5 Smart Ways to Pay For a Vacation

Let's face it - taking a vacation can be expensive. Not only do you have to take time off work that you may not be paid for, but you have to pay for travel, lodging, food, and any other expenses that come up along the way. Many people will just opt to stay at home or stay local when they have time off because the costs are just too great to consider. But waiting until retirement to take a vacation doesn't have to be your reality. Here are a few creative ways for you to pay for your next vacation.

Use Your Savings

A big mistake many avid travelers make is paying for travel costs through their emergency fund. It might seem safe enough to do this when you're young and can't anticipate any big disasters happening. But all it takes is one trip to the emergency room to make that emergency fund really helpful, so you don't want to blow it all on a vacation. If you do have a savings account, that's what you should be pulling money from for a trip. For most people reading a list like this one, however, a savings account with enough money for a vacation isn't a reality. Whether you're paying off student loans or just keeping up with your bills, most people will need an extra stream of income to travel. 

Credit Card Rewards

For those who love to travel but lack the funds to do so, signing up for a credit card with good rewards (airline miles, hotel discounts, etc.) can be a great way to fund your next trip. While paying for vacations with a credit card is generally a bad idea, using your earned points can take huge chunks of the overall costs off of your trip. This approach requires some strategizing and research to succeed, but many people manage to fund entire vacations off their credit card rewards programs.

Layaway Programs

A unique way to make traveling affordable that not many people know about is by participating in layaway programs. A layaway program means that you'll be reserving your trip a while in advance and taking that long time to pay off the fees. For many of these programs, there's an initial fee, but as long as you get your payments done on time, the fee is removed. People who live paycheck to paycheck and can't afford to pay for vacations all at once may want to look into this plan for a longer-term approach to making payments.

Honeymoon Perks

If the trip you're planning is a getaway for you and you're loved one, you might want to look into signing up for one of the many websites that will alert you to special deals, packages, and discounts for honeymoon trips. There's also the possibility of making your honeymoon a part of your wedding registry, allowing friends and family to pay for your trip, rather than getting another kitchen utility you may not ever use. If travel is important to you and your partner, making it a priority is essential.

Travel Grants

For researchers, volunteers, students, and more, it's possible that you are eligible for a travel grant if your trip is for educational, research, or volunteer purposes. There are tons of programs out there that are willing to fund trips made for these reasons, and applying for them is less time-consuming than taking on a second or third job. You might be surprised by how lax the requirements are for qualifying, as well, so it's always worth a look. Check out websites like StudyAbroad.com for lists of possible grants you can apply for. 

Traveling is an exciting activity that everyone should have an opportunity to do at some point, and taking a vacation shouldn't have to cost an arm and a leg. Use these tips to make your dreams an affordable reality.