Tag Archives: vacations

Tips for Saving for Your Next Vacation

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For many Americans, summer means vacation season, but not all of us have a solid plan for how we will pay for that much-needed week of relaxation. Studies have shown that vacations are critical for both mental and physical health, especially if you work in a high-stress environment. Additionally, most people would agree that getting into the habit of saving money is much easier when those funds will go toward something fun and exciting. Moreover, this practice may encourage you to start putting away money for everything from unexpected expenses to retirement savings.

Begin saving for your next vacation by opening up a savings account solely for the trip. This will allow you to clearly set a budget and track trip costs. Additionally, you can set up automatic transfers into the account, putting aside an amount that fits into your normal monthly budget. Other tried-and-true methods for vacation saving include collecting your spare change on a daily basis and selling unused household items on eBay or Craigslist. These excess funds can significantly bolster your vacation budget.

Finally, you can also use your new saving strategies to encourage your children to save for souvenirs and other vacation treats, a lesson that will instill positive financial habits from an early age.

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