05-29-09 310 PM
The disastrous economy has forced many families and individuals to opt out of taking a vacation this summer. To some, a vacation might seem like a mere daydream – but you’re capable to turn that dream into reality. The University of Phoenix is offering some simple tips to help you save on your finances so that a summer vacation doesn’t seem so far out of reach:
1. Set a budget. At the start of each month, sit down and look at how much money you have coming in. Subtract the amount you will owe for bills, make a plan for the rest and track your spending.
2. Start saving early, and often. Even if you’re able to put away only $10 or $20 a week, it will eventually add up.
3. Avoid eating out. Cook more meals at home, bring your lunch to work and skip coffee outings. This is an easy way to save extra money and cut excess pounds.
4. Direct deposit into savings. Change your settings and allow for some of your paycheck to be deposited into your savings account directly. Eventually you won’t even miss that money from your paycheck.
5. Use cash. When you make your weekly run to the ATM, take enough cash to last you the entire week, and spend only that amount.
6. Use coupons. Though collecting coupons can be time consuming, they can help save money on groceries, clothing and dining out.
7. Put money into special accounts. If you put money into a CD, you’ll be penalized for taking it out early. Remaining in special accounts will help your money accumulate over time.
8. Watch the thermostat. During hot months, be efficient. Take advantage of cool nights by opening windows, and be conservative with the use of that expensive air- conditioning during the day.
9. Save bonuses and tax refunds. Tax rebates and incentives can give you an extra boost. Be disciplined and set those aside for a fun getaway.
10. Do your homework. Summer vacations don’t need to be pricey. A simple campout could be the perfect vacation. Check online for vacation deals.
To schedule an interview and discuss these and other money-saving tips with UOP Business Instructor and Finance Expert Woody Alexander, please contact Clay Merrill at 916-448-5802.