Summer is calling! Whether you’re dreaming of a beach getaway, a family visit to a National Park, or a summer road trip, one thing is certain: a little planning now will make your summer plans more enjoyable and less stressful.
At Auburn Savings, we’re here to help you make the most out of your money. Before packing your bags, let’s learn how to build a vacation fund that works for your goals and summer budget.
Set Your Vacation Goals
Before you start saving, it’s important to know what you would like to do. Ask yourself:
- Where do I want to go?
- How long will I stay?
- What kind of experiences do I want to have?
Once you’ve answered these questions, it’s time to estimate how much these plans will cost. In your budget be sure to include transportation, lodging, food, activities, and a little extra money for unexpected expenses. This will give you a clear savings goal.
Open A Dedicated Vacation Savings Account
Open a separate savings account to keep your vacation money separate from your everyday spending. This will help you stay focused and avoid the temptation of dipping into that travel fund.
With an Auburn Savings account, you can:
- Set up automatic transfers
- Track your progress online or through our mobile app
- Earn interest while you save
Even a deposit as small as $10 a week will quickly add up!
Cut Costs, Not Fun
Saving money doesn’t mean you should have to sacrifice any of your plans. The true point of saving is to be smart about where your money goes. Here are a few ways to adjust your budget without giving up any of your plans:
- Travel off-peak: Flights and hotels are often cheaper if you travel mid-week or not during school vacation and holidays. Try to plan your trip outside of those time periods.
- Use Rewards: If you have a credit card that earns rewards, redeem points or travel rewards to cut costs.
- Pack Smart: Avoid paying an extra baggage fee by packing light. Research your hotel ahead of time and see if they have laundry services. If they do, try to pack less and do laundry during your trip instead.
- Look for Free Activities: Many vacation destinations have free walking trails, museums, or outdoor events throughout the year. Research where you will be traveling ahead of time to find some of these activities.
Track Your Progress
Use a budgeting app or spreadsheet to track your savings. Watching your vacation fund grow can be incredibly motivating.
Plan Ahead to Avoid Debt
It can be tempting to put vacation expenses on a credit card and worry about paying it off later. However, that can lead to stress after your relaxing vacation. By saving in advance, you can enjoy your vacation knowing it is already paid for.
If you do decide to use a credit card, make sure it is one that earns rewards for you to use in the future.
With just a little planning your dream vacation can be within reach quickly. Start saving today so you will be ready to relax, explore, and make memories throughout the summer season.
Ready to get started?
Visit one of our branches today or contact our Customer Service Representatives to open your vacation savings account and let’s make this summer vacation the best one yet!
This blog is for educational purposes only and should not be used as financial advice. Come inside and visit a branch, and one of our Loan Officers will be happy to assist you. At Auburn Savings, we nurture relationships, foster ambition, and are driven by purpose—You Come First. Bank On Us™.