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#FinanceFridays: Saving Up for an Extended Vacation

Have you ever planned an extended vacation? Similar to planning a wedding or a big event, it can be nerve-wracking to know where to start. Here we outline some of the steps needed to plan for an extended vacation.

Open a savings account designated to be your "vacation account. This will keep vacation money separate from your day-to-day finances and keep it easy to track progress and save.

Break big financial goals into smaller, monthly chunks. For example, say your goal is to save $10,000 for the vacation. Take that $10,000 and divide it by the number of months you have to save? Planning the trip 2 years in advance? Take the ultimate goal of $10,000 and divide by 24 months and you get a total of $416.67 target to save every month.

In the months you have more to save, transfer more money into your vacation account. For example, say you have one extra paycheck in a particular month. Take all or a portion of that paycheck and put it into your vacation account, bolstering the account even more.

Pack early. This will give you an idea of what you need and give you time to save up for necessities such things as medications to special water shoes (highly dependent on where you're going and for how long).

Buy travel insurance. It's important to ensure you're covered for travel medical expenses before your depart on your trip. These expenses can break the bank because international hospital stays, medical and equipment can cost so much for foreigners. Be sure you're covered by buying the appropriate insurance with your designated insurance provider(s).

Do you have any more tips for preparing for an extended vacation? Maybe you have more tips and tricks from personal experience. We'd love to know your tips in the comments below. Signed, Filipina Budget Girl.





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