Jan 30

Jan 30 3 Ways To Fund Your Dream Vacation

What’s Up Bougie Gang!

Let's jump into 2020 financially stronger than 2019. This year we are all about catching flights not liabilities and living the life that we all deserve. So we’ve written a post to share with you three ways that save money to go on 3-4 vacations a year.

Plan & Prepare

Create a financial forecast for the next 12 months mapping your predicted income, outgoing expenses (non-essential), and liabilities (i.e. debt and fixed necessary expenses) from January 2020 to December 2020....✍🏾 Remember your outgoings should ALWAYS be less that your incoming expenditures. Revise all your bills/outgoing expenses and see what CUTBACKS you can make. Ask yourself once, twice "do I need this" and then make a strong decision to cancel it i.e. entertainment, switch providers [internet, gas, electric], gym memberships, etc.

Saving Pots

WANDERLUST FUND - Have a fixed amount of money you wish to put away each month that you do not touch Make sure this amount is REALISTIC for you to manage, so you are not tempted to withdraw from this saving pot - you can start with a small amounts and gradually increase them over time.

CUTBACKS - Remember this is an ADDITIONAL saving pot you have made on top of your main saving pot. Put the additional savings into another saving pot/account to manage and to actually track your cutback saving/s [you'll feel better for it] i.e. Cable subscription of £40.00 a month. Transfer the £40.00 cutback into a saving pot [£40 x 12 months = made a saving of £480] There is no point making cutbacks if you are going to spend it prematurely….

Spend Well

If you have more than one bank card, ONLY take one bank card out with you and leave the rest home. Allocate a card that you will use on a REGULAR basis and put a WEEKLY ALLOWANCE on it (I would recommend using Monzo bank card) Please see link for more information and to apply https://monzo.com/