What are Some Smart Ways to Save For Summer Vacation?

As the snow starts to melt and winter is in the rearview mirror, everyone’s eyes are turning to summer vacation. While spontaneous road trips are always fun, they are never kind to your wallet. But don’t let that stop you from planning a great summer getaway! We know that planning a summer vacation can be exciting but also a bit overwhelming when managing your finances. Don’t worry, Armed Forces Bank has your back with some expert tips to help you save for the summer you’ve been dreaming about.

Create a vacation fund:

1. Set aside money for your trip

This classic but effective strategy involves setting up a separate savings account¹ exclusively earmarked for your summer adventures. By creating this dedicated account, you not only give your vacation savings a clear purpose, but also make it easier to track your progress towards you dream getaway.

2. Start saving early

You don’t have to decide where you are going, but starting early means you have more time to gather funds and chose the best place for your budget. This proactive approach also allows for flexibility in booking accommodations and activities, ensuring you get the most value out of your vacation savings.

3. Save consistently in smaller chunks

Sometimes, big transfers of money into your vacation fund are not feasible. Even though you might not be able to grow your vacation fund exponentially, you can still grow it little by little. Many apps can guide you in saving incrementally. Check out what features your bank offers for its checking and savings accounts.

Plan ahead for your vacation:

4. Prepare transportation early

It’s smart to decide on your travel dates in advance. Many experts recommend planning your plane travel 5-8 months in advance for the best deals. Don’t forget to regularly check on flights, and when you see a good one, book it!

5. Know where you will stay

Like travel, booking your hotel in advance is paramount for a smooth vacation experience. By securing your accommodations early on, you not only ensure peace of mind but also gain valuable insights into your trip logistics. Knowing where you will stay allows you to plan transportation to and from your hotel efficiently, helping you stay organized and within budget throughout your entire journey.

6. Budget for everything!

You should have a specific budget for your entire vacation. Travel, hotels, and eating at restaurants on the road can become very pricy. Knowing what you will spend and looking at the whole picture—not just tickets to theme parks or concerts—can help you avoid going into debt when traveling.

7. Redeem your rewards

If you have a card or account that uses rewards, going on vacation is a great reason to cash in those points! By using features like our Access Rewards Checking^*+ account, you have tons of perks that are perfect for a summer vacation. At Armed Forces Bank, you receive discounts on hotel, restaurants, travel, and more! So, before you book anything make sure to check out your accounts and memberships, whether it be cash back on shopping, airline points, or even your checking account. There are a ton of ways to claim your perks.

Get creative with your savings:

8. Meal preparation

Considering the average American spends more than $1,000 on groceries per month, finding methods to cut costs in the grocery budget is a great way to save for vacation. It is effective to plan out your meals for the week and only shop for those items. It reduces food waste because you’re less likely to forget about perishables in the back of your fridge.

9. Go on a “Money Hunt”

It might sound silly, but this goes beyond looking in your couch cushions. You may have funds sitting in money transfer apps like PayPal and Venmo. Maybe someone sent you money and you forgot to transfer it into your bank account.  If you have investment apps like Acorns or Betterment, you might want to cash in some of that money as well. The money hunt can also extend to redeeming gift cards and finally returning items that have been on your errands list.

10. Bring friends and family on vacation

Sometimes, traveling by yourself is not as fun. If you’re traveling with family or friends, consider renting a house together. It’s usually more cost-efficient in the long run, and if you rent a house, you can use the kitchen to cut back on eating at restaurants.

What are some ways Armed Forces Bank can help me save?

At Armed Forces Bank, we have the tools, tips, and expertise to help you reach your vacation goals. From savings accounts¹ to financial calculators helping you manage your savings budget, we have countless tools to help you reach your vacation destination. If you want a simple way to save in smaller chunks, our Saving Cents² program is a great tool to slowly build your vacation fund. And finally, if you are looking for deals on hotels and travel, our Access Rewards Checking^*+ account has excellent perks for travel and can help you save.

With Armed Forces Bank by your side, saving for your dream vacation has never been easier or more rewarding. So, grab the sunscreen, put together your road trip playlist, and get ready to make vacation memories that will last a lifetime.

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^* Opening deposit required. Monthly service charge applies. Closing new accounts within 90 days of opening will result in a $20 early closure fee.

¹$25 minimum opening deposit required. $100 minimum balance required to avoid $5 monthly service charge. $5 paper statement fee applies. Closing new accounts within 90 days of opening will result in a $20 closure fee.

²Choose from $1 to $5 increment to round up on your debit card purchases from your checking account. Each night all the extra change will automatically transfer from your checking to your savings.

^✝Insurance Disclosure: Insurance products are NOT insured by FDIC or any Federal Government Agency; NOT a deposit of or guaranteed by the bank or any affiliate. Coverage is provided through the company named in the Guide to Benefit or on the certificate of insurance.