Financial Tips for your Vacation

Is your dream vacation right around the corner? No matter the stage in planning your next vacation, it is important make a financial plan that will aid you in creating a stress-free trip!

Create a vacation budget

Whether you have already booked your next vacation, or are just deciding your destination, you can create a vacation budget. Your budget will be important during the planning process and on the trip. The best part is that a well thought out budget will ensure you don’t come home to extra expenses from your vacation. Start creating your budget by determining how much you want to spend on everything from hotels and car rentals to meals and souvenirs. You can then look for deals on flights, hotels, activities, and packages to determine the best destination for your budget. Click here for more information on how to create a budget.

Save ahead of time

After you have created your budget you can use it to decide how much to save for your vacation. Creating a separate savings account just for your vacation can help you keep these funds separate from the rest of your savings. You could also set up a direct deposit into the savings account so that a specific amount is added each pay period to reach your savings goals. Lastly, in order to save enough for your trip you may need to consider adjusting your current household budget so that you can save more money towards your vacation fund.

Update your itinerary in your bank app

If you use the Northwestern Bank App, you can enter and update your trip itinerary. This will ensure that your debit card works the entire time you are on your vacation no matter the destination! In the app, you are also able to instantly check your account balance 24/7. This will help you make sure that you are spending within your budget. Also, memorize your password so you can make travel itinerary updates on the go! (Learn how to update your itinerary in the My Cards video here: My Cards | Personal Banking | Northwestern Bank | WI)  

Set bills on auto pay

Before you go on vacation, it is a great idea to set up automatic payments for your bills. Then you won’t have to worry about missing a payment while on vacation. If you use the Northwestern Bank App, you can easily set up bills to be automatically paid from your account. This will ensure that you never miss a payment. (Watch the Bill Pay video here: [Electronically Pay Bills] Online Bill Pay (northwesternbank.com))

Have an Emergency Fund

Emergencies can happen no matter where you are. It is recommended to have an emergency fund whether you are going on a trip or not.  This is a separate savings account that has funds you can use during an unexpected event, instead of a credit card. On vacation an emergency may be a flat tire, hospital co-pay, an incorrectly booked hotel room or other accidental expense. Having an emergency fund helps you handle unexpected situations and not come home to extra debt.

Creating a financial plan for your next vacation will help you control your finances and help you focus on enjoying the amazing adventure you have planned.