3 Great Tips for Saving Money for a Summer Vacation
Spring is already upon us and summer’s getting close, so now is a good time to start saving for a summer getaway so that you don’t have to put your entire vacation on a credit card. Well, unless you have already saved up the money and plan to pay off the credit cards in full after you’ve earned the rewards points, in which it may be a terrific idea. But if you do need to save up some cash for a trip, Fidelity Bank of Florida, a community bank, has three tips for saving money for a summer vacation.
- Open a special savings account. If you’re 50 or over, you may remember Christmas Clubs, which were simply secondary savings accounts your bank would set up for you to help set aside funds to spend at Christmastime. While you may not see that name in use, you certainly can set up a separate savings account at Fidelity Bank of Florida for the holidays or the summer holiday.
- Add funds weekly. There’s a psychological advantage to putting away money frequently, even if it is the same total amount. For example, if you put aside $150 per week, that is more palatable to our frame of mind than contributing $600 a month to the same fund. And guess what? Since months average four-and-a-half weeks, you’ll even be putting a little bit more away.
- Make a mental trade off that will pay off. Commit to cutting back in a certain area for at least a few months. Be specific, though. If, for example, you treat yourself to a $5 caramel macchiato every work day, you could decide to forego that discriminatory expense for three months knowing you’d get to enjoy something better later. In fact, think about the extra $338 you just put in your pocket for summer drinks while you sip on that free cup of joe at work. And giving up a weekly Friday-night excursion to that gourmet French restaurant with your significant other during that same period could translate into a cool thousand and get you that much closer to actually going to France.
And here’s a bonus tip on how to make your summer vacation more affordable: You do live in Florida, so odds are you know someone that works for a hotel chain, airline, or car rental agency. Ask around (on Facebook, perhaps?) to see if anyone has a “Friends & Family” rate to share with you.
Fidelity Bank of Florida serves all of Central Florida with locations in Orlando and Brevard County.