After two years of limited travel, more people are making vacation plans. Vacations can be adventurous and rejuvenating, but it does not mean you should overspend. With increasing inflation, here are some tips to help you with your travel goals and making memories.
- Establish a budget. Know how much you’ll need to do everything you want to do as a family. Make sure all your bases are covered, taking into account everything from gas, airfare, car rentals, and transfers to meals, gratuities, souvenirs, and tour or entrance fees. Use Core Bank’s Personal Finance Management Tool to customize your budget.
- Setting up a separate “vacation savings” account. Read more about getting a personal savings account.
- Make it automatic. After you’ve set a budget (see #1), you can calculate how much you need to save each month based on how many months you have between now and the date you leave. Program an automatic transfer from each paycheck, or an electronic deposit from your primary bank account to fund this stash.
- “Giving up” over the short-term. Don’t think of this so much as a sacrifice, but the little, incremental actions that can add up to a big trip and big fun. Some of these small actions may include: buying a latte one less time each week, finding free entertainment like outdoor concerts at the park, carpooling to save on gas money, and brown-bagging meals instead of eating out between now and your planned vacation.
- Saving your change. You’d be surprised how much this can add up. Set a “vacation jar,” where each member of the family can then see this representation of the “vacation goal,” and deposit their extra change into the jar at the end of the day. You could even turn this into a game or friendly competition to get the kids involved with saving (with the added benefit that they’ll be picking up some great financial literacy skills along the way!).
- Use your rewards. If you use a credit card that offers airline miles or cash-back rewards, why not take advantage of those benefits? If you have a warehouse membership to Costco or Sam’s Club, see what discounts are offered.
- Cut your costs. The two most flexible areas of expense are food and lodging. You can still experience the foods of the place you’re visiting, but limit meals out each day. A cooler filled with food and drinks from the grocery store can help eliminate the high cost of quick stops. Despite rising fuel costs, you can still save money on gas. Read more about five ways to save at the gas pump.
- Consider a shorter trip. Get away for an affordable weekend rather than a long week trip and avoid stressing about your expenses afterward. Book your accommodations early to get special discount rates.
While you can fund some trips with your everyday budget, some trips require a little more money. Using your Home Equity Line of Credit (HELOC) can be a lifesaver when it comes to making your dream vacation a reality. No need to pull out the credit card or overextend your budget. Equity is one of the many benefits of homeownership and can play a big role in helping you achieve financial wellness. Learn how to make the most of your home today.
Remember when traveling, it is best to speak with a banker or call our Customer Support team at 402.333.9100 and let us know when and where you are traveling. We monitor Core Bank debit card transactions and look for those that are outside your normal activity for security purposes. If you forget to notify us of your travels, we may flag your transaction as suspicious and suspend your debit card for your protection. Read more about traveling confidently with your debit card.
Whether you are traveling by land or air, it’s important to remember that a vacation is meant to be fun and relaxing!
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