Source: Informa Research Services
(07/09/2010) Summer travel may be a standard for some, but for many of us, vacationing on a regular basis is simply a luxury that we cannot afford. However, with some early planning and diligent saving habits, jetsetting to an exotic destination this winter could be in the cards!
Start by figuring out how much your desired vacation would cost. This should help you set your savings goal and decide how much to save each month. For many savers, it helps to know where you are working toward.
Once you have set your goal, reexamine your finances and see where you can cut costs. Small changes such as sacrificing a dinner out once or twice a month can add up quickly to get you to your dream getaway. To make this even easier, schedule automatic transfers, either from your checking account or your paycheck, to your savings account. This ensures regular contributions are made toward your vacation fund.
To enhance your results, find a high yield savings product. A good starting point may be a promotional savings account or a money market account, both of which allow contributions to be made. Once you’ve built your savings up, look at putting your money in short-term certificates of deposit (CDs). Because these are short-term, they allow you the flexibility to roll them into new CDs if rates increase.
By diligently sticking with these simple tips, your savings will add up and soon you’ll be able to afford your holiday getaway.
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