If a vacation is in your plans, you should consider the financial aspects along with all the details of your trip. Those issues are how much is it going to cost, how are you going to pay for it and what steps can you take now so you enjoy your vacation even more knowing it is paid for.

Costs of the Vacation
The actual costs will depend on the type of trip you plan. But, probably at a minimum you will have transportation (air and car rental), accommodations (hotel), meals, activities, and a general category called other. Here is a worksheet that you can prepare.

Save Before You Go or Pay More Later
One of the best decisions you can make is to save the money you will need before you go. That way, you can enjoy the trip without financial worry. In addition, the additional cost of using a credit card for the trip can be significant. Here is a simple chart showing how much you need to save monthly so you will have what you need before the trip.

You can also create your own savings plan with the calculator below.

Interest is compounded monthly. This calculator is to be used for estimation purposes only. The financial institution is not responsible for its accuracy and the results are not guaranteed.

Paying more later by using your credit card for your honeymoon
As tempting as it may be to just charge your vacation on your credit card, the costs of doing so can be significant. Saving $7500 for your vacation before you go instead of paying off $7500 of credit card debt after you return will save you about $840.

The decision is yours, but you may find better ways to spend that $840, like extending the vacation for two extra days.

Start Your Automatic Savings Today
There is no easier way to save than with an automatic savings plan. If you are already using direct deposit for your paycheck, have Forest Bluff Financial Services transfer the amount each month. Here is an Automatic Transfer Authorization form to help you enroll. You can also have your employer deduct the amount each month and deposit into the account of your choice. Here is a Payroll Deduction Direct Deposit form.

If you are not already using direct deposit for your paycheck, here is a Payroll Direct Deposit form to help you get started. You can also call a service representative at 800/723-7237 or email for more information.

Conclusions
Your vacation should be fun and carefree.  Saving before you go can provide the peace of mind knowing that the cost is covered.  In addition, you can save quite a bit of money.

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