Summertime is a big vacation season, and vacations can be pricey, especially if you are taking your family along. Between travel expenses, hotel prices, and the cost of attractions at your destination, you could be looking at a few thousand dollars. Still, there are so many benefits to traveling and taking vacations, including mental health, physical health, and educational growth that you may feel it’s worth the expense. So how do you effectively save for vacation in a way that the expense doesn’t become a burden? We have a few strategies to help you include vacations in your life, whether your budget is small or large!
1. Make Vacation Trips a Priority
The number one way to ensure that a trip happens for you is to make it a priority. That means you don’t use money you could be saving for your trip on something else that’s not a necessity. If you have extra money to spare, put it away to use on your next vacation. If you treat a vacation trip as a financial goal as opposed to just “something nice to do in the future,” it will become attainable.
2. Utilize Credit Card Rewards
There are many different credit card programs that give you points or some other form of monetary reward for both signing up and for using the card. If you have a strategy in place, you can sign up for new cards before big trips to take advantage of the sign-up benefit, and this can greatly offset the price of your vacation. Over time, you can also collect points or miles from using your card and use these benefits on airfare, hotel stays, and other vacation expenses.
3. Vacation During the Off Season
While summer may be a tempting time to get away, it’s also one of the most expensive times. Waiting to go away during the off season usually means airfare and hotel prices are less expensive, and you might even get upgraded for free! Some professions, like teaching, don’t allow for much flexibility in your vacation schedule, and if you have kids in school, you might be stuck, too. But if you can swing it, vacationing when schools are in session is the most cost-effective option.
4. Open a Vacation Savings Account
Opening a savings account dedicated to your next vacation will help you save without accidentally spending your vacation money. Start saving early, depositing a little bit from each paycheck into your vacation account. Over time, you will see the account grow until you feel comfortable using it on your next trip!
At DeSantis, Kiefer, Shall, & Sarcone, we can help you achieve all your financial goals, from smaller goals like vacations to larger goals like retirement funds. The smarter you save, the more valuable use you’ll get out of your money. If you feel certain financial goals are out of your reach, we’ll help you rearrange how you view and manage your money to make those goals reality.