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Savings Tips for a Great Getaway
Don’t break the bank on your travels

If you have dreams of going on a great getaway but are worried about the costs required to make these dreams come true, it’s a good idea to begin budgeting for your trip as soon as possible. Follow these tips to save money before and during your next vacation.

Develop a plan

Prior to booking your trip, be sure to get a decent idea of how much money it will cost. Specifically, research the average costs of flights to and from your destination, hotels or other lodging options, and restaurants and activities that you’re interested in trying. Once you have a ballpark figure in mind, increase that number by 10 percent to account for souvenirs, snacks and other expenses that may be higher than you expect. Compare this final figure to your current funds, and make a goal for yourself to reach a particular savings amount before embarking on your trip. Then, open a savings account designated solely for holding your vacation money, and begin transferring funds into there on a monthly basis.

Modify your routine

In order to put aside cash for your next getaway, you may need to make some changes to your daily routine. One change that can be both good for your health and your wallet is to eat more homemade food. Preparing your meals at home tends to be less expensive than eating out, whether you typically purchase food from high-end restaurants or fast food joints. Even making the simple switch from buying a daily cup of coffee to brewing your own cup can save you money over time. When shopping for groceries, compare the cost of each item and choose the least expensive options you can find. Often times, cheaper store-brand foods taste just as good as high-priced name brand items. In addition, if you are subscribed to a whole batch of streaming services or have a gym membership that you rarely take advantage of, cancel the services that you don’t truly need or use enough to be worth the price.  

Spend wisely

In addition to spending less money in your day to day, attempt to reduce the cost of the vacation itself. Choose to drive to your destination instead of fly if possible. Even with fluctuating gas prices, driving is usually a more affordable option, and it enables you to bring as much luggage as you can fit in the cargo area. If you need to book a flight, be sure to pack light and use as few suitcases as possible to avoid additional fees. When picking your lodgings for the trip, renting a house may be a less expensive and better choice than reserving a hotel room. If you prefer hotels, compare the prices of hotels to find the cheapest one, and remember to keep your options open to hotels located just outside of bustling cities. While on vacation, avoid the temptation to eat out for every meal. Instead, head to a local grocery store, and pick up some ingredients you can use to prepare meals in your lodgings.

Embarking on an epic getaway is a great opportunity to connect with loved ones, try new things and take a break from work. Turn your dream vacation into a reality by following the aforementioned savings tips.

Published by IBEW And United Workers Federal Credit Union
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Disclaimer - All content contained in this newsletter is for informational purposes only and should not be relied upon to make any financial, accounting, tax, legal or other related decisions. Each person must consider his or her objectives, risk tolerances and level of comfort when making financial decisions and should consult a competent professional advisor prior to making any such decisions. Any opinions expressed through the content in this newsletter are the opinions of the particular author only.  

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