Summer Vacation Planning Tips

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 Research
The 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 Timeline
If 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 Account
One 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 Deals
While 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!

See more at: http://www.tardus.com

Summer Vacation Planning Tips

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 Research
The 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 Timeline
If 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 Account
One 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 Deals
While 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!

For More Info: Financial Independence

Teaching Children Financial Success

As an adult, you know the true value of a dollar. When you work hard everyday for your money, you learn just how much a dollar is worth. Having a good relationship with money, and being a smart spender are important life skills. As a parent, one of the best gifts you could give your children is the opportunity to develop their own smart relationship with money. Parents who give their kids control over a portion of their money and guide them in their decision-making raise children who are better prepared for the real world. Teaching kids about finances is best done through experience.

Here are some ways to use your children’s summer vacation from school to set them up for future financial success:

1. Start early 
It’s important to begin the financial discussions early in your child’s life. You should begin discussing money with your children by the age of 5 or 6. Money is a complex concept, so starting young will allow your child to develop a deep understand as they grow older. When your child is young, focus on teaching the basics such as the fact that things cost money and how that money is made and handled. It’s not a bad idea to open a simple savings account in your child’s name that they can begin learning to use and get real life financial experience.

2. Encourage your child to make their own money 
With summertime here, it’s the perfect opportunity for teens to make money. During the school year, children have very limited hours to dedicate towards working, but the summer break gives them the time and freedom to earn their own money. Begin discussing possible summer jobs with your child months in advance to allow them time to search for a job that excites them and go through the hiring process. And if they aren’t finding a job that inspires them – create one! The teen years can be a great time to experiment with entrepreneurship, from lemonade stands to landscaping services and more.

3. Give up control 
As a parent, it’s difficult to give up control as you always want to protect your child; but it’s important to let your kids do things themselves. Let them make bank deposits and withdrawals in their own account (with your help, of course). Let them make their own purchases with the money they have - whether it’s birthday money, babysitting money, or money they’ve earned through chores or a part-time job. As a parent, offer advice, but ultimately let them decide what they want to spend their money on. This is a safe way to learning through guided experience.

4. Let them make mistakes 
Letting your kid make mistakes is a crucial part of teaching them. Even if you think (or know) your child is spending their money on the wrong things, let them do it. They will learn from their mistake, and then you can have a discussion about it. This is another way children will learn through experience. 

5. Set limits and provide structure 
While you’re giving up some control and letting your children make their own mistakes, you still want to set limits. This will ensure that their mistakes are limited to small scale lessons. Last but not least, provide structure with your financial lessons. Structure will help your child establish a strong and consistent saving and spending plan.

There is no time like the present to lay the groundwork for financial success. We’d love to hear what other tips you’ve used with your children that helped them get on their way to being financially responsible! 

See more at : http://www.tardus.com/