On a cold, stormy day like today, nothing sounds better than going somewhere - anywhere - where there are warm beaches instead of snow banks. Vacations are a time to relax and unwind from day-to-day stress. The last thing you want to do is spend your vacation worrying about how you are going to pay for it when the bills come. The two easiest ways to lessen the financial sting of vacations are to save before you go, and plan how much to spend while you’re away. Maine credit unions have club accounts for you to set aside money for a specific purpose, in this case, a trip.
The easiest way to contribute to a club account is by having money direct deposited into that account weekly. Estimate how much your vacation will cost; don’t forget to factor in airfare, car expenses (gas or car rentals), hotels, meals, entertainment and extra spending money. Once you have figured out how much your vacation will cost, you can decide how much you are willing to charge to a credit card, and how much cash you will need for your trip. Putting this money into a club account eliminates the temptation to make a big purchase as you see your balance creeping up.
Here are some easy tips to help you plan for your next vacation:
• Tape a picture of your dream vacation to your fridge.
• Estimate how much the vacation will cost.
• Subtract how much of the vacation expenses you want to charge on your credit cards.
• The difference is how much cash you'll need for your trip. Divide that amount by the number of paychecks you'll receive before you go on vacation. That is how much you need to save per paycheck.
It's as easy as that. Now…you can relax and go back to dreaming of white, sandy beaches, palm trees, and a stress-free vacation.
-Diana D., Maine Credit Union League
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