We just got back from a mini-vacation and it was great! As the baby’s arrival is a couple of months away, we have been trying to spend some time together, enjoying the peacefulness before the chaos of parenthood 🙂 If you’re like me and you’re inspired to enjoy the good weather and times with a well deserved vacation, I have some tips to help you with your vacation fund and budget.
Do You Have a Vacation Account?
Did I just mention having a budget for vacations? I did – vacations are supposed to be relaxing and believe or not, having a vacation fund can make it even better. Too many people go on vacation, spend money without having a plan (or put iot on their bank credit card) and then spend the next few months paying it off.
Having a vacation account or fund can allow you to enjoy your trip guilt free both during and afterwards. The first step is figuring out what you need to save up for. If you already have a destination in mind, start looking online to see what expenses you can expect. A few expenses I’d include are:
- Local Activities
It may see a bit much, but by listing your expenses ahead of time, you’ll have a better idea of what you need to set aside in your vacation account.
Setting Up a Monthly Saving Plan
One great thing with having a vacation fund is how easily you can fill. The easiest way to stay on target is to create an automatic transfer from checking to savings each pay period.
Almost like a bill, we’ve set up deposits and transfers into our different savings accounts. You don’t have to put a huge amount; you can start small and build from there. As you save, try to see if there are some small windfalls like tax refunds and work bonuses that you can allocate to your vacation plan.
If you can’t set aside money each paycheck, then go ahead and set up a monthly savings plan. Do you want to help your vacation fund grow a bit faster? Find an FDIC bank or CUNA credit union that offer high interest rates for savings.
Thoughts on Vacations and Budgets
With this beautiful weather around us, have you decided where you want to go for your next vacation? How much do your vacations typically cost? How are you saving up for it?
By the way, if you’re planning a vacation, don’t forget to check out some related posts on the topic here on GPT:
- Campsites vs Hotels
- Where to Find Good Cheap Hotels
- Enjoying a Debt Free Vacation
- How to Save on Food: Restaurants vs Grocery on Vacations
Wherever you go for your next vacation, I hope you enjoy it!