How to Afford Your Summer Vacation

Save Your Way to a Summer Getaway

Financial experts say it’s not a good idea to put all vacation expenses on a credit card because once the good times are gone, only the debt remains. A much better plan: save up for vacations. Consider opening a savings account specifically for trips. Even putting away $15 each pay period isn’t missed much at the time, but can add up. Another option is to take out a vacation loan, which will cost less in the long run than a higher-interest credit card.

Other tips for vacationing:

• Book reservations separately — Try booking your hotel and airline tickets at different times. Online sites sometimes have rates based on the time and day of the week you book. Try different combinations and see if you can get a better deal.
• Travel off season — For example, consider a skiing trip in spring instead of winter, or a trip to the beach in autumn. Airline tickets and hotel accommodations are usually less expensive and it’s also less crowded.
• Plan meals ahead — Decide where you are going to eat each meal or whether or not you will cook it or eat out. Keep plenty of snacks on hand for during the day. Also, consider eating a larger lunch than dinner. Fancy lunches are often less expensive than dinners.
• Sign up for rewards — Even if you aren’t a frequent traveler, sign up for reward points. It’s no cost to you and the points will eventually add up and give you savings.
• Talk to the locals — Wherever you go, talk to the locals. They often have insight into restaurants just outside of town that serve great food at a low cost—or entertainment venues off the beaten path that won’t break your budget.
• Talk to Wescom — we’ll help you set up a Special Purpose Savings Account to save for vacation.