*This is a sponsored post for Bankrate*
Today I want to tell you some of the ways you can Start Saving for Vacation! Also check out all my Finance Tips to help you save in other areas of your life!
Plan where you want to go and find out about how much it will cost you. This will vary depending on the time of year you choose to go. Things you need to include in your budget are:
Lodging, Groceries or Eating Out, Travel (Driving or Flying), Souvenirs, Theme Park Tickets or Activities you’ll be doing, Shopping, etc.
Open a Bank Account
This Account is ONLY for vacation savings. If you start mixing it with other savings, you won’t be able to keep this separate and you may not ever get to go on that dream vacation once you spend the money on other “things.”
If you need resources on banking in general, Bankrate.com is a great go-to source for all things financial.
Set up an Automatic Transfer
You can go to your bank and set up an automatic transfer at whatever frequency works best for you. Most banks have a form you can fill out or now you can even set them up online by yourself through online banking. I would suggest setting one up for the same frequency of your paychecks. I get paid every other week and so does my husband so that’s what works best for us. Also, it would be best to use that budget you outlined and figure how much you need to save monthly to have the total amount before you leave for your trip!
Example A: Beach Trip. Total Cash needed $2,000. Save $76.92 every pay period (every two weeks) to reach your goal of $2,000 in 52 weeks or 26 pay periods.
Example B: Beach Trip. Total Cash needed $2,000. Save $153.85 every pay period (every two weeks) to reach your goal of $2,000 in 26 weeks or 13 pay periods.
What this does it takes the savings out of your hands. If you leave it up to yourself to remember or actually put the money into your Vacation Savings Account, it’s likely not going to happen. Even the best of us forget!
Increase Your Savings
Think about the extra money you get throughout the year. Do you get an annual bonus? What about gift money throughout the year for your birthday, holidays or other special events?
Set a goal to save half of all the extra money you receive throughout the year that will go into your Vacation Savings Account. Do what you can, but I’m telling you, if you don’t have a savings plan then you’ll more than likely just spend it. Maybe this could go for doing extra fun things on your trip or it could jumpstart your savings for the next trip!
Remember Why you are Saving
Here’s my personal thoughts on taking a vacation…I’ve made some of my best family memories while on vacation. Yes, it’s a lot of work and takes some investment, but it’s so worth it. You have no household distractions and get to spend good, quality time with those you love!
Plus, taking a vacation and knowing you aren’t racking up credit card debt to do it makes it that much more enjoyable. It also gives you and your family something to look forward to and you’ll have a fresh outlook on so many things once you return.
My Most Recent Vacation Savings
The last trip we took was for our vacation to Walt Disney World. Going to Walt Disney World is a large expense, but there are two ways to do that trip. You can go all in and spend $5,000 – $10,000 or you can find ways to save and spend one half or one fourth of that.
Stay tuned as I’ll be sharing some of my tips on how to save when going to Walt Disney World!
Make Your Own Choices
You have to decide what YOU want to spend YOUR money on. Everyone is different, has different goals, abilities, and desires. My best advice is that you make a plan (and if you’re married make it with your spouse) and stick to it. And DO NOT do what everyone else is doing. Just because they’re doing it or spending it or going there doesn’t mean you have to!
Learn how to Master your Finances
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Disclosure: This is a sponsored post written by me on behalf of Bankrate. I was compensated for this post, however all thoughts and opinions are my own.