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Vacation: Planning, Budgeting & Saving

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Whether you hope to meet Mickey Mouse at Disney World or unplug in the Great Smoky Mountains, vacations can be costly—no matter your destination. Now is the perfect time to plan your next getaway.

Establish a Spending Plan

To ensure you’re financially ready for your vacation, establish a spending plan. Estimate costs for:

travel (planes, trains or automobiles),

hotel accommodations,

meals,

souvenirs,

and attractions.

Budgetyourtrip.com is a great (and free!) resource to estimate your costs by viewing travel expenses incurred by real travelers. Sign up and create your trip on the website, then keep track of your expenses while on vacation.

Five Strategies for Savings Success

Although it’s not a glamorous part of the planning process, figuring out how to pay for your vacation is vital. Here are five strategies to successfully save for your trip:

1) Save separately for your getaway. Open a savings account dedicated solely to your trip to help you keep better track of your money. Having a separate account means you’re less likely to dip into it when you need extra cash.

2) Turn on autopilot. Ensure vacation money is saved every time you’re paid through automatic savings. If your paycheck is directly deposited, put part of it into your vacation savings account. If not, link your checking and saving accounts together and establish automated transfers between accounts.

3.) Sacrifice today for fun tomorrow by downgrading or eliminating services— such as satellite radio, gym memberships or your monthly movie-rental service. Stash the savings away in your special vacation savings account.

4) Eat at home and put that money in your vacation fund. Did you know the average household spends $2,678 (that’s $223 per month) at restaurants each year, according to the National Restaurant Association? Reduce your restaurant visits and put that savings toward vacation. If you do eat out, cut costs by clipping coupons and looking for “kids eat free” deals.

5) Declutter your closet —have a garage sale and earn vacation cash from your castoffs. If you don’t want to take the traditional route of posting signs and setting up tables at your home, consider selling your stuff on Facebook. Search for pages on the social media website that are dedicated solely to items for sale in your community.

Turn your vacation dreams into reality with Busey. For support and resources you need, speak with our experts today—visit any Busey location or call 1.800.67 | Busey.

 

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