Three Strategies to Save for Your Next Big Vacation

Going on an annual family vacation is one of my favorite things to do. For a whole week, I have the opportunity to enjoy my family, a fun destination, and exciting activities that keep my mind off adult responsibilities. While the actual vacation is great, getting there isn’t always a smooth road. Ensuring you have the funds to pay for the trip is one of the most important parts of planning your next destination.

While budgeting can be an overwhelming task, keeping the end goal in mind can help you navigate the process. Below are three strategies to save for your next big vacation.

Create a savings goal

Vacation planning can feel somewhat like home remodels, it takes twice as long and costs twice as much. Creating a budget can help ensure that the trip is something you can afford, as well as help you create a game plan of how you’re going to get there. To create a budget, take all the big and small things into consideration: travel, lodge, food, activities, etc. Add them all up, give yourself some room for unforeseen spending, and you have your budget.

Open a dedicated bank account

If you’re like me, then you have to be constantly moving your money from one bank account to the other to ensure you don’t overspend. In this case, opening a separate bank account specifically for your vacation budget is the way to go. Set a realistic goal for adding to that bank account. Whether it’s $200 per paycheck or transferring the remainder of your weekly budget, find a routine that works for you and watch your money quickly add up.

Plan regular check-ins

Like any other budget or money project, this is not a do-once-and-forget activity. When it comes to saving for your next big vacation, scheduling regular money check-ins is essential to staying on track and raising the funds necessary for your upcoming trip. In these money dates, you’ll be able to see if you’re on track to meet your goal or if you’ll need to adjust based on some unforeseen costs that you originally didn’t take into consideration.

Remember, vacations are supposed to be fun, so don’t let the money conversations intimidate you. These tips will help you enjoy a guilt-free vacation and make sure you return home to an undisrupted personal bank account.

Happy saving and safe travels!