Need a Vacation Savings Account?
Spring has officially sprung in Southeast Texas, and if you’re like the rest of us, you may be feeling a little restless and ready to get away from it all. But, what if you're like some of us and your dreams are bigger than your budget? #thestruggleisreal
Even if you didn’t save enough for a grand getaway this year, it’s never too early to start planning for next year – and we’ve got just the thing to get you on the right track. Did you know that there’s a savings account designed specifically to help you stash the cash you’ll need to enjoy that vacation debt free? Pretty cool, huh?
A Vacation Savings Account is a special savings account that allows you to set aside money each month to fund a vacation, while earning higher dividends than a regular savings account. This type of account can be opened any time of the year, and dividends are paid every May 1. Wondering what the benefits of a Vacation Savings Account are? Read on and we’ll break it down for you.
It helps ease the financial burden.
Have you ever had a chance to take an amazing vacation but lacked the funds to make it happen? A Vacation Savings Account will help you squirrel away money ahead of time so when opportunity knocks you can grab your bags and head out the door without having to worry about (lack of) money being an issue. You can make it a goal to pay monthly amounts into this special account so that when the time comes to pay for your vacation, you’ve got the money to cover it.
It pays higher dividends.
The more you earn, the better, right? Another benefit of a Vacation Savings Account is that the dividends you earn on this account are higher than a regular savings account. So, not only are you putting aside the money for that coveted R&V, you’re also earning a little something extra! (We vote that you use the extra dividends for spending money on your vacation 😊)
It's a plan, Stan.
Let’s be honest. You might set a goal to save for your vacation, but other things come up and before you know it the money you were going to put toward your vacation has been spent on something else. Having a special savings account that is specifically designated for your vacation will help you stay accountable. Set up a reminder on your calendar to make a deposit the same day every month – or better yet - link it to your checking account and schedule regular transfers or have a specific portion of your payroll deposited into the account each month!
So whether you’re dreaming of exploring ancient Rome or basking in the sunshine on the beautiful beaches of Mexico, a Vacation Savings Account is an excellent financial resource to get you to your desired destination.