It's that time of year. Time for summer vacations! We all like to take them, but it's not just all fun and games. In order to travel without breaking the bank, budgeting is essential. Usually, the year has been busy, and summer gives us the opportunity to spend time with family and friends to relax and forget about other commitments for a short period of time.
This summer, we are all ready to get back to some normalcy. We are ready to get out of the house, enjoy the nice weather and soak in that summer sun. Budgeting for summer vacation is something we all need to do.
Here are some tips on how you can budget for that summer (stay) vacation.
- Plan your destination and research how much you will need to spend. Some things to consider:
- Average hotel rate
- Transportation cost
- Cost of activities
- Cost of meals
- Don’t forget about incidentals. Such as road tolls, souvenirs, and hotel parking surcharges. Based on these, estimate the minimum you will need to save each week or month to reach your goal.
- Be realistic about your budget. Plan a vacation you can afford. You don’t want to finance your summer vacation.
- Set up a vacation savings account. Instead of leaving extra in your checking account where you can easily access it, set up a vacation savings account. Have an automatic transfer set up for the amount you want to put away every month from your checking to your savings account. That way you don’t have to think about putting the money away it is done for you automatically.
- Know your local deals Take advantage of local resources. Once you have planned your destination, sign up for local deal newsletters.
- Create a plan to stay on budget If you haven’t already, download the Frontier Bank App and sign up for online banking. Mobile banking allows you to track your budget, transfer funds, and check your balances.
We hope that this helps you plan for that dream (stay) vacation.
Freedom Club Coordinator