The 411 on Vacation Savings | Cleveland Bradley County Teachers Federal Credit Union

What is your dream trip? Is it a month sailing on a luxury cruise ship—or a week in a remote cabin in the mountains? Whatever it is you have always wanted to do, there is a way to make it happen.

When you save, there isn’t anything that is out of your reach. Creating a savings account is important for all of us in order to ensure our futures are exactly what we want them to be. Many of us also start saving in order to make a large purchase like a new car or a home upgrade.

In the midst of saving for all of these other things, vacations can feel like a pretty unrealistic thing to save for. Even if you never take a long trip around the world, it is still worth saving a little extra to make taking a vacation simple.

Plan and Budget

In order to get away from everyday life without breaking the bank, you need to make a plan. The earlier you can start planning for a trip, the better, especially if you are taking one of those big once-in-a-lifetime trips.

Think about where it is you want to go, and start with a general amount of money you would like to save. In the early planning process, it isn’t completely necessary to price everything out yet, and it is likely that most travel costs will fluctuate anyway. Instead, pick an amount and start finding ways to set aside money in order to reach it.

Look through your budget, or create one if you haven’t already. Find areas you can either cut out or cut back on, and apply those amounts toward building your vacation savings.

Dig into your subscriptions to find simple cuts you can make. Many of us sign up for a free week of service and then never cancel that service, leaving us paying a fee we might not even be aware of each month. Cancel what you can to make a little wiggle room in your budget.

Break It Down

As you get closer to your anticipated travel dates, breaking down as many costs as possible can help you see how much more you will need to save—or where you will need to cut back. Because flight costs and gas costs can fluctuate widely (especially in the summer), it is best to account for those expenses only a few months ahead of time. Round up in order to cover any potential changes. It’s always better to budget more than less.

Book hotels or other places you will stay early in order to lock in the best prices, and go ahead and deduct those costs from the amount you have saved for your vacation. You can also book any experiences you are planning to do as well, including amusement park tickets or museum fees. Take care of any other set costs you can so that you can get a good idea of how much is left to cover food and travel expenses.

Don’t forget to consider smaller costs, even if you can’t account for them exactly. This might include cab fare or subway fees. Over time, those costs can add up substantially and set you back if you did not properly plan for them. Consider souvenirs in your expenses, too, and give yourself a little grace with this one. You might not ever see a snow globe so unique again, after all.

Whether you are planning for the next few years or just a quick trip in a few months, save as much as you can and budget for everything! It will make your vacation stress-free and the break you truly needed.

We can help you build every kind of savings you need. Contact us to make your dreams happen.