Summer 2017 is quickly approaching and if you haven’t already, it’s time
to start planning that family trip you know you deserve. While planning
a summer vacation is super exciting, the thought of spending all your
hard-earned money isn’t too fun to think about. That’s where a spending
plan comes in. Follow these tips to plan a great summer vacation without
breaking your bank!
Do Your ResearchThe
first step you should take in building a spending plan is research
destination options to get a feel for how much you’ll spend in each
place. Some things to take into consideration are the flight prices,
average hotel rate in the city, transportation costs beyond your flight,
activity costs, and average meal costs.
Be Realistic about Your TimelineIf
you have your heart set on an extravagant summer vacation and the
spending plan isn’t coming together smoothly, you might need to consider
one of two things: 1) eliminate spending in other areas of your life to
add more cash to your vacation costs, OR 2) plan a smaller vacation
this summer and continue saving for the dream vacation next summer when
you’ve had more time to build your vacation fund.
Set Up a Vacation Savings AccountOne
mistake many people make is keeping their vacation cash in their
checking account or physically in their home. This makes the money too
easily accessible, and it may become tempting to spend the money on
other things. The best solution is to open a separate savings account
specifically for your vacation money. Setting up this account with an
online bank will allow you to earn a higher interest rate. You should
also consider automating your savings to make sure you’re putting some
money in the account every paycheck.
Once on Vacation, Know the Local DealsWhile
your vacation fund may limit how much you can spend, it doesn’t need to
prevent you from having a wonderful time and experiencing new things in
your destination city. If you take advantage of local resources, it
will allow you to do more without breaking your budget. A great way to
stay informed about local deals is by signing up for local deal
newsletters such as Groupon, Living Social, or Amazon Local Deals in
your destination city.
Stick to the Plan While
on vacation, your bank’s mobile banking app is a great resource to have
on your smartphone. When you’re constantly swiping your debit card for
meals, attractions, or souvenirs, these charges can add up quickly and
it’s easy to lose track of exactly how much you’re spending. Mobile
banking is a great way to keep track of your spending plan while on the
go. It lets you transfer funds, locate ATMs, and constantly check your
balance. If you load your summer vacation funds onto a prepaid debit
card, you can avoid overspending altogether.
Remember, you
deserve a break this summer! Keep these vacation spending plan tips in
mind and you’ll happily find your balance between an unforgettable yet
affordable summer trip. Enjoy!
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