Tips to Saving for Summer Vacation

It’s time to start saving for your summer vacation. Believe it or not, spring is just a few weeks away. It may be hard to imagine with this wintry March weather, but you know what they say. March comes in like a lion and goes out like a lamb. By the end of the month, you’ll be craving the warm sun on your face and a sandy beach underfoot. Ahhh, the joys of summer vacation. If you’re like most of us, you haven’t bothered to put aside any money for a nice getaway. It’s not too late if you start today. 

Eight tips for saving for a summer vacation

1.     Set a vacation budget. You probably have an idea of the type of vacation you’d like to take and an idea of cost. This will give you a summer vacation savings goal to work towards.

2.     Set up a dedicated vacation savings account. Spirit Financial Credit Union has various savings account options for every saving need, including vacation savings accounts.

3.     Automate your savings. Take advantage of direct deposit to save, by depositing a portion of your pay into your vacation savings account each pay period.

4.     Getting a tax return this year? Deposit all or a portion of it into your credit union savings account. It will really give that vacation savings a boost.

5.     Go on a spending diet. We all focus on weight loss, but how about cutting the fat out of our spending for a few months. You can do it. Limit your spending, just like you’d limit your calories, and put the extra into your savings. Just packing your lunch four out of five days or skipping happy hour once a week can really add to that savings plan.

6.     Use spring cleaning as an earning opportunity. Most of us do a bit of spring house cleaning in the coming months. Just what do you do with the excess stuff you find that you want to get rid of. Do you just toss it in the trash? Well, one man’s junk is another man’s treasure as they say. That so-called junk you are looking to get rid of just may earn you some money for that dream vacation. Perhaps it’s kitchen gadgets or appliances you haven’t used in a long time, that workout equipment you used once and then moved to the basement, or event those suits you bought for work, but just don’t need anymore. Selling items on eBay or Craigslist can bring in some dough. A yard or garage sale, or bringing your items to a consignment shop are other ways to raise some vacation money with those valuable, but unwanted items. 

7.     Consider a part-time job. If you really don’t think you can find the extra in your budget to save for a vacation, get a part-time job to help you earn a little extra cash. There are many things you can do to earn some money on a part-time basis. Love pets? Then consider pet sitting or pet walking. Love kids? Babysitting jobs can bring in the big bucks. Need a very flexible schedule, think about driving for Uber or Lyft. There are many things you can do on a part-time basis.

8.     Take advantage of a money-saving vacation app. Here are just a few we like:

·      Skyscanner - Search flights, hotels and car rentals. A handy chart will let you see the cheapest days or month to fly. You can also set up notifications for flight price alerts.

·      Airbnb - Book a place to stay or an experience. This online community connects people looking to rent homes and apartments with those looking for accommodations.

·      Hopper - Predicts prices and helps you book flights and hotels at the right time.

·      Justfly - Search and compare deals on flights, hotels, cruises and rental cars.

·      Kayak - Enables you to search hundreds of travel sites at once.

No time to save for a vacation?

If your vacation is coming faster than you have time to save, you may want to consider a low-interest rate personal loan or personal line of credit from Spirit Financial Credit Union. A personal loan can be the financial solution to make your vacation dreams a reality. Spirit Financial Credit Union loans offer convenience and flexibility to help meet your borrowing needs.  Be sure to check out our loan rates. Follow us on Facebook for more helpful tips like this. 

Greg Quinn