Tips for Saving for a Vacation | Cleveland Bradley County Teachers Federal Credit Union
With the pandemic raging and varying travel restrictions in place across the country, millions of Americans opted to forego their usual annual vacations in 2020. If you’re in that group, you may also be another: those determined to have a getaway in 2021.
Recent surveys found a majority of Americans hope to travel in 2021. The rollout of a couple vaccines late last year and news that more could be on the way has many people feeling optimistic about their chances for a vacation this year.
If you’re in that group, now is the time to start planning the money details of that travel, if you haven’t already been working on those. Here are some great tips for getting yourself financially prepared:
Start a separate account for your vacation savings. Keeping a separate CBCTFCU deposit account helps you set that money aside so you don’t confuse it with your everyday funds. With a share account or a share draft account, you earn interest on the money held and can open an account with only a small balance. You can move the money from the former into your normal checking account before you travel or get a Cirrus ATM or Visa check card specific to the latter type so you can spend directly from it.
Develop a budget that helps you save. We know, the word “budget” comes with unpleasant connotations for many people who expect such a plan to create stress in their everyday lives. Fortunately, there are budget concepts that enable you to cover needs and wants while still contributing to savings regularly with ease, such as the popular 50-30-20 budget.
Find ways to earn extra income. If you’re really hoping to go all-out on your travel or money’s already tight, you may want to consider finding ways to bring in more cash. You may consider a side hustle, such as freelancing or serving as a food delivery driver, or you or your spouse could volunteer for extra hours at work, if you have a job that allows that.
Find ways to save. If the budget doesn’t get you to the point of thinking of ways you can keep more of your money, you may want to take this extra step to ensure you aren’t sending out money you shouldn’t. Reviewing subscriptions and memberships that require regular payments or automatically renew is a good place to start. Surveys show Americans waste a good deal of money on such services, such as movie streaming and retail free shipping programs, and memberships, including gyms they don’t visit like they meant to.
Use a rewards card. We discourage use of credit cards for purchase of items you can’t afford, but using them to cover everyday expenses and then paying off the full balance each month can help you find the money for vacationing. Doing so can enable you to earn reward points that can be used for airfare, lodging, car rentals and other expenses.
For more ideas and assistance getting yourself financially prepared for a vacation, talk to one of the helpful folks at Cleveland Bradley County Teachers Federal Credit Union. We’re always happy to help!