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How To Save for Your Next Vacation

Posted by: LBS Financial on August 31, 2023

The planning of a vacation can be both exciting and stressful. It requires not only research, but discipline in spending to stay within a budget. We’ve prepared some tips to help you save for your next vacation and make your dream destination a reality.

Automate Your Savings

Create a specific savings account for your vacation and automate a monthly amount of funds to go into that account. Automating your savings helps avoid the temptation to spend the money (and ideally helps you forget you even have it). The easiest way to automate your savings is through online or mobile banking by setting up recurring transfers to another account (from checking to saving, for instance). To reduce the impact to your monthly budget, schedule these transfers on paydays.

Use Credit Card Points

If you own a credit card that earns rewards or travel points, use those points that you earned towards your next vacation. You’ll be able to use these points to save you money on plane tickets, booking hotels, or food for your vacation.

Save More Than Your Goal

It’s important to shoot above your savings goal for your vacation. The truth is… life happens, and unexpected expenses or changes in the world may affect your plans. Having a buffer in your savings can help you adapt without derailing your whole vacation fund.

Your next getaway awaits you. The journey towards your vacation will not only be filled with excitement, but also by the accomplishment of having taken control of your finances and turning your dream vacation into an achievable reality.

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