While it’s not quite officially summertime, it still doesn’t hurt to plan ahead for your vacation. Whether you’re going with your family, joining your besties, or doing a solo trip, keeping track of your spending and savings is important!
Before going on vacation, you should review practical savings tips. Here are a few you may want to consider:
- Set up a budget: A budget can help increase that vacation savings account. Look at your finances and find ways you can cut costs and add more to your savings.
- Set up automatic savings: Set up regular transfers to have money added to your savings account automatically on payday. Talk to your bank or credit union about how to get started.
- Set Specific, Measurable, Attainable, Realistic and Timebound (SMART) savings goals: Whether you're planning a simple hiking weekend or a multi-week trip to another country, determine how much you will need to save and a goal date. Then find ways to save for that goal.
- Regularly review your savings plan: Regularly review your savings plan and adjust as your financial situation changes. If you receive a bonus, financial gift, or pay raise consider adding some of the money to your savings.
No one wants to come back from vacation more stressed than when they left. Having a SMART plan in place leaves one less thing you need to worry about. For more information on spending, saving, and creating a budget, visit our website to view a list of money topics.