For many of us, last week was fall break. And many are already dreaming about their next vacation. October is Financial Planning Month, and I want to help you financially plan for your next vacation with these five ways.
1. BudgetBrainstorm where you would like to travel next. Write down your top choices of where you would like to go. After doing some research, determine how much each will cost and pick the destination that makes the most sense for your financial situation.
2. Open an Account Dedicated to Vacation SavingsWith your budget in mind, open a new checking account and set up an automatic monthly contribution after each paycheck. This will allow for the account to grow, and you’ll already know where those dollars are going.
For example, if the trip is expected to cost $4,000 and you hope to go in 8 months, set up a $500 contribution each month.
Tip: Planning years in advance for your next vacation? Talk to your Financial Advisor about investment options that can provide growth with stability, so your money can be working while you’re saving.
3. Have a Yard Sale
Go through your home and see if you have items to have a yard sale or list those items on social media.
A good rule of thumb: If it hasn’t been used in a year, it’s likely something you don’t need, and it can be sold or donated.
4. Cut Back on Impulse Purchases
For the time being, try to cut back on eating out and impulse shopping. Any money that is saved can be applied to your vacation fund (it can add up QUICKLY).
5. Use a Travel Agent
Travel agents can be extremely helpful in planning your vacation. They can provide helpful insights on where to eat and what sights to visit, plus they’re experts in finding big discounts. You may pay less for your vacation through a travel agent than if you booked the trip yourself.
Take these ways and start financially planning for your next vacation. If you have any questions along the way, we’re here to help. Please don’t hesitate to reach out with any of your financial questions.
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