Summer is here! Summer means that kids are out of school and the mall is suddenly busy again, but it also means the eagerly-awaited summer vacation is almost here. You’ve been waiting for it all year, but are you financially ready for it? Budgeting for a big trip is hard. Sharonview Federal Credit Union has a few helpful tips that can help prepare you and your wallet for that anticipated trip.
Save in advance
When preparing for a trip or other large expense, saving before the trip helps you manage your expenses and savings to make your vacation time even more relaxing. Set aside a pre-determined amount of money with each paycheck and put it on hold for splurging during your hard-earned vacation.
Create a budget
Map out the amount of money you will need for your future expense and create a budget that will allow you to meet your goal. Spend some time reading about the local restaurants and tourist attractions in the area you will be visiting, and put together an estimated cost of the overall trip to help determine how much you need to save before the big day.
Track your spending
Once your budget is created, you can begin to track your spending. Keep it below the designated amount you have set for your monthly or yearly cap. Customize your tracking method to your lifestyle. Journals, spreadsheets and online banking are all easy ways of tracking your spending. Find what works for you! Learn more about online banking with Sharonview to monitor your transactions from the comfort of your home.
Utilize your savings account
Budgeting your money for a trip can create opportunities for you to save money, as opposed to spending it. Even after the trip is over, maintaining the routine of setting aside money will be beneficial. A savings account is an easy way to keep the habit going and improve. Don’t have a savings account? Sharonview offers multiple options to cater to your saving needs.
Maintain your budget
Keep up the good work! Use Sharonview’s home budget calculator to manage your income, spending and savings. While you’re looking at your budget, explore the website to read about the other tools Sharonview offers to help you manage your finances with ease.
Budgeting your money is not only important when planning a trip, but also for everyday financial success. Sharonview Federal Credit Union has all the resources you need to create and maintain your budget, from start to finish. Check out Sharonview U for online financial education and start planning your next vacation today!