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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