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Summer Vacation: Keep Your Eye on the Prize

Posted on June 26, 2014 by Jake Ward

Did summer vacation just sneak up on you? Don’t worry! There may not be time to save for this year’s summer getaway, but R.I.A. Federal Credit Union can help you prepare for the perfect summer destination for next year. You’ve saved up vacation days at work, but have you saved up the funds to finance your vacation? Now is a good time to start!


Whatever the destination, you should start your planning now by saving funds to ensure that your post-vacation bills don’t break the budget. The more steps you take now to save, the closer you are to funding your next summer vacation without dipping into a long term savings account, borrowing from an emergency fund, or relying solely on your favorite credit card.


There are a few tricks that could help you save up the funds by the time next summer rolls around. Allow yourself to enjoy a vacation that doesn’t lead to the stress of paying vacation debt upon your return home.

Set it up

Visit R.I.A. Federal Credit Union and set up a separate savings account for your vacation fund. Figure out how much you would like to save, determine a reasonable amount to pull from each paycheck and set it up to be directly deposited into your vacation savings account. If direct deposit is not available through your employer, set your own re-occurring schedule and use online banking to transfer the funds.

Save it up

If your budget is tight and you don’t feel like you can fund a vacation savings account, use the “pay yourself first” savings strategy. Figure out which non-essential items in your current budget you could sacrifice for a while. Calculate how much you could save by cutting back on a few unnecessary expenditures. You might be surprised, it all adds up. Instead of treating yourself to those extras, pay yourself first, straight into your vacation savings account. Turn needless purchases into savings deposits.

Keep it up

Make your vacation plans realistic and attainable, so you can visualize the concept of saving money as bringing your summer vacation plans a reality. Goals are often not reached because we lose sight of the finish line. Give yourself daily reminders. Mark off the days on your calendar, put a picture of your vacation spot on your computer desktop, do whatever it takes to remind yourself of why you are cutting your budget. Check your vacation savings account regularly to watch your savings grow. The idea is to save big with small steps.

R.I.A. Federal Credit Union would be happy to help you keep your eye on the prize of obtaining a well-funded summer vacation.