This is a sponsored post written by me on behalf of Bank of America.
In our family, travel has always been a priority when it comes to creating our annual budget. Thanks to the perks of our jobs, we now get to travel more than the average family. But that doesn’t mean we don’t need to save! I’ve partnered with Bank of America on this sponsored post to share the top ways we save for family vacations.
The first step to sticking to a budget is to focus on the end goal. It is really hard to give something up if you don’t have a good reason. So, the next time you say no to that chain-store coffee, imagine sipping a Frappuccino on a Hawaiian beach or wherever your vacation dreams take you.
To get the entire family on board, I’d recommend coming to a mutual decision on where you want to go. Once you have a destination in mind, create a vacation budget. If you know how much you need, you can then create a chart and watch your savings progress. Keep a few pictures of your dream destination around the house or create a vision board to keep that dream top of mind when making daily spending decisions.
With your goal in mind, your next step is to start saving. Here are my top strategies for saving for a family vacation.
Maximize your Rewards
Ask any travel blogger how they save for travel and they will tell you that the first step is using a travel rewards credit card. As a long-term Bank of America client, my natural pick is the Bank of America® Premium Rewards®credit card.
With my Premium Rewards® credit card from Bank of America, I earn two points for every dollar I spend on travel or dining purchases. That means that every trip gets us closer to our next vacation. Plus, I don’t need to feel as guilty about splurging on a dinner out!
I also earn 1.5 points for every dollar I spend on all my other purchases – like groceries, gas, clothes, and any bill that lets me pay by credit card.
With the Premium Rewards® credit card from Bank of America, I have flexibility on how I redeem my points. I can either redeem points for cash or use points to cover travel expenses. My Premium Rewards®credit card from Bank of Americaallows me to redeem points on many travel expenses – not just airfare or hotels – this includes car rentals, baggage fees, and even entry fees into attractions.
Plus, if you’re a Preferred Rewards client, you can earn a 25% to 75% rewards bonus on every purchase. That means you can earn up to 3.5 points for every dollar you spend on travel and dining purchases and up to 2.62 points for every dollar you spend on everything else.
All card benefits can be found here and all Preferred Rewards benefits can be found here.
Shop Online
I have found that the best way to eliminate impulsive and unnecessary purchases is to shop online. I think we have all experienced visiting a store to get just a few items and walking out with a shopping cart full. Some stores are so good at merchandising and enticing you to buy things that you don’t really need. And that is exactly what you don’t want to do when you are trying to save for a vacation.
These days I’m too busy for random shopping excursions anyway, so shopping online saves me time and keeps me focused. Just make sure to utilize free shipping and always search for available promo and discount codes.
Gift Experiences, Not Things
There is a reason why I’ve traveled on my last eight birthdays. I would much rather take a trip than get an expensive gift. We have tried to create an environment in our home where we don’t chase after the latest gadgets.
My husband and I often don’t exchange gifts and we give our daughter smaller gifts like books and clothes that she needs. Instead, we do something like see a play or put those dollars towards our next trip.
Eliminate the Excess
I know you have heard it before, but if you really want to save, you have to cut out the little things. That means the coffee runs, the appetizers or desserts when you eat out, the magazine subscriptions, etc. It means going to a BYOB restaurant or having a glass of wine at home before dinner instead of paying expensive restaurant prices. And when you do splurge, use your Premium Rewards® credit card from Bank of America!
It may also be a good time to experiment with cutting the cable cord. After all – kids just watch YouTube anyway, right? Most of all, try to avoid getting caught up in keeping up with the Joneses. I know it can be hard to avoid caring about brands and labels. As a kid, I wanted so badly to be able to wear the name brands that my peers sported around school. We could never afford the latest fashions. Maybe that is a good thing because now I don’t chase the latest fashions. I shop at the outlet stores and even when I can afford it, I can’t bring myself to pay designer prices.
Reduce and Resell
What do you do with your old cell phones? Are they laying around in a drawer somewhere? You need to resell them. Look around your home, what else can you resell? Outgrown clothes and sports equipment? There are many options for reselling now from yard sales (in-person and virtual) and so many online websites. You may be surprised by how much you can earn from what you have laying around the house.
What strategies do you have for saving for a family vacation?
Note: This is a sponsored post written by me on behalf of Bank of America Premium Rewards credit card.
Tamara Gruber is the Founder and Publisher of We3Travel. A former marketing executive and travel advisor, Tamara is an award-winning travel writer and recognized expert in family travel. Tamara is a member of SATW and the Adventure Travel Trade Association, and serves on the Board of the Family Travel Association. She is also the publisher of YourTimetoFly.com and the co-host of the Vacation Mavens travel podcast.
