Sun, Savings, and Sand: How to Financially Prepare for Your Summer Vacation

Summer is the season of relaxation, adventure, and making memories. But without proper financial preparation, your dream vacation can quickly turn into a budgeting nightmare. At MidWestOne Bank, we believe in helping you enjoy the sun and sand without the stress of financial strain. Here’s how you can prepare for your summer vacation financially:

Start with a Budget

Begin by determining how much you can afford to spend on your vacation. Consider all costs, including travel, accommodation, food, activities, and unexpected expenses. Once you have a total amount, start setting aside money each month to meet this goal. Start by checking out this resource: A Simple Guide to Budgeting for Every Stage of Life.

Save Smart

Look for ways to save on everyday expenses that can add up over time. Consider cutting back on non-essential items, such as dining out or subscription services, and redirect those funds to your vacation savings. Learn more about a simple way to save using the 50/30/20 rule for budgeting: 50/30/20 Rule. 

Plan Ahead

Early planning can lead to significant savings, especially when it comes to flights and accommodations. Booking in advance often secures lower rates, and you’ll have more options to choose from.

Look for Deals

Keep an eye out for discounts and promotions. Sign up for travel deal newsletters, use cashback apps, and don’t be afraid to negotiate rates directly with hotels or service providers. Consider applying for our ScoreCard Rewards credit card—you can redeem the points you earn for travel, as well as merchandise and gift cards (it’s also accepted worldwide!).

Consider Alternative Destinations

If your dream destination is out of reach financially, look for similar experiences closer to home or in less popular locations. Often, these alternatives can offer the same enjoyment at a fraction of the cost.

Create a Vacation Account

Open a dedicated savings account for your vacation funds. This will help you track your progress and prevent you from dipping into the money for other expenses. Check out our variety of savings accounts at MidWestOne including our high-yield savings account and goal savings account.

Be Flexible

If you’re open to traveling on different dates or times, you may find cheaper rates. Being flexible with your plans can lead to unexpected savings.

Pack Wisely

Avoid extra fees by packing light and only bringing essentials. Consider what you can buy at your destination to save on luggage space and potential additional baggage costs.

The Best Kind of Vacation is Debt-Free

By following these tips, you can ensure that your summer vacation is both enjoyable and financially responsible. Remember, the best vacation is one that doesn’t follow you home in the form of debt. Start preparing now, and you’ll be ready to hit the beach with peace of mind and savings in hand.

And if you need guidance or assistance along the way, MidWestOne Bank is here to help. Our team is dedicated to ensuring your financial well-being, so you can focus on making unforgettable summer memories. Visit us today and let’s make this summer one for the books!