The cost of attending the family reunion may seem daunting, but with some careful planning and self discipline it can be achieved. See below for some helpful tips and examples:
*The example below is using rough estimates, which means all cost may not be completely accurate. Characters are also fictional.
The Power Couple Savings Plan
Sha Nae Nae and Tyrone Woods plan to attend the family reunion and they have estimated their cost below.
Hotel = 217 per night for 3 nights = $651
Family Reunion Fee = 200 per person = $400
Air Fare = $350 per person x 2 = $700
Spending Money = $500
Grand Total = $2251
As of 10/9/2016 there are 38 weeks until the reunion. The couple plans to save 60 dollars a week (just 30 dollars each) for the next 38 weeks. If they stick to their plan they will have enough money to cover the expenses above!
Group Discounts:
- If you plan on attending the reunion with a group of people, consider group discounts. For example, if 10 or more people book plane tickets at the same time there is a group discount available!
Other Ways To Save:
1. Make your vacation fund separate from other savings and checking accounts. This way, you’re less likely to dip into it when you need some extra cash. Plus, that’s what your emergency fund is for.
2. Factor saving for travel into your budget, and then automate deposits into your vacation fund so you don’t have to think about it. Automated savings make it easier to store away cash without spending it first.
3. Streamline your expenses for a few months. Consider cutting out one or two things: Can you substitute web streaming for cable? Bring a bagged lunch instead of eating out? Then, deposit whatever you save each month into your vacation fund.
4. Tax refunds are coming up. Though it’s tempting to spend any refund you receive right away, put some or all of it right into your vacation fund.
Eat out less, save big
A typical family with kids younger than age 6 spends an average of $239 each month on restaurant meals, according to the National Restaurant Association. That’s money that could easily be diverted to your vacation fund.
Some ways to cut back without going cold turkey: Check local restaurants for “kids eat free” nights (often Monday or Tuesday nights), watch newspaper coupon inserts for buy one entree, get one free dining deals or buy discounted coupons (usually $25 certificates for $10) at Restaurant.com.
Frozen dinners or ready-made grocery deli items are much cheaper than restaurant food if all you really need is a cooking break. You could also eat dinner inexpensively at home, then treat the family to a modest dessert out.