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Five Financial Tips for Vacation Planning

Summer is in full swing which means summer vacation plans are top of mind. Finding a vacation you can afford as well as enjoy can be tricky but, with a little planning, it’s possible to not break the bank on your summer holiday. Take a look at five tips to make your vacation affordable and relaxing.

1. Set a budget. With anything related to finances, budgeting is critical. Do some research online to come up with an estimate of what your vacation will cost to create a reasonable budget. Once you have settled on that amount, stick to it. Don’t keep adding new activities that will derail you financially.

2. Start a travel savings account. Contact West Bank to set up a specific savings account for your vacation where you can put money aside monthly. With these savings out of sight and out of mind, you will know your vacation funds will be available when it’s time for your trip. Figure out how much you need to set aside each month, and make it a habit to contribute that amount to build up your savings. After your trip, keep contributing to your vacation savings account to get a head start on next year’s vacation.

3. Cut back on spending before your trip. About three months before your trip, take a look at what you can temporarily cut out of your budget that will help you save for your trip. Entertainment expenses are a key category where you can find some last-minute savings. Whether you eat out less during those three months, skip the extra coffee runs or put off seeing a few new movies at the theater, the savings can add up quickly. 

4. Set card management controls in your West Bank mobile app. Let West Bank know that you’re going on a trip by calling or setting your debit card controls in the West Bank mobile app. This will help prevent purchases being flagged as suspicious. Go to your West Bank mobile app, click on “My cards”, and report your travel plans. This will help avoid declined transactions when out-of-the-ordinary transactions come through.

5. Set your priorities. You might want to jam pack your vacation with activities but often that is not possible because of time and money. Make a list of activities or experiences from most important to least import. Then you can compare your budget to your priority list to make decisions on how you will spend your time and money on vacation.

Stressing about finances is the last thing you want to do while on vacation. That’s why it’s important to take a few steps to make sure you don’t have a financial surprise that breaks your relaxation.

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Do you want to learn more ways you can save for your vacation and keep your money safe while traveling? Call today: 515-222-2360

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