With summer a few months away, you may be making vacation plans. Even if your travel plans are set, you still have to budget for them. Here’s your guide to making your free time fun and financially pain-free.
Budgeting is the key, and that starts with saving for your transportation, accommodations, meals, and activities. Tropical Financial Credit Union offers a Vacation Club Savings Account where you can deposit a set dollar amount every week or month. The more you put away now, the less you will owe when your vacation ends.
Want to build that balance fast? One idea is to sell unused clothes, electronics, or furniture online, at a yard sale, or to a consignment shop. Deposit the proceeds into your savings account.
With Tropical Financial’s help, budget your vacation using the checklist on this web page in the credit union’s online financial resources center.
Saving is one part of the battle; managing expenses is the bigger one. Start by setting a realistic budget. Research your destination's average costs for flights, hotels, and meals to find the dollar figure that meets your means and delivers a memorable experience. Flight and travel blogs can provide tips on when to travel, how to get there, and how to make the most of your money.
Flying doesn’t have to be expensive
Sometimes, it seems to cost as much to fly to your destination as it does to stay there. Here’s how to spend the least:
Shop accommodations for the best financial, lifestyle fit
Hotel chains offer a variety of brands that range from budget to luxury. Those are not your only options:
Save when you rent a car or SUV
Eat on a budget
Food is often the third-most expensive item in a vacation budget. You can save without sacrificing quality:
Max out credit card benefits (not balances)
Have you been accumulating points on your credit cards? This may be the trip when you cash them in. They can be applied to airlines, hotels, restaurants, and other expenses.
You may be tempted to accept a card offer for tens of thousands of airline miles. Be sure to read the conditions. Some deals come with minimum spending requirements before you’re credited with the rewards.
Look for free, discount-ticket activities.
Did you know that all the national museums in Washington are free? Look for similar deals at your destination. Tropical Financial has these suggestions on what to see and do. Some venues have free days or hours; check their websites for them.
And look for ticket discounts. Museums and similar venues often charge less to students, veterans, and association members. And some cities sell tourist passes to multiple locations cheaper than individual tickets.