Warm weather, a cruise in the boat, or a hike up a mountain. January is the perfect time to begin thinking about your next vacation and the money you’ll need to achieve your dreams—especially if taking charge of your finances is part of your new year’s resolution.
Instead of charging your summer vacation on your credit card at the last minute, the Pennsylvania Institute of Certified Public Accountants recommends taking time this winter to plan, save, and earn so you can relax next summer without the stress of wondering how you’re going to pay for it all.
Budgets and goals
Making a budget probably isn’t high on the list of your favorite things to do, but it’s the only way to estimate how much your vacation will cost. Airfare and lodging are the biggies, but don’t forget about food, entertainment, pet or child care, passports, visas, and any other costs you can think of. With these costs in mind, you can set up a savings account exclusively for your vacation and have funds automatically deposited from your paycheck. Or, consider an online savings tool that transfers, tracks, and often rewards your efforts.
Simple savings ideas could include the following:
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