Spring is here and, before long, it’ll be time to finalize and finance any summer vacations or adventures you’re planning to have. Unfortunately, according to a Bankrate study, 32% of Americans between the ages of 53 and 62 reported they had zero dollars saved, a higher percentage than any other age group.
Of course, saving money is a common challenge for people of all age groups. But, if you want to make it a bit easier, these simple secrets can help. Here are just a few ways to maximize your summer savings and finance the vacation of your dreams.
Set a Savings Goal
It can be difficult to get into the mindset of wanting to save money when you have no real tangible goal. With that in mind, it’s important to set not only an end savings goal but mini checkpoints along the way. For example, if you want to save $1,000 by the end of July to finance your vacation in August, you could make a plan to set aside an extra hundred dollars a week, which gives you a bit of leeway in case you have other unexpected expenses or need some extra time. Of course, it’s also important to make sure your goals are achievable with your income and current expenses.
“To help save the proper amount, determine your summer vacation costs now. This way you will be able to focus on a target so you won’t be short on funds when you need them. You’ll also avoid saving more than necessary and depriving yourself of money that could be put towards other things,” writes Casey Slide on Money Crashers.
Get a Separate Savings Account
For many people, this is the easiest and most logical way to make sure your save funds are designated to your vacation costs. Fortunately, many banking services exist to make it easy to open a new savings account. Many times, you can even ask your employer if they can separate your paycheck into the two separate accounts. This helps to support the ‘out of sight, out of mind’ mentality: if a small amount of money is taken out of your paycheck, you’ll be able to save faster without it seeming like as much of a financial burden. Exploring your personal banking options is a smart way to save for just about anything, especially a vacation.
Countless options exist to save money, but taking advantage of your online banking options is the best way to save with ease and efficiency to make the most of your summer vacation. For more information about managing your saving online or how to pay bills online, contact First Bank of the Palm Beaches.