Summer Vacation Savings
Vacation is meant for relaxing, but it can be dangerous to your wallet if you relax your budget too much before or during your trip. We visited Strawberry Square in Harrisburg, PA, to ask community members how they save for, and on, vacation. This video shares their tips about ways to plan financially for a vacation and how to get through your trip without breaking your budget.
One popular theme was saving year-round in order to be prepared for the expenses of your trip. This allows you to set money aside throughout the year, rather than coming up with the cash all at once or running up your credit card debt.
A good way to do this is by setting up a separate vacation savings account. When considering opening up a “club” savings account like this, make sure you fully understand the terms and conditions, or it can end up costing you in the long run. While some institutions limit when and how much you can deposit to, or withdraw from, the account, PSECU’s Vacation Savings Share gives you the freedom to choose how much you add or remove at any time without penalty.
If you’re planning to hit the skies when you travel, check out our blog post, 6 Tips to Save on Flying for ideas on how to save before and after takeoff.