Waldo State Bank Blog

5 Tips for Saving for Your Next Vacation

5 Tips for Saving for Your Next Vacation

With recent global events, many people have had to cancel their family vacations this summer, and, worse, without a refund. So how do you save for another family vacation without breaking the bank or going into debt? Have no fear; you’ll be sipping Mai Tai’s on a beach in no time with these five tips from our financial experts!

  1. 1. Take Advantage of High-Yield Savings Accounts

First and foremost, make the money you save work for you! Here at Waldo State Bank, we help our customers reach their vacation savings goals by offering a high-yield “Vacation Club” savings account to make the money they save go further with a .75% APY (as of the date of this post, check here for current rates)!

  1. 2. Start Early

Finding the money for a vacation may seem impossible when looking at a total sum; however, when you start saving early you can earn more interest on money in your high-yield savings account and save smaller, more manageable amounts at a time.

  1. 3. Research Costs and Plan Ahead

No one likes being surprised by extra costs and stressed about finances when they’re supposed to be relaxing on vacation, so take the stress out of it by research costs ahead of time so you can plan for them.

  1. 4. Set Goals

Once you have researched costs, plan for them by setting goals. Decide what is most important to you, prioritize different parts of your vacation based on cost, and then decide what you can realistically afford based on your budget.

  1. 5. Spend Less, Save More

When deciding what you can afford, don’t forget to look for areas in your daily budget where you can spend less and save more towards your vacation. For example, do you really need the platinum gym membership, or would the standard membership save you money and still allow you to stay fit and healthy? Or do you really need to go out with friends every weekend? Maybe not if that Mai Tai is waiting on beach for you in a few months.

Are you ready to start saving for your next vacation? Contact us today to join our vacation club!

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