vacation savings account | blog.firstffcu.com

Are you daydreaming about your next vacation? It’s time to make that fantasy a reality and start planning! Budgeting for a vacation can seem daunting at first, but with a few travel hacks – you’ll be able to book the affordable vacation of your dreams. Keep reading for our top money saving tips so you can fully unwind and relax during your next getaway.

Budget for your vacation early

Write down a list of vacation expenses and research the expected costs. If you already know where you want to go, it should be even easier to get a more precise breakdown of expenses. Here are some examples of what you’d need to budget for:

Plane, train, or bus tickets to and from your destination
Baggage fees
Car rental fees, parking, and gas
Hotel or Airbnb costs for the length of your trip
Meals & groceries (including breakfast, lunch, dinner, drinks, snacks, and desserts)
Souvenirs and shopping
Entertainment (museum fees, concert tickets, nightlife, etc.)
Travel insurance
Passport & travel documents
Currency exchange

Set up a vacation fund

Once you have an idea of how much money you need for your vacation, it’s time to start saving! Begin by creating a special savings account just for vacation, and then determining how much you can allocate to your vacation fund per paycheck. You’ll be surprised with how fast the account grows, even if you’re just putting away as little as $5 per paycheck. Set a goal that’s realistic for yourself and stick to it.

Cut back on expenses

This is the not-so-fun part, but it will be worth it in the end. Trust us! Think about all the extra expenses you have each month that aren’t necessary. For example, try skipping takeout and opt for a homemade meal instead. Make your morning coffee at home in a travel mug instead of stopping for your daily dose of Dunkin’ or Starbucks. Do you have a gym membership? Try temporarily adjusting to an at-home workout to help save each month. There’s typically a more affordable option for the things you love, so try comparing prices before making purchases as well.

Find an affordable getaway

Whether you’re looking to tour Europe, go on an all-inclusive beach trip, or plan a weekend getaway – there’s a type of vacation for every price range. Be realistic about what you can afford, find out what’s important to you, and plan accordingly. Travel experts recommend visiting a destination where your home currency takes you further. When traveling to a destination with a lower average cost per day, you’ll be able to afford better accommodations and eat out more frequently.

Travel during slow periods

You’ll likely find cheaper flights and accommodations during a destination’s off-season. Be flexible with your travel dates, and compare prices from different times of the year and even the week. Sometimes weekday flights can be cheaper than flying over the weekend. The added bonus is that airports and cities are usually a bit less crowded during slower periods as well.

Look for travel coupons

If you’re open to different destinations, there are many websites and newsletters that share deals on flights, accommodations, and even travel packages. Looking at these travel discount sites can also help inspire some ideas as you plan your trip.

Want to open a special savings account to cover vacation expenses? Visit a First Financial branch or contact us to speak with a representative today.

Happy traveling!

*A $5 deposit in a base savings account is required for credit union membership prior to opening any other account/loan. All personal memberships are part of the Rewards First program and a $5 per month non-participation fee is charged to the base savings account for memberships not meeting the minimum requirements of the program. Click here to view full Rewards First program details. Some restrictions apply, contact the Credit Union for more information.

Isn’t it funny how you look forward to summer all year long, yet somehow it still seems to show up earlier than you expected? Between work obligations, family responsibilities, and the valiant attempt to maintain some semblance of a social life, most of our schedules are so full that time flies whether we’re having fun or not. So, here we are—standing at the summertime starting line. Even if you don’t have a fully funded vacation fund, wouldn’t you like to get away for a little rest and relaxation at some point this summer? And wouldn’t it be nice to do it without going into debt?

5 Suggestions for Budget Friendly Summer Travel

Score some last minute deals. Remember when your parents and teachers would warn you about the dangers of procrastination? They may have been right about schoolwork and household chores, but it turns out waiting until the last minute can be a good thing when it comes to travel planning. To help travelers just like you, the good folks at SmarterTravel.com managed to identify 18 online resources that specialize in finding last-minute deals on hotels, flights, tours, cruises, and more!

Stay with friends or family.
Catching up with friends and family is fun, right? If they just so happen to live somewhere you want to visit and you can save a little money by staying with them, wouldn’t that make your trip even better? We thought so too. Financial benefit aside, staying with someone you know is also a fantastic way to get recommendations for the best local restaurants and attractions. And with all the money you’ll save on lodging expenses, you can probably afford to take your hosts out for a nice meal while you’re in town. See? This works out great for everyone!

Bring your own food. Next to lodging, dining is often the most expensive part of traveling. If you’re heading to a popular vacation spot, chances are it will be even pricier. Once you figure out where you’re staying, spend a little time meal planning. By shopping for groceries before you go and preparing most of your own meals during your stay, you can save hundreds of dollars and keep your trip under budget.

Plan a day trip.
Maybe you don’t have room in your budget for a weekend getaway or spending a few days with friends. That doesn’t mean you can’t have any fun. Day trips are an excellent way to break out of your regular routine and save money while doing it. Take a look at a map. You can probably find an interesting destination within a two or three hour drive of your home. Do a little research and find a fun activity or two that you can enjoy while you’re there. Head out early in the morning, spend the day creating spontaneous memories, and grab a good meal before heading back home. We bet that when you look back, these day trips will be some of your favorite travel memories.

Collect experiences instead of “stuff.”
Think back on your favorite childhood vacation. What makes that particular trip stand out from the others? Time with family? Seeing new places? Unexpected adventures? Whatever your answer may be, we’re pretty sure it wasn’t the $10 gift shop keychain you begged your parents to get for you. Sure, trinkets are fun for a little bit, but the joy they provide rarely sticks with you. Experiences, on the other hand, are not only enjoyable in the moment – they often get better with time. If you’re going to plan a last minute summer getaway, focus on creating memorable experiences rather than spending too much money on souvenirs.

We started this article talking about procrastination and how you can make it work for you. But even though there’s an adrenaline rush that comes from pulling off a last minute travel miracle, it would be nice to enjoy a stress free vacation next summer, wouldn’t it?

As soon as you get back from this year’s impromptu summer excursion, why not start putting a little money into a vacation specific savings account each month? By keeping your vacation fund in a savings account until you need it, you will reduce the temptation to spend the money on something else during the year. To make the most of your savings, speak with a financial service representative and find out the best option for your vacation savings goal.

Happy traveling!

*A $5 deposit in a base savings account is required for credit union membership prior to opening any other account. All personal memberships are part of the Rewards First program and a $5 per month non-participation fee is charged to the base savings account for memberships not meeting the minimum requirements of the program. Click here to view full Rewards First program details.