Are you hoping to take a family trip this summer? The last thing you want to do is go on vacation and build up credit card debt. Financial professional Mindy McIntosh, talks with FOX66 Profitt Report about some advice on where to begin saving for that special trip.
Meeting savings goals for vacation can be difficult, especially if you are on a short time frame.
- The first thing that you should try to do is figure out how expensive your vacation might be and use this to set your savings goal. By writing down a specific dollar amount that you need to save, you can plan a budget designed to meet your objectives.
- Consider setting up a separate savings account. Figure out how much money you usually have left over at the end of the month and see how much of that you can put into a savings account.
Your fixed expenses, such as travel and hotels, can be reduced by using websites that compare rates or offer discounts. Shop around for the best deals, and do not be afraid to negotiate deals with hotels. If you try and book early, that could help you save money in some cases. For more varied expenses, such as food and entertainment, consider opting for cheaper options. Try and eat in if possible. Look for those deals – maybe traveling in the middle of the week might be cheaper than a weekend.
Staycations could be another good option. Then you can try and save for next year! Or do a day-trip. Take advantage of what’s close to home. Sometimes, if your schedule allows, you might be able to take advantage of last minute travel deals. You can sometimes sign up for alerts on less expensive flights or other travel deals.