Finance Globe

U.S. financial and economic topics from several finance writers.
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Summer is Coming Soon: Are you Saving for Vacation?

Summer is Coming Soon: Are you Saving for Vacation?

During the winter months it is not always easy to think about summer. After all, it seems so far away. However, if you have plans on vacationing this summer, now is the time to begin the preparation process.

In addition to selecting a location, you need to set a budget and start saving. It won’t be long before you need to make a payment to reserve your hotel, flight, and/or rental car.

Here are three tips that can help you save more money for your summer trip:

1. Know how much you need. It goes without saying that some vacations are more expensive than others. Only you know how much you can afford. And only you know how much you need to reach your destination and have an enjoyable experience. With this number in mind, it is much easier to save.

2. Search for large chunks of money. Are you due a quarterly bonus at the end of March? Are you expecting a tax refund? You don’t have to use this money to pay for vacation, but it is an idea to consider. A large tax refund, for example, can go a long way towards reaching your vacation savings goal.

3. Slow and steady wins the race. Even if you don’t have the opportunity to save a large amount of money at one time, you can still reach your goal. Do these three things:

•    Know exactly how much you need to save.
•    Divide the total by the number of months you have to save.
•    Stock away the appropriate amount every month.

If you do this, when your vacation finally rolls around you will have all the money you need.

With summer on the horizon, it is a great time to plan your next vacation. The tips above can help you save money for that trip of a lifetime! 

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Comments 1

Frank on Thursday, 11 February 2016 17:43

Saving for vacations should be fun! Most people save for retirement, a car, or other expenses that may not be as fun to save. But I think mostly everyone loves vacation so this should be easy to motivate yourself to save. How much you are going to spend on vacation can be hard to predict, but as Chris points out even saving a little over time can accumulate and you can go on the vacation you desire.

Saving for vacations should be fun! Most people save for retirement, a car, or other expenses that may not be as fun to save. But I think mostly everyone loves vacation so this should be easy to motivate yourself to save. How much you are going to spend on vacation can be hard to predict, but as Chris points out even saving a little over time can accumulate and you can go on the vacation you desire.
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Thursday, 17 October 2019

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