Saving NOW for Your Summer Vacation

The following article is sponsored by Univest Corporation. For additional information, please visit Univest’s web site at www.univest.net.

Saving NOW for Your Summer Vacation

Guest Blogger: Cait Klein, NerdWallet

It’s always summer somewhere in the world, so don’t wait to start putting aside cash to finance your next warm-weather trip. Here are five ways to ensure your finances are healthy enough to handle a vacation.

 

  1. Budget. Planning the perfect vacation is fun, but thinking about the financial side of things can be a drag, especially if you haven’t saved enough. Whether you’re venturing overseas or just enjoying a simpler “staycation” adventure, a budget is necessary to stay on the path to a specific goal. Online financial apps can help hold you accountable as well. Wherever you’re headed, stay motivated to save by keeping a picture of your destination at work, in your wallet or at home.
  2. Separate savings. Once you know how much is needed, it’s a good idea to earmark funds just for the trip. Financial institutions such as Univest let you set up a travel savings account. Try to cut costs in your everyday routines and put the money saved toward the trip. Two or three months of living without daily coffee runs and restaurant meals can really add up. Consider using weekly automatic withdrawals from your checking account to stay on track to reach your goals.
  3. Vacation layaway. Many resorts and cruises now offer the option of a vacation layaway, in which you prepay for a trip over the course of months or years to avoid taking on a large amount of debt. This setup could help you avoid getting saddled with debt later.
  4. Earn extra cash. There are a plethora of opportunities to make money while traveling. If you have extra space at home, consider renting a room on Airbnb or a similar site in the upcoming months. Or, rent your entire house on Homeaway while traveling to offset the cost of the trip. Other sites such as Getaround let travelers rent out their personal cars while away to bring in some cash. A weekend job could help you rack up savings as well.
  5. Find deals. Booking early can often get you the best deals. Sites such as Yapta monitor fares and do the work of watching the market for you. Be flexible with dates to ensure getting the best possible price.

Once your vacation starts, you’ll be happy you spent months living more conscientiously to fund the adventure of a lifetime. After all, no one wants to be stuck and suddenly out of cash in paradise or while on the road. Eliminate the headache of financial surprises by using the months before you head for your stretch of endless summer to grow a travel fund and get ready to let the cares slip away.

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