Whether traveling over the summer or planning a trip during the fall or winter holidays, there is no time like Financial Literacy Month to think of ways to start saving for vacation! A special thank you goes out to Regions Bank for sponsoring, as well as providing resources, to create this post.
My husband and I have been planning for upcoming trips and after looking at the cost of transportation, lodging, as well as attractions, and dining, well the expenses add up really fast. We will be doing this again in the summer as well as at Christmas time, so we want to be as proactive as possible when it comes to saving for these upcoming events.
Thanks to the awesome resources at Regions Bank, I was immediately able to find simple tips and ideas for ways to start setting aside funds for our family vacations. Check out these 6 Easy Ways to Start Saving for Vacation!
1. PACK YOUR LUNCH
If buying lunch while at work costs $7 a day, but bringing lunch from home costs only $2, then over the course of a year, you can create a $1,250 savings, which could possibly pay for your lodging for an entire trip. See other great ideas like this at 4 Tips for Budgeting and Saving for Travel .
2. CREATE AN INTEREST-BEARING ACCOUNT
Keeping savings separate from a checking account can help reduce the tendency to borrow from savings from time to time to pay for everyday expenses. Regions Bank offers a great option to set this up in their Regions LifeGreen Savings account.
3. CUT OUT THE SNACK OR COFFEE BREAK
Do you pay $20 a week for snacks at the vending machine or stopping by a local coffee shop? That’s $1,000 you’re removing from your budget each year. Suddenly, that snacking and caffeine habit adds up to pretty decent AMOUNT!
4. LADDER SAVINGS PLAN
This is a program that is normally set up as a 52 week plan, but you can adjust it for a shorter or longer period. How it works for example; is in week one you save $52 and save a dollar less each week thereafter. In the last week, you’ll only save $1, but in total, you’ll have saved $1,378 in a single year.
5. SCHEDULE REGULAR TRANSFERS FROM CHECKING TO SAVINGS
6. USE A COUPON FOR THAT –
Before you shop, check to see if there is a coupon for the item or items you are looking for. If there is not a coupon, be sure to compare prices for products (generic vs name brand or in store vs online) you regularly shop for. In addition, buy items in bulk when on sale. Regions has excellent articles that detail this, such as Living on a Budget: Buying Groceries as well as Ways to Slash Your Grocery Bills. Now just add those savings directly to that vacation fund!
AS YOU CAN SEE, IT IS PRETTY EASY TO START GROWING YOUR TRAVEL FUND AND START SAVING FOR VACATION! PLUS, THESE IDEAS ARE SIMPLE TO APPLY TO OTHER ASPECTS OF YOUR LIFE, SUCH AS A VEHICLE PURCHASE OR SAVING FOR COLLEGE.
Plus on April 26, 2017 at 5:30 p.m. be sure to visit the United Way of the Suncoast for a special Financial Education Class hosted by Regions Bank. Address is 5201 W. Kennedy Blvd., Ste. 600-Jacaranda Room, Tampa, Fla. 33609. This seminar will focus on Managing Your Money, offering attendees great advice on how to set financial goals, track daily spending habits, increase your income, decrease your spending, and much more! Contact Kristi Balicki at 727-466-2312 or Kristi.firstname.lastname@example.org for more details.
Carlee @ FLL