Save for Your Dream Vacation This Summer!

You have a dream. You want that dream to become a reality this summer—not this fall, next summer, or the one after that. So let’s talk about getting your finances to work.

First, figure out how much your dream vacation is going to cost. Then, divide that amount by the number of months you have left until summer, or the number of pay periods you have until summer. That tells you how much you have to save each month, or from each paycheck to pay for your dream vacation.

Now, where to put the money? Accidents happen. Impulses happen even more. That’s why you need to put the money where it is hard to get to. “Hard” in this case is relative. All you need is a way to prevent you or anyone with access to your money from making a rash decision that you will regret later. People used to literally freeze their money by taking their cash and freezing it in a block of ice. The idea was that by the time you managed to get the money out of the ice, you would have regained your rational thought process and avoided spending the money.

These days, a better move is to put the money into an online savings account. Not only can you get a higher interest rate online than most banks, but you also can’t get your money right away. In order to get your money, you have to set up an ACH transfer to send the money back to your bank. It takes a few days. By the time the money gets there, hopefully you will have weathered the impulse and regained your financial discipline.

If you can’t save enough for your dream vacation from your usual income, then you need to maximize other opportunities. If you get a tax refund, if a friend pays you back, or if you sell some stuff on eBay, you must stick that money in your savings. Brainstorm ways you can make it happen. Is there a side gig that you can make money with?  Are there things you don’t use anymore that you can sell?

Whatever it takes, get that money into an online savings account, and you’ll be one step closer to your dream vacation! If you want more tips on saving and credit management, call the experts at Key Credit Repair today!