Does this winter weather have you dreaming about a warm and sunny vacation? It might be overwhelming to think about spending thousands of dollars for a getaway, but it doesn't have to be an impossible dream.
"Whether you're taking a vacation in a few months or next year, now is the time to start planning and saving for your trip," says Matt Chevalier, TD Bank's Senior Vice President, Retail Sales Strategy Group. "Saving a little every week will quickly add up."
Here are some tips to help you save:
Before you know how much you need to save, you need to know how much your trip will cost. Add up all travel expenses including plane tickets, gas money, parking, hotels, food and activities. And, don’t forget about things at home such as boarding your pets or hiring a house sitter.
An account with automatic, recurring transfers is a good way to start saving for your vacation. Accounts like TD Simple SavingsSM make recurring transfers easy and even helps you avoid monthly maintenance fees. If you are saving towards several goals, you may choose to have separate accounts for each goal.
Many credit cards have cash-back or reward points that can quickly add up to big savings. Let your cash-back points accumulate, then put the money into your vacation savings account.
You did it! All that saving, and now you're on vacation. So, go ahead and spend your money. If you need to check your accounts, use your bank’s mobile app to check your balance and track your budget.
Once you're back from vacation, keep up your saving habit and get a jump start on your next trip. It’s never too early to start saving.