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How to Save Up Money for Your Dream Vacation

There’s nothing more awesome than being able to travel around the world on a dream vacation, seeing all the places and doing all the things you’ve always wanted to do! But how often can you do that? Once a year? Once every few years? Vacations can be pretty costly if you’re living on a budget.

But did you know that it’s not as hard to save for that vacation as you might think? It’s as simple as cutting back on expenses now and finding small ways to save every day! Here is how you can save up money for your dream vacation:

  • Learn to cook – Cooking and eating at home is MUCH cheaper than eating out. You’ll spend about half of what you’re currently spending on restaurants and fast food, and all of that extra money can go toward your dream vacation.
  • Cut coffee — Every time you buy a Starbucks coffee, you spend at least $5 to $10. If you buy coffee regularly, that can add up–as much as $2,000 per year for the average person! Instead of drinking coffee while out and about, make it at home and bring it in a travel mug. Or just cut coffee altogether! You’ll really save big that way.
  • Rent out a room — If you have an unused room in your house, you can earn a bit of extra income by renting out the space. Yes, you may no longer have the place to store your unused home gym equipment or you may have to give up your man cave, but it’s a great way to make good use of your home.
  • Ditch the car — Even though the prices of gas are dropping, you still spend more on gas, car repairs, car insurance, and other car expenses than you would if you just took the bus, rode a bike, or walked to work. If you live too far from work for these options, see if there are people nearby who would be interested in carpooling and splitting the costs.
  • Disconnect your landline –If you’re paying for a cell phone plan, you don’t need a landline. You’re probably not receiving many calls to the landline anyways, and you can save a couple hundred bucks every year by cutting the service.
  • Get Netflix/Hulu/Amazon – Instead of paying for cable, pay a much smaller monthly fee for the web-based streaming services. You can even find free TV online, cutting expenses even further. You’ll have to get used to the new way of watching TV, but you may find that it’s addicting to watch your favorite shows WITHOUT advertisements. Best of all, it’s cheap–or even free!
  • Sign up for a credit card — Look for a card that gives you points or rewards with every purchase. Start using that card as much as possible (being faithful to pay the bill on time, of course). Pay your utility bills with the credit card, do your weekly shopping with the card, tank up your car with the card, and so on. The more you use it, the more points you earn. Plus, you build a good credit score!
  • Try an online bank — Instead of setting up your savings in your local bank, try an internet-based bank like Virtual Bank or Discover Online. You can get better interest rates with these savings accounts, helping you to earn more for the money you have set aside.

Follow these tips, and it will be much easier to save up for that dream vacation!

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