If this is the year you’re hoping to take that dream vacation, we want to make sure you’re set up for success when it comes to planning and financing your trip. Here are some ideas to make your getaway a time to remember, without all of the stress.
Start by writing down all of the things you wish to do. Once you have an idea of where you’ll be going, you can research the exact costs associated with your vacation. Being as specific as possible in this planning phase can only help you—for instance, deciding how many meals out you may wish to enjoy during the trip, or selecting lodging with a kitchen can prevent unplanned, costly excursions. Shopping around for the best deal can also be a big money saver, especially for bigger ticket items like airfare and hotels. Once you’ve selected a place to stay, check out the area: Are all of the attractions you’d like to see walkable, or is there public transportation available? Perhaps a rental vehicle will only be required for a portion of your trip. You‘ll have a good idea of what your ideal trip will cost you after this brainstorming step.
How will you be able to afford this dream vacation? Let’s do some math. Take the cost of your trip and subtract any savings you have already set aside—whatever remains is the amount you’ll need to save up before your trip. Do you have enough time to save those funds? If not, don’t despair! Thanks to your vacation plan, you can easily go back and identify areas where you can cut costs. You could consider a more affordable hotel option or plan to grocery shop and make some of your own meals. Focus on your priorities, and recognize where you can make some sacrifices. This is also a great way to prevent impulse spending that ends up on your credit card.
If you need a little extra help, you can look into UMassFive’s Vacation Loan that will be offered until June 30, 2019. This loan is 7.99% APR (Annual Percentage Rate) for 12 months and up to $3,500! This could be an easy solution if you are falling a little bit short of being able to accomplish everything you’d like on your dream vacation. To get additional information, call, or visit a branch, or you can apply online today!
Even if you’re not planning a vacation this year, now is the perfect time to start budgeting for a future getaway. Figure out how much money you would need to save from each paycheck to afford your next trip, and set up an automatic payroll deduction for deposits into an account for your vacation savings. Planning ahead of your vacation will give you a sense of what you can afford, which will reduce your stress during and after your vacation, allowing you to really enjoy your fun in the sun or snow!
Whether you’re heading to your backyard or the beach this vacation season, we hope you have a great trip!