Saving for a Vacation?

African-american couple using laptop,
Everyone deserves a getaway. Going on a vacation is the perfect way to relax, decompress, and enjoy some nice weather. Paying for that vacation doesn’t have to be a hassle. Here are 3 methods to help you get to your destination without breaking your budget.

The Jar Method

Have you ever seen those scenes in movies and TV shows where the characters put money in a jar? Well, it actually works as a way to save money for your vacation. Consider dropping in loose change, a specific dollar bill, or a percent of the cash you receive. This may take a while, but literally watching your money grow is a great motivator to help you continue your saving habit.

Savings Account

You’ve heard of a Christmas Club account. Well how about a Vacation Club account? Consider using a dedicated savings account to hold your vacation money. Similar to the jar method, you could use direct deposit to transfer a specific dollar amount or percentage of your income into the account for safe keeping. When the time comes to pay for your trip, withdraw the money you need.

Share Certificate

A share certificate could help solidify your discipline in saving. The certificate will lock in a certain amount of money for a predetermined amount of time. While your money is held, it earns interest with the option of having that interest added to your initial deposit.
If you already have some money saved, and you’re saving for a trip 6 months to a few years away, a share certificate could give your savings a little extra boost.

BONUS TIP: Vacation Loan

Sometimes you just don’t have the time to save for a vacation, consider using a vacation loan to pay for your trip now and pay it off over time. A vacation loan will allow you to enjoy your trip without the worry of spending large amounts of money at one time. Borrow what you need for your vacation and make low monthly payments until your debt is paid.

Vacation Loans

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