Save for a Vacation in 3 Steps
Learn how to set your vacation budget and start saving for a vacation
What would life be without the occasional reward? While it's important to be diligent with your money, it's also okay to treat yourself once in a while. Getting away on a vacation can be a great stress reliever and an opportunity to fulfill your goal of seeing a foreign land. So, whether you want a historical tour of Europe or to sit on a deserted beach with a book, now is the time to come up with a vacation budget to help you get there.
1. Plot your course.
First off, pick where you want to go. Then, research it and see if it can be done on your ballpark budget. Based on your income and expenses, you should have an idea of what sounds reasonable to save for a vacation. If your dream vacation costs an eye-popping amount of money, adjust your plans until you find a trip that guarantees lots of fun without the stress of the final bill.
For example, if you have your heart set on a beach with crystal blue ocean just steps away, Fiji may cost more than a trip to the Caribbean or even Mexico. Or, if you're excited to ski and hike snow-covered mountains, domestic destinations like Aspen or Alaska may be more cost-effective than the Alps.
2. Create your vacation budget.
In order to set a final vacation budget, figure out just how much you'll spend on all aspects of your trip. This will help you start saving for a vacation while also keeping you from overindulging and blowing through your savings in the first few days. Remember to budget for transportation, accommodations, food, tours, gifts and even tips. Also, it's helpful to pad your budget to account for emergencies or unanticipated costs.
3. Start building your savings account.
If you don't currently have a savings account, now is the time to open one. If you already have a savings account, start a regular transfer from checking to saving to build up to your goal amount. Did you know you can even automatically deposit some of your paycheck right into your savings using direct deposit? This way, saving for a vacation is something you can set and forget. If you open a money market account, you'll enjoy an even higher interest rate that may get you to your goal faster. But, you'll need a little more money upfront to open it.
Start saving for a vacation with Citizens Bank
Get your plans for a relaxing getaway or action-packed adventure underway by opening a savings account with Citizens Bank. You can apply online in just a few minutes or over the phone at 1-877-360-2472.