Most families plan vacations during the summer months because the kids are off from school and the weather is conducive to many kinds of outdoor activities. Trips to the beach or resorts, like Disneyland or Disneyworld, are popular destinations. Vacations cost parents a lot of money though, and many save year-round just to be able to enjoy themselves for one or two weeks.

Here’s 5 Tips to Saving Extra Spending Money for your summer vacation:

1. Start a Change Jar - pocket change can grow from pennies into dollars quickly. Last year, my wife and I saved the majority of our change for 6 months prior to a family reunion at the beach. We accumulated almost $300!

2. Pay Yourself for Chores - it sounds crazy, but you should pay yourself for chores. Many parents tie kids’ allowances to the completion of chores, effectively setting a dollar amount to each task. You should do the same for the work you complete around the house, and incorporate it into your budget. Put the money into a separate vacation fund or account.

3. Pay Yourself for Doing Without or Buy Generic - take a look at your current buying habits. Many adults/parents purchase affordable luxuries, such as gourmet coffee, premium beers, cigars or going out to eat. In addition, we often tend to buy ‘name brand’ items out of habit. Every time that you decide NOT to buy a luxury item, or you substitute a purchase of a generic brand, pay yourself the amount or difference and put the money into the vacation fund.

4. Pack a Lunch for Yourself and the Kids - school lunches are pretty affordable in most places, but how much money do you spend on lunch every day? Even if you’re buying value meals, the average cost is $5 a day. You could pack yourself a healthy alternative for half that price.

5. Sell Your Stuff - I’m not talking about the stuff you use, but rather the stuff you are hanging onto in the basement or garage for some imaginary day in the future when you might knock the dust off it. Dads hang onto old power tools, lawn mowers, furniture, collectibles, golf clubs and more that could easily be sold at a garage sale or on eBay for some extra money. If you haven’t used it in a year and it isn’t a family heirloom, get rid of it!

Family vacations can produce some of the most memorable experiences in your life, and the last thing you want is for those memories to be about the things you weren’t able to do because of poor planning. Saving money for vacation allows you to sit back, relax and enjoy the experience.

There are many ways to save money for a summer vacation. Please feel free to share your tips in the comments.

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