Planning a Summer Vacation? Start Saving Now!

While your summer vacation may not rank high on your financial list of to-do’s, planning early can help you save a significant amount of money in the long run. We understand that it may be hard to think about your tropical island get-away in the middle of winter, but January is the perfect time to start budgeting for you summer vacation.

Decide where you want to go and how you plan to get there.  

•         Once you and your family decide on where you’ll spend those glorious vacation days this summer, it’s important to create a budget that will help you save money towards the cost of your trip. Remember that a vacation doesn’t have to equal debt! Start planning now and pay for your trip in cash rather than relying on high interest credit cards.

•         Before you can begin to save, you’ll want to open up a designated savings account that will separate your vacation fund from the rest of your finances, such as the Vacation Club Account offered at El Paso Employees FCU. Watching your vacation account grow will encourage you to stick to your goal and keep you from using the funds towards other splurges.

Do your homework. Once you’ve decided on where you want to go, begin looking into where you’ll stay during the duration of your trip. Check out online websites such as Expedia, Orbitz and Travelocity for deals on hotels. But don’t neglect to check out the hotel websites themselves as they can sometimes offer a better rate. Remember that the time of year you choose to take your vacation will affect the cost of your stay. Booking during the hotel’s off-peak season will help you score a lower rate. Get the most out of your money by asking for a discount if you’ll be staying for more than seven nights.

•         If you’re planning on taking a cruise, booking your reservations early will guarantee you a spot on the cruise ship. You might also be eligible for early booking discounts.

Decide how you’ll reach your destination. Will you be driving or flying to your destination? Just like you should consider booking your hotel early in advance, you might also want to consider buying plane tickets early as well. Doing so might let you avoid any spike in prices due to the increase in flying during the summer months.

•         Remember to consider how many people are flying or driving on this trip as well as if there will be pets accompanying you. For larger families toting their pets along, it may be cheaper to rent a van and plan a road trip rather than purchasing plane tickets for you, your children and Fido.

Don’t let your post-holiday-debt-blues keep you from planning your summer vacation early this year. Plan to pay for your next trip in cash and avoid the stress of the post-vacation debt! 

 

What tips would suggest when saving for your summer vacation? Share with us! We'd be honored to read your comments!



Comments

[Caramoan]

Sounds cool since then, the summer had arrive and many college students aren't able to prepare for it. But then, with this article I had take a piece of information on what to do next. Well, definitely next summer will hopefully something that is worth for my decisions and savings.