites for things that can be shipped and a traditional garage or yard sale for larger goods. Most adults are pleasantly surprised at how much cash they can generate with this simple technique. Get started early because many online for-sale items take a few months to attract buyers. Be sure to take clear photos of everything you post on such sites. As noted on almost every major auction platform, items with photos sell faster.

Pay for Lodging and Airfare in Advance

Early-bird discounts on plane tickets, hotels, and special events can be huge. Regular travelers use this strategy to slice as much as 50% off the total price of trips abroad. For cruise enthusiasts, advance ticket purchasing can mean banking even larger discounts. The same principle applies to package tours and special events, where paying in full six months or more ahead of time can reduce total costs by thousands of dollars.