Personal Insights

Vacation Savings Accounts

It’s never too soon to start saving for next year’s vacation. Whether you’re dreaming of a beach retreat or a mountain getaway, these simple tips will help you get there faster.

Set Your Goal and Destination!

Start by looking at the cost of airfare and accommodations to determine your travel expenses so you can set a savings goal. Be diligent in tracking down savings opportunities: For instance, if you can fly on a Wednesday, the fares are usually less expensive. Once your goal is set, start saving right away!

Create a Vacation Savings Account

It's always easier to save if your money is in a place you won't be tempted to "borrow" from for that unexpected car repair. With a Regions LifeGreen® Checking account, you can open a Regions LifeGreen Savings account dedicated to your vacation. This type of account compounds interest daily, is paid monthly and carries no monthly fee. It also offers an annual interest bonus for those making qualifying monthly, automated transfers from their checking accounts.

Speaking of Automatic Transfers ...

Look over your expenses from the past two to three months to see if there’s any expense you can eliminate or reduce so that you can put more money toward your vacation. Maybe you can cut back on dining out or resist buying those concert tickets. Whatever the amount, you’ll want to set up a monthly or weekly automatic transfer into your vacation savings account. The more money you can put away in savings, the more interest you’ll accrue and the sooner you’ll be on a beach with your toes in the sand. 

Homemade Holidays

Consider making Christmas and birthdays all about homemade gifts as a way to save. Trim your expenses by creating your own cards, making or baking gifts instead of buying them, giving homemade coupons and doing gift exchanges for large families or groups. If you are saving for a family vacation and have young kids, pitch the idea that the trip is your Christmas present to each other. It may take some creativity, but it can be just as fun as your traditional celebration.

Think Outside the Cardboard Box

There are always options beyond the familiar neighborhood garage sale to come up with funds for your savings goal. Consider eBay or Craigslist. You can clean out your closets, basement and attic and turn old sports equipment, electronics and clothing into dollar signs. Or you may even want to look for part-time work.

Revive Your Savings With a Refund

If you are getting close to your travel date and you still haven’t reached your savings goal, consider whether you might be entitled to a tax refund. Use this as a fallback to keep adding funds to your vacation savings account. 

Open a savings account online today. Need help deciding? We can help you find the right account for you.