Tag Archives: dream vacation

How to Save for Your Dream Vacation

vacation

From sunny beaches to tall mountains, everyone has their own version of a dream vacation. But how do you save enough cash to go? It’s important to see the world and take in all it has to offer, which is why Timberwood Bank has come up with these tried and trusted ways to save for your dream vacation.

Timing Is Key

Instead of taking off 5 whole days of work, is there a week where you can travel to include a weekend and a holiday? This automatically gives you a three day start to your vacation, with no time having to be taken off yet! You can also factor in the time of year, as plane tickets and places to stay can be cheaper during some months over others. This can easily save you hundreds right off the bat.

Cut Back To Necessities

There are plenty of things you don’t need to be spending money on each month. Stop getting your nails done, buy generic brands instead of brand name, eat out less and drop some memberships. You don’t need ANY of those items, so cut them out of your life and put all of that savings towards your vacation fund!

Airbnb It

Airbnb has phenomenal prices compared to hotels in some areas. Instead of paying $200 a night, you can pay $60. This also allows you to be able to bounce around to different places in the country you choose to explore, instead of being tied down to only areas that have hotels. There are also plenty of alternatives to Airbnb, so check them out to see what they offer!

Download A Budgeting App

An app can help you stay on top of your savings game while trying to rack up money for your trip. Of course, while these apps have cool features, like the capability to set financial goals or save toward a single event – like your vacation – it’s still up to you to make it happen. Some apps include: Mint, Acorns, Pocket Guard, Albert and Wally.

Travel During The Off-Season

Going when everyone else normally doesn’t travel is a perfect way to save! Even though it’s the off-season, you’ll still be able to explore all the beautiful landmarks and places you want to see. Lots of places are always warm, so traveling at a different time than you originally wanted won’t hurt your chance to soak up the sun.

We hope these tips help you start saving for your big trip! Getting out and exploring the world is so important, so we want to help in any way we can. Open a savings account with us today to help store your vacation fund!

Dreamin’ of Summer- Saving for Your Next Vacation

The monotony of the day to day can get you down in the season of cold and gray. However, that beach on your screensaver doesn’t have to be an esteemed fantasy if you are ready to take some action. You can turn your ideal vacation into a reality by starting to save and plan that getaway now, before travel season hits in full.

Create a Budget

If you are thinking about a vacation, you are definitely going to need to establish a budget to keep your spending in check. Some budgeters swear by the 50/30/20 rule. This is a simplified budget where you allot 50% of your after-tax income to necessities, 30% for wants and 20% for savings. Adjust this as you need. We all know that adding kids into the mixture of vacations increases prices exponentially, so you may want to increase savings, and see what you can go without.  See if you can even tap into a Grandparents Travel Grant.

Set Up an Account

Stop by Timberwood Bank to speak with one of our Personal Bankers about options for savings accounts. We recommend setting up an automatic withdrawal to come from your account each month, or asking your employer to put a portion of your paycheck into a different account. For a majority of people, if the money is there, it will get spent, so having an automatic savings will keep you on track of your goals.

Decide How Much You Need

Get a grasp of how much your vacation will cost you. That means calculating hotels, food and flight. However, don’t forget the expenses you will still have while traveling. You will still have your normal bills and you may need to pay a local kid to get your mail or a business to board Fido. Divide this amount by the number of weeks until your desired vacation date.

Go the Extra Mile

When calculating this all out, don’t be dismayed. This vacation can be attainable for you, as long as you stick to the process. It just may not be in the exact time frame you desire. Keep yourself motivated by listening to music, looking at pictures and eating food reminiscent of your destination. Go the extra mile to scrap for savings everywhere you can. Clean out your closets and post them for sale. Start a change jar or carpool to work. You will be surprised that by putting in the extra effort your savings can increase fairly quickly as your spending depletes and scrappiness grows. Best of luck, and please let us know how we can help you reach your goals at Timberwood Bank!