INDUSTRY INSIGHT
SAVING MONEY
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Money- Saving Tips for Summer Vacation
With summer right around the corner , your vacation may arrive before you have saved the money to pay for it . Whether you are traveling around the world , or doing a staycation , here are a few simple tips to help you save some cash for that vacation . No matter how far away you are from home , time away is time away . We all need time away to escape from our jobs , take a well-deserved break from responsibilities at home , and have a rejuvenating summer vacation .
One of the most common reasons for not going on a trip is not having enough money saved . Here are great ideas to get you started on the right path to a great vacation :
1 . Maintain a separate vacation savings account . These funds would be just for travel money . Having your travel money in a separate account will keep you from withdrawing it from your checking account too early .
2 . Keep a change jar . This tip is a great one ! We don ’ t always realize how fast change adds up , but it can add quite a bit of funds to your vacation savings .
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3 . Have the kids contribute . If your children get an allowance , or do odd jobs to earn money , having them contribute to the vacation savings fund is a great idea to teach them the importance of saving and budgeting for something like a vacation . As little as $ 5 a month adds up and helps to teach kids the value behind a vacation .
4 . Cut back . Pick one or two indulgences and cut back on them or cut them out entirely for six months to a year . Taking the money that you would normally spend on your daily coffee drink , going to the movies , or eating lunch out can quickly add up to big money for your vacation fund .
5 . Shop , shop , shop . It can feel like a new travel booking website appears every day . Sometimes you can get a great deal one place , and then have a hard time finding that same deal later . Ask friends and family for suggestions on where to look and which sites they like . 6 . Book domestic flights at least 60 days out . This is your best time to find cheaper fares . If you are traveling internationally , book at least 90 days out . It ’ s also a good idea to look at cashing in frequentflier miles or companion coupons .
7 . Consider a staycation . Think about doing day trips to places you ’ ve been meaning to go near your home . There are lots of fantastic places for hiking , wineries , lakes , museums , water parks and amusements parks within a few hours ’ drive .
A good financial plan is always the best way to start your travel plans . Visit your local community bank or credit union and ask about opening a special Vacation Club savings account to help you get off on the right foot .
This Industry Insight was written by Wendy Kingsland .
Wendy Kingsland is the CEO of Visionary FCU in Bridgeville . Prior to joining Visionary in 2011 , she was employed by Clearview FCU from 1991-2011 . Kingsland currently serves as Vice President of South West Communities Chamber of Commerce . She is active in the Pittsburgh Chapter of Credit Unions , serving as a board member since 1991 and currently serving as Treasurer . She also serves as a Director for the Pennsylvania Credit Union Association .
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