Summer is almost here! If you’re already dreaming of travel and sun-filled adventures, we’ve got your back. We know that paying for a dreamy summer getaway can be tough—especially if you suck at budgeting. To enjoy your vacation without breaking the bank, follow these summer travel savings tips to budget effectively before you hit the road.
1. Set a Destination and Goal
This is the fun part. Decide where you want to go and how long you plan to stay. Research activities you’d like to do. Check out what events are happening at the time of your visit. Make a list of the local restaurants and shops you’d like to visit. Build a loose itinerary of your dream trip.
2. Estimate Total Costs
Next (here comes the tough part), research your destination to understand the costs involved. Break the cost down into categories such as travel (flights, gas, etc.), lodging, food, entertainment, and miscellaneous expenses. Don’t forget to account for taxes and gratuities.
3. Set a Savings Target
Once you have a rough estimate of the total cost of the trip, set a clear savings goal. For example, if your trip will cost $2,000 and you have six months to save, you need to save about $340 per month.
4. Review Your Budget
Look at your current spending patterns to determine what you can afford to save. Identify areas where you can cut back. Small changes like making coffee at home, dining out less, or canceling unused subscriptions can add up over time.
5. Set Achievable Goals
Allocate a budget for essential expenses (like rent, mortgage, or electricity) and a smaller budget for non-essential spending (like shopping, entertainment, and hobbies). Be thoughtful and kind to yourself when setting your spending goal. If your limits are too strict, you’re unlikely to stick to your budget.
6. Track Your Progress
Redirect any saved money to your travel fund and regularly review your accounts to stay motivated. If you hit some hiccups, adjust your budget to ensure you stay on track. Remember, it’s not get it right the first time. It’s about playing the long game.
Credit Union Tools to Help You Save
The right financial products and services can boost your travel budget and make your dream vacation a reality much faster. Here are some tools to help you realize that dream:
Dedicated Savings Account
To streamline your savings habits, set up a dedicated Maps savings account to accumulate summer vacation funds. A separate savings account will allow you to watch your savings grow—and be able to withdraw funds without penalty.
High-Yield Money Market Accounts
Already have a sizable travel nest egg? Put it in an Indexed or Premium Money Market Account. A money market account is the perfect marriage between a savings account and a CD because it offers a high annual percentage yield (APY) and the flexibility to withdraw funds when necessary. Why does a high APY matter? The more interest you earn on your balance, the sooner you can take that dream vacation.
Savings Calculators
Take the guesswork out of saving so you can effortlessly visualize your goals. Our Monthly Deposit Time Calculator, for example, can compute how long it will take you to reach your savings goal between now and your bon voyage. It’s based on three factors: the amount you currently have, the amount you regularly deposit, and compounding interest.
Direct Deposit
If you don’t already have it, set up direct deposit from your payroll. It provides a no-fuss way to divide your paycheck between your checking and savings accounts. It’s an out-of-sight-out-of-mind way to make sure you save a little each month.
Travel Rewards Credit Card
A travel-focused credit card, like the Maps World Mastercard, could help you earn extra points on vacation expenses like airfare, hotels, restaurants, and car rentals. Plus, it offers low foreign transaction fees, travel assistance, baggage delay reimbursement, and 24/7 travel advisor services.
Round-Up
The Round-Up Feature is one of our most popular Member Rewards—and it couldn’t be easier to use. Each time you swipe your linked debit card, we’ll round up the total and deposit the difference in your Member Rewards Account. It’s pennies at a time, but it adds up—and the more you use your Maps debit card, the more you save. On average, enrolled members save up to $99 annually. You can enroll through online banking, in the Maps mobile app, or at any branch.
Want to learn more summer travel money tips?
- Check out our Summer Travel Safety Checklist.
- Learn how to make the most of your money while traveling with our 12 Money-Saving Travel Tips.