Are you ready to check off your next bucket-list destination? Whether you're already planning your next trip or looking to start saving for a future getaway, Elements Financial is here as a trusted source of advice with budgeting and spending tips to help you get ready, get set, and GO! on your next adventure.
Recently, two of our financial experts, Kara Fischer and Karmen Johnson, presented a Community Workshop focused on ways to be thrifty on your next vacation. They've assembled some of their best tips and key takeaways here.
Get Ready
When you're thinking of heading out on your next vacation, ask these questions first:
- Where do you want to go?
- When do you want to go?
- How much do you need to save?
Planning ahead with these questions will give you a better idea of how much money you need to budget for and how much time you have to meet your savings goal.
Get Set
Now that you have an idea of what you need to budget for, it’s time to set up your savings plan.
Now that you have an idea of what you need to budget for, it's time to set up your savings plan.
Create a Savings Goal
You don't need to open a separate account to start saving for your trip. Within Elements digital banking, you can set up a Savings Goal, give it a name like "Travel Fund," and set a target amount and date. It works like a virtual piggy bank that tracks your progress toward your goal, so you can watch your savings grow without the temptation to spend it on something else before you get there.
Set Up Scheduled Transfers
Decide what amount you'd like to move and set up recurring transfers from your checking or other savings account instead.
Use Photos as Reminders
As you're daydreaming about your destination, find some photos of where you're going online and save them. Print those photos and place them somewhere you pass by often, like your refrigerator or the mirror you use to get ready in the morning. This will help you stay focused on your big goal. You could also make one of the photos your phone wallpaper, so when you're out and about shopping, your savings goal stays top of mind and you're less likely to overspend.
Save Your Credit Card Rewards
Your credit card rewards can easily be redeemed for flights, cruises, gift cards, and cash rewards! If you're looking for somewhere to get started, consider the Signature Rewards Visa Credit Card from Elements.
After going on many solo road trips across the country, I have learned the importance of setting a budget and sticking to it along the way.
Go!
Once you have met your savings goal and are ready to set out on your trip, consider some of our Financial Experts’ advice to make your trip go smoothly.
Call Your Bank
Along with notifying your friends and family members of your travels, you should also notify your bank. Financial institutions have fraud technology that blocks transactions outside of your normal spending habits and locations. Let them know where you're going so they can monitor your account and you won't run into trouble making transactions along the way. You can always contact Elements any time.
Turn on Card Management
Card Control is built right into the Elements digital banking app, giving you control over when, where, and how your Elements credit and debit cards are used. If you misplace your card while traveling, you can instantly turn it off, and back on again, set usage controls, and get alerts for a variety of card activity, all from the app you already use.
Have Back Up Cash
Place back-up cash in various bags you'll be using on your trip. That way, if your luggage gets lost along the way, you'll have extra cash in your carry-on to get you by until you can retrieve the rest of your belongings.
Find ATMs Along Your Route
Access your cash on the go with one of our 78,000+ surcharge-free ATMs worldwide. Look up participating ATMs near you using our locator tool.
As always, Elements is here to support you and push you toward your goals. Contact us any time for additional advice before your next big getaway.
