8 Savings and Budgeting Tips for Summer Vacations

Navigating an Affordable and Relaxing Trip

Summer vacation is the ideal time for relaxation and a much needed break. However, the cost of travel, accommodations, and activities is increasing each year, putting a real damper on the excitement of that much needed getaway. Jarrettsville Federal is here to help navigate the financial aspect of your vacation with some tips and tricks for saving money for a summer vacation. 

The first step in planning for an affordable summer vacation is to set a goal. Determine how much you will need for your vacation. Consider costs like travel, accommodation, food, and activities. Once you figure out the amount needed, you can set your savings goal. We take great satisfaction and pride in helping our clients grow and reach their financial goals. We work with you to understand your unique needs and offer solutions based on a personal, relationship-driven decision-making process. This blog will provide some effective strategies for saving, budgeting, and making your summer travel more affordable. 

Start Saving Well In Advance

The very first tip for preparing for an affordable summer vacation is to start saving early. Start by opening a dedicated savings account. Money Market accounts and Savings accounts are both interest-bearing accounts that allow for the withdrawal and saving of cash. Consider opening an account that is solely for setting aside money for your trip. This will help you track your progress and reduce the temptation to spend your hard earned savings on other things. 

Automatic transfers can also be set up to transfer money directly from your paycheck on payday.  This makes saving effortless and holds you accountable in meeting your financial goal. This strategy of setting it up and then forgetting about it will help you build the financial habit of saving. This money will never hit your checking account – which reduces the temptation to spend it. 

8 Budgeting Tips for a Successful Summer Vacation

Budget for everything! Set a firm budget for your vacation. Be sure to include driving, lodging, meals, and activities when calculating associated costs.  It is important to also budget for the costs of taking care of things at home while you are away such as pet boarding or lawn care. Here are some tips when budgeting for your summer vacation:

1. Use Budgeting Apps and Tools: These tools can be so helpful when keeping track of your spending. Knowing where your money is going can help you cut unnecessary expenses. 
2. Travel Off-Peak: Traveling just before or after peak season can significantly reduce your expenses. Costs can vary dramatically depending on the season. Determine the “peak season” of your destination and consider traveling off peak. 
3. Book Flights and Accommodations Well in Advance:  Booking major expenses such as flights and accommodations significantly ahead of time can help you avoid price hikes. 
4. Seek out Packaged Deals:  Many destinations and resorts offer package deals that include meals, activities, and other additional perks. These packages can significantly reduce costs by bundling expenses like lodging, meals, and activities into one fixed price, which often results in substantial savings compared to paying for each component separately.  These all-inclusive deals simplify budgeting, allowing travelers to know the full cost upfront and avoid unexpected expenses. 
5. Cut Back on Unnecessary Spending: Challenge yourself to only spend money on necessities. Unsubscribe and say no to marketing emails and turn off all sales notifications to avoid temptations. Opt for groceries over take out or delivery services, which can be more expensive. Get rid of app subscriptions you no longer need.  Make a list and decide if there is anything that you are willing to put on hold. 
6. Leverage credit card rewards: Credit cards that offer cash back or travel rewards on transactions can be very helpful when saving for a summer vacation. Deposit any cash back in your vacation savings account.  Use the travel rewards to reduce your travel or lodging expenses. 
7. Sell unused or no longer needed items: Identify items around your home that you no longer need or use and sell them at a yard sale or online. Use the profits to add to your vacation savings.   
8. Eliminate impulse buying: Find ways to cut back on unplanned purchases. Spontaneous purchases can derail your money goals. 

Security Measures to Take Before and During Your Vacation

Our personal information is more vulnerable than ever before. With the rise of technology and the prevalence of online transactions, identity theft has become a significant concern for individuals and businesses alike. There are several security measures individuals can take to make it more difficult for any thieves to access your account. 

• Before traveling, make sure all of your bank accounts are secure.  This includes changing your passwords and turning on two-factor authentication. 
• Notify your bank of your travel, regardless of where you are going. This step prevents them from flagging your purchases as suspicious. 
• Turn alerts on your account.  This will notify you when something unusual happens to your account, which will allow you to act quickly. 

Saving for a summer vacation requires discipline and planning. With smart money management you can enjoy a well deserved break. At Jarrettsville Federal we have the tools and expertise to help you reach your vacation goals. 

At Jarrettsville Federal you can be confident that your money is safe and secure. With Jarrettsville Federal by your side, budgeting and saving for your dream vacation has never been easier. In our 155+ years of business, JFSL has helped thousands of business owners achieve their dreams. We know you by name because our staff members stay with us for decades and serve generations of customers. Contact us today to learn more about saving for your summer vacation.