Vacations are supposed to be relaxing, but it’s hard to unwind when you’re constantly stressing about how you’re going to pay for it all. No matter the destination, now is the time to start saving up for that vacation you’ve been dreaming of for months. With a little creativity, you can bulk up your bank account and be ready to hit the road or beach in style, without going into debt to do it.
1. Open A Dedicated Vacation Bank Account
One easy way to save for a special trip is to open a dedicated vacation savings account. Set up automatic payments into the account and leave that money there until it’s time for your trip.
2. Create A Savings Goal
If you budget for your trip in advance, you don’t have to spend time stressing over your spending while you’re on vacation. Research the costs of your expected expenditures, such as airfare, rental cars, gas, hotel stays, meals, souvenirs, special excursions and tickets to attractions or events. After totaling those costs, you’ll have an estimation of how much you’ll need to save. Now work backwards to reach your savings goal. Divide your estimated vacation cost by the number of months you have before taking your trip to figure out how much money to save aside each month. For example, if you’re taking a $2,400 vacation a year from now, you’d need to save $200 a month to fund your getaway.
3. Take Advantage Of Our Financial Tools
Take advantage of technology for extra assistance with saving for vacation. Set up automatic transfers, and set your target goals in Money Manager. Money Manager makes it easy to set goals, track your budget and monitor transactions. Even receive alerts on your progress. Increase your savings balance by signing up for Swipe2Save and round up your debit card purchases into your vacation savings account. Deposit any extra money like a work bonus or birthday cash into your vacation fund as well.
4. Make Your Vacation Goal Visual
Turning your vacation savings into a visual goal is a great way to find motivation and make saving money fun. Having your financial goal displayed in front of you can make it that much more real, plus it’s nice to have a constant reminder of what you’re working towards. Our Money Manager alerts and tracking can help with this too!