Clever Ways to Save Money for Vacation

Clever Ways to Save Money for Vacation

Going on vacation is a dream for many people, but saving for this goal can be daunting. However, there are several ways to save money that will have you saying “bon voyage” faster than you may think!

Set Up a Dedicated Savings Account

Set up a savings account just for your trip. This will keep the money separate from your spending money and from your emergency fund, making it easier to track. Watching this account grow can be highly motivating as you work.

If you’re a PSECU member, you can open a Vacation Savings Share to make it even easier to save for a special trip. PSECU’s Vacation Savings Share has a slightly higher interest rate than a Regular Savings Share and prohibits you from accessing the funds with your debit card, making it easier to keep the money earmarked for savings. Another benefit is that you can make deposits and withdrawals any time you’d like.

Learn How to Become a Member

Make Your Vacation Savings Automatic

Decide how much you can afford to put aside for your trip each month, and then set up automatic transfers to your dedicated vacation savings account. When you can’t see the money, you’re less likely to miss it, and it will be free to earn interest, getting you closer to your goal.

Track Your Progress or Make It a Group Project

To help your family stay dedicated to saving money for a trip, create a big chart in your home to track progress toward your goal. Watching your savings grow can help encourage you to keep putting money away. You can even put pictures of your dream destination near your graph to inspire you more.

When everyone is involved, you may be more likely to motivate each other to save. Even if you’re traveling alone, consider asking friends to act as accountability partners. If they encourage you to save up for your dream, you may find it easier to reach your goal!

Sign Up for Travel Grants

If you will be volunteering, researching or doing work on your vacation, you may be able to apply for a travel grant. Check for opportunities with your workplace, volunteer organization or other association and research travel grants online. In general, these can defray your costs by hundreds or even thousands of dollars.

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Focus on Supplemental Income

Get a second job, freelance or take on seasonal work to save more money just for your trip. Keep this income separate from your job wages by having it go to a completely different account that’s not available through your debit card.

Appreciate the Power of the Vacation Jar

If you still use mostly cash, you can add change or one-dollar bills from your wallet into a jar and deposit your accumulated money each month into your vacation savings account. A handful of change each day can add up to hundreds of dollars every year.

Funnel Unexpected Money into Savings

If you get a bonus at work or a tax return, put this money directly into your vacation savings account. If you don’t plan to spend this money on other items, you’ll be unlikely to miss it.

Create a Budget to Squeeze Extra Money into Travel

Create a budget with your monthly expenses, outlining where your money goes. Go through your budget line by line, looking for places you can save. Consider giving up splurges, like your typical morning specialty drink, and instead put that money toward your vacation account.

If you are saving money for a family vacation, consider giving something up as a family, such as dessert or meals out.

Save Money on Vacation and Year-Round

Sometimes the best way to make your vacation dreams a reality is to build savings into your vacation itself. If you’re traveling with your family, get them excited about saving money on your trip, too. For example, research family-friendly attractions that offer discounts for children or students, or find local restaurants that let kids eat free on certain nights.

Getting your family excited about saving doesn’t have to wait until vacation. If you’re a PSECU member, your immediate family members can become members, too. With our cash rewards credit card, low to no fees, and higher-yield savings account for youth, opening a PSECU account can help family members of all ages keep their money where it belongs – with them. Click to learn more.

The content provided in this publication is for informational purposes only. Nothing stated is to be construed as financial or legal advice. Some products not offered by PSECU. PSECU does not endorse any third parties, including, but not limited to, referenced individuals, companies, organizations, products, blogs, or websites. PSECU does not warrant any advice provided by third parties. PSECU does not guarantee the accuracy or completeness of the information provided by third parties. PSECU recommends that you seek the advice of a qualified financial, tax, legal, or other professional if you have questions.