Smart Tips to Save for Your Big Vacation | Saradar Bank | Banks in Lebanon | Personal Banking | A Digital Bank
Smart Tips to Save for Your Big Vacation
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Summer is just around the corner and as you start daydreaming about your vacation, you must be asking yourself: How much do I need to save?

Many people find it difficult to save for their vacation. If they do end up traveling, they may end up dipping into their other savings, or borrowing money. When they come back, they find they need to save even more to make up for that. Some people postpone their vacation altogether (I know, it’s horrible).

But it doesn’t have to be this way. With a few simple tips, and a little help from your bank, you can save enough for your vacation so you don’t miss out on anything and, more importantly, you don’t empty your bank account.

All you need is some research and a little bit of discipline. And you need to start now with these smart tips:

 

Set realistic goals

First things first; you need to figure out how much your vacation will actually cost and how much you can spend on it. Of course, you won’t get to an exact number, but at least it will give you a general idea.

You’ll have to thoroughly research your destination and itinerary (are you staying in one city/country or moving around?) to include the airline ticket cost, accommodation, transportation, attractions, specific clothing or gear you may need. Then you need to calculate how much you should spend on food, entertainment, and – of course – souvenirs.

Is it feasible with your financial situation? Or are you dreaming too big? Be honest and be prepared to make hard decisions.

 

Set up a separate vacation savings account

Now that you know how much vacation will cost, you will need to make sure it goes into your savings before you spend it.

Your bank is your ally. First, you should make some of your money unavailable for spending by creating a separate savings account just for your vacation fund. Second, you should set up a regular automated transfer that takes money from your checking account and puts it into your savings account on a regular basis (i.e. each time you get paid). This should keep temptation away.

 

Take advantage of your credit card rewards

When you need to buy non-essentials like books, clothes, electronics, sporting goods, tools, toys, etc. check to see if you can buy them using your credit card from certain sites to earn more points. When vacation time comes, you could trade those points for a plane ticket or hotel room. Just make sure to pay off your credit card bill in full each month so you don't incur late fees and interest.

Did you know that 31% of credit cardholders never redeem their points? Check out how to make sure you never waste points.

 

Buy only quality essentials

Whenever you can, invest in high-quality items like clothes, travel suitcases, a backpack, etc. instead of buying cheap goods. They might cost more upfront, but you will end up saving huge amounts of money when these items last forever.

Most importantly, you need to keep track of everything you spend or put aside, every step of the way.

A vacation is something you should enjoy even before you travel, so you want to avoid unnecessary stress about money or unpleasant surprises until then. It can be hard to keep track of how much you spent last month. What if you spent some money unnecessarily? How much do you still need to save for your vacation?

Fortunately, there is an easy way to do this with 2 unique and highly convenient features Saradar Bank added to its Mobile Banking Application:

Spendings shows you exactly how much you’re spending (whether by debit/credit card, account transfers, or checks), what you are spending on, and where you are spending it – all in real time!

Goals creates a free savings sub-account for you (and not just for vacation funds) to which you can start adding money to either on a regular basis (just like automated transfers) or whenever you have extra cash. We keep you on track with reminders and encouragements until you achieve your goal.

That should do it. Now stop daydreaming and start planning!

 

 

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