Best Ways to Save for a Vacation
A vacation is meant to be relaxing and to enjoy time with the ones you love, however: they can turn stressful when it comes to budgeting and planning. We want 2020 to be your year to go on your dream vacation minus the stress. Here is a guide to help you get started, so you’ll be traveling in no time.
Create a Plan
Having a plan is key to saving for a vacation. The earlier you start, the more money you can put into your plan. Start your plan by making a list of everyone’s top priorities for the trip. This will help you identify how to budget for your vacation effectively.
Open a Separate Account Dedicated to Your Vacation
One easy way to save for your special trip is to open a dedicated vacation savings account. If you choose a high-yield savings account, your money might even grow a bit while you’re planning your trip. Next, set up automatic deposits into the account and leave that money there until it’s time for your trip. Bulk up your account balance by depositing any $1 bills or $5 bills that you receive as change from your everyday purchases. This sounds insignificant but it can really add up as time goes on.
Cut Some Expenses and Add Some Income
As you build your budget during the upcoming months, look for adjustments that can help your vacation planning. For example, you might find some places where a little trimming could make your savings grow. Or maybe you’ll come across opportunities to earn some extra income to put toward the trip. Something as simple as making your morning cup of coffee at home can make a huge difference.
Track Your Spending on Your Trip
This step is incredibly important because it helps you stick to a budget and avoid overspending. Also, don’t forget to include all of the small expenses in your plan. Examples of these expenses include airport parking, travel insurance, gas, souvenirs, cell phone fees, abroad Visa costs, foreign transaction fees on your credit card, and taxis and ride-sharing services.
Follow these steps and don’t let vacation planning and budgeting take the fun out of your experience. Remember, 2020 is YOUR year to take your dream vacation! Learn about our savings accounts and stop in to get your vacation account set up today.