News & Advice

There’s so much to look forward to as the weather gets warmer, but what many people look forward to most is a summer vacation. 

Whether you’re heading to the beach, the mountains, or anywhere in between, one rule remains: a budget is a must. Vacations are a way to escape from your day-to-day stresses, so the last thing you want to be doing while on a trip is stressing about your finances. 

To have a relaxing and fun vacation without having to worry about money, follow these budgeting tips. 

CALCULATE WHAT YOU CAN SPEND ON VACATION

To set yourself up for an enjoyable vacation, the first thing you should do is figure out how much you can afford to spend. It’s not a good idea to go into debt that you cannot easily pay off just for a vacation. 

If you have an idea of where you want to go and believe it will be within what you can afford, start planning for your expected costs.

By estimating the cost of traveling, a place to stay, dining, souvenirs, and activities, you can come up with an idea of the total cost. Then, determine how many weeks you have until your vacation. Divide the total dollar amount by the number of weeks you have until your trip to know how much to save each week. 

SET UP A VACATION SAVINGS ACCOUNT

Now that you know what you need to save each week to achieve your goal, one of the easiest ways to make sure you stay on track with saving money is to set up a savings account. If you leave money in your checking account, it’s easy to access, and therefore easy to spend. Keeping your savings in a specific account also lets you see your progress visually. 

Consider getting a Visa TravelMoney Prepaid card to help you set and track a spending limit to stay within your vacation budget. 

DO YOUR RESEARCH

Taking the time to research can pay off. Literally!

To make the most of your summer vacation budget, compare different lodging options, such as hotels and Airbnbs, to see what will give you the most bang for your buck. 

If your destination is within driving distance, find out if it’s cheaper to fly or drive by looking at flights and factoring in the price of gas.

It’s also a good idea to research the city you’re going to to find out what special events they offer. Many cities host a restaurant week, for example, when local restaurants offer reduced price or fixed price meals. 

DETERMINE WHAT IS MOST IMPORTANT TO DO

How you choose to spend your vacation budget is unique to you and your preferences. To make the most of your time away from home, figure out what you value most about vacation. 

Is eating out a must? Determine how you can save money in other areas to keep up your restaurant budget. If dining out isn’t as important to you, get some groceries once you’re at your destination so you can save more money for activities.

If you plan to be out and about all day every day, consider opting for a cheaper lodging option. If you only plan to stay in one area, find a place to stay in that area so you can walk places or spend minimal money on transportation. 

TAKE ADVANTAGE OF REWARDS

If you want to reduce the cost of your trip, find out if you have points or rewards from your credit cards or your financial institution. If you can redeem them, you can save a lot of money on travel. Just be sure to pay off your credit card in full each month — again, you want to avoid vacation debt. Airline miles can also save you money.

PACK WITH PURPOSE

Packing can play a big role in budgeting. If you’re flying, research different airlines' policies on checked luggage and fees — these can really add up. If you’re a frequent traveler, packing cubes can be a worthwhile investment to help you make the most of your luggage space. 

As you’re packing, make a checklist so you can be sure to pack everything you need. Buying items you forgot at your hotel can be pricey and throw off your budget. 

TRACK WHAT YOU’RE SPENDING

Knowing what you can spend is the first step, but now you have to stick to it. That’s hard to do if you don’t keep track of every dollar you spend. Downloading our INOVA mobile app lets you easily track your spending and saving. 

Tracking what you spend will not only help you stay on budget for this trip, but it will also help you plan future trips since you’ll have a better idea of what things cost and what was — or wasn’t — worth the money.

After your trip, you can see where you spent most of your money. Tracking your spending also provides you with a way to look back on your memories and make recommendations to friends for places to go and sites to see! 

WE CAN HELP

When you bank with us at INOVA Federal, we’re always within reach to help you accomplish your financial goals. 

We offer multiple ways to help you get vacation ready. If you have questions about budgeting, opening an account, or want to get an INOVA TravelMoney prepaid card, stop in and see us at one of our convenient locations or call 800-826-5465.