Are you wondering how to save for a vacation? Saving money for your dream get-away does not involve the same strategy as preparing for retirement or your children’s college education; for vacation planning, you want to save money fast! Keep reading to learn how you can save for vacation in five fast and simple steps.
With the average cost of a family vacation nearing $5,000 (plus taxes!), it’s no wonder why so many Americans put off taking a real vacation. Not many people have that kind of cash at their disposal.
But with a little planning and some simple steps, you can save for a dream get-away that will be rewarding for years to come.
1. Get rewards from your credit card.
Open a credit card that rewards you with travel points you can redeem for nights at hotels, rental cars and airfare. You may be able to rack up enough points to get your airfare or hotel costs paid for simply by using your credit card.
2. Open a dedicated savings account just for travel.
Arrange for automatic savings transfer so money goes in your savings before you ever see it. Or arrange to have part of your paycheck directly deposited into your savings.
3. Choose an online savings account to build your travel fund.
Online banks can offer low-cost, high yield savings accounts because of their decreased overhead costs. Look for accounts that do not require a minimum balance and do not charge monthly fees.
4. Direct extra income to vacation savings.
Did you get a raise this year? Or an annual bonus? How about a tax return? Put that extra money directly into your vacation savings account.
5. Eliminate unnecessary expenses.
In 2012, households spent an average $2,678 in restaurants. Even small decreases in your discretionary spending will allow you to increase your vacation savings.
Start planning for the trip of your dreams with Synchrony Bank! With the award-winning products at Synchrony Bank, you’ll enjoy:
To learn how to save for your dream vacation, call Synchrony Bank at 1-844-345-5789 or click here to open a savings account today.
National Restaurant Association: http://www.restaurant.org/News-Research/News/NRA-releases-new-report-on-consumer-spending
*ANNUAL PERCENTAGE YIELD (APY): All APYs are accurate as of 05/25/2018.
APYs are subject to change at any time without notice. Offers apply to personal accounts only. Fees may reduce earnings. For Money Market and High Yield Savings Accounts, the rate may change after the account is opened. For CDs, a minimum of $2,000 is required to open a CD and must be deposited in a single transaction. A penalty may be imposed for early withdrawals. After maturity, if you choose to roll over your CD, you will earn the base rate of interest in effect at that time. The APY shown for CDs and IRA CDs is for a 60-month CD with a balance of at least $25,000. Click here for all CD rates and terms offered.