The month of May often signifies the unofficial start of the summer season as colleges end their semesters and school children wind down the academic year.
The summer vacation is the beacon many Americans look forward to so they can kick back with family and friends — whether it’s a leisurely road trip, a week of relaxation and rest at the beach, a European adventure, a cruise or a value-packed all-inclusive escape.
Whatever your summer vacation goals, having an extra $1,000 in your savings account can enhance your plans. To help meet this lofty goal, we’ve asked four money experts for their best tips to boost your vacation fund just in time for a summer escape.
Determine Your Goal
To begin your short-term savings game plan, Felicia Gonzalez, a financial advisor at Edward Jones in Seal Beach, California, said the first thing to do is think about how much you can spend on a summer trip and when you’ll need the money.
“Even if you can’t pinpoint a precise amount, you can develop a good estimate,” she said in an email. “Of course, the sooner you start this process, the better off you’ll be because you’ll have more time to save.”
Tighten Your Money Belt
If your goal is to take a week or two off for a summer getaway, you need to take spending seriously. This means thinking about what you can truly do without for the next few weeks by tracking and reducing unnecessary spending.
“Skipping coffee to save money has become cliché, but skipping a few $50 dinners out with friends or $100 dinners out as a family can add up in a big way when you need to save,” Derik Farrar, head of personal deposits at U.S. Bank in Atlanta, said in an email.
According to Farrar, the recent trend of “loud budgeting,” in which TikTokers publicly shared their money challenges through social media posts, can be helpful to hold yourself accountable to short- and long-term savings goals.
Loud budgeting involves being outwardly candid about your intentions to live at or beneath your income level and to spend money according to your personal wants and needs.
“Loud budgeting empowers savers to share why they are skipping a dinner, happy hour or concert, and to feel good about putting their financial goals first,” he added.
[Related:What Is Loud Budgeting and Should You Be Doing It?]
Uncover “Lost” Money
Think about the financial hiding spots you could be overlooking.
Farrar suggested asking yourself these questions:
— Do you have money just sitting in a payment app?
— Have you looked in last season’s coat or handbag?
— Do you have gift cards that have gone unused or a pair of jeans you swore you were going to return?
“Put those dollars to work as part of your summer savings fund,” he said.
Take a Deep Dive Into Immediate Spending
With just a few weeks to save $1,000, prioritize what expenditures you can delay or cancel to put toward your goal.
“Whether it’s upgrading your device or deciding to skip binging on your favorite streaming services for a few months, you can find ways to get access to money that you would have normally spent,” Michael Liersch, head of advice and planning at Wells Fargo, said in an email. Instead, allocate these savings to a specific account for your trip.
“Remember, you can always buy or stream it later,” he said.
Be a Coupon and Deal Warrior
Liersch said it’s surprising how unintentional we can be when we buy everyday items. Try to switch your mindset to snagging deals where you can save.
“Commit to only buying your day-to-day purchases at a discount,” he said. “Whether that’s moving to a generic brand or clipping coupons, you can easily save 10-20% on a trip to the grocery or convenience store.”
That money adds up fast: For every $100 you spend, that can be an extra $10 or $20 in your pocket, Liersch said. “Make sure to take that money and put it in a dedicated place for your trip,” he said.
[Related:Best Coupon Sites, Browser Extensions and Apps]
Turn to Side Hustles
Consider creative ways to earn money quickly by selling unwanted belongings via online platforms like Poshmark or Facebook Marketplace, Jennifer Seitz, director of education at Greenlight in Atlanta, said in an email.
Also, think about side gigs that can earn quick cash.
[READ: 7 Things to Know Before Starting Your Side Hustle]
“You could also consider babysitting, dog walking, tutoring students, renting out a spare room on Airbnb or driving for Uber or Instacart,” she said. “Think of it this way, earning $1,000 in one month would mean making about $33 per day.”
Include Your Travel Companions in Your Spending Diet
Encouraging everyone in the household to be on board with paring down spending in order to save more is vital to success.
Explaining to children in particular can help them learn the value of saving and what rewards are achieved through cutting back.
“Teaching your kids about saving goals and financial milestones can help them develop strong money management skills,” Seitz said. “By planning and budgeting wisely, you can enjoy family trips without straining your finances and instill valuable financial habits in your children.”
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How to Save $1,000 for Your Summer Vacation originally appeared on usnews.com
