TRAVEL AND LEISURE
> Taking a vacation.
When it comes time to plan a vacation it is important to plan your finances accordingly so that you don't spend more than you can afford and cause unwanted financial strain and burden when you return. When planning a vacation following a few simple guidelines can ensure you have the best time possible:
1. Savings: The key to an unforgettable vacation.
If you still have a good four or five months before departing, then this recommendation will be your best option. If each month you put aside 10%-15% of your income into a savings account and allocate it solely to a vacation fund, then when the time to pay for that trip comes, you will have saved enough for the expenditure not to hit your finances so hard. Setting aside such a low monthly percentage will help you to save without you even noticing it. And what is more, you can apply this technique not only to trips, but to anything else you might want or need.
2. Keep focused on your budget.
Many households make financial plans before leaving for holidays. They include the cost of the essentials, such as food, accommodation, transportation, etc, and try to make out how much money they will spend without going overboard. Once you get to your destination, you have to stay focused on on your budget. Most people tend to forget they ever made a budget and start spending like crazy, do not let this be your case. Concentration and motivation are essential.
3. Travel insurance.
It is very important to have adequate travel insurance to avoid the possibility of incurring massive out of country medical bills while on vacation. Saugeen Community Credit Union offers very comprehensive travel insurance benefits through CUIS - Credit Union Insurance Services. Talk to one of our representatives today to book your travel insurance.
4. Credit cards should only be used for emergencies while away.
Evidently, bringing your credit cards with you on your trip is a very accurate decision. In case of an emergency, credit cards can really come in handy. But it is advisable not to carry them around with you. If you leave the hotel, leave them there. Keep them somewhere safe, but not with you. If you only have cash with you for what you planned to do you will not be able to use your credit card to spend it on unnecessary things.