Thinking of taking a summer vacation? It’s a good idea to start planning ahead. If you’re daydreaming about going to Hawaii, Paris — or some place close to home like Lake Chelan — having a savings plan is important.
“I recommend people start focusing on starting their savings for your summer vacation a year in advance,” David Devine, senior vice president of marketing for Columbia Bank, said.
That’s right — you should map out your finances a year in advance and not a week or month before your vacation starts, especially for people who don’t make a lot of money.
“You really get yourself into a sticky situation, because you never really know what’s going to happen throughout the year, and when or if something comes up and you might need adjust your budget,” Devine said. “It’s really important because if you start saving today you’re going to have enough funds available to take advantage of all the discounts and stuff that comes along the way throughout the year.”
A bank can also help you save for your summer vacation.
One way is to set up an automatic transfer to your savings account.
“I’m the person that likes ‘set-it and forget it’,” Devine said. “That way you won’t have to think about it.”
Another strategy is to bring a debit card for your day-to-day expenditures and only carry one credit card to use for emergencies.
For more financial tips, visit Columbia Bank.