Vacation or Savings? How to Decide the Right Step for You

With summer quickly approaching, the idea of taking a vacation might be appealing but taking a vacation might not necessarily be the right move depending on your financial situation. Take a step back and think about if you can properly fund your adventure. When you don’t plan the financial aspect of your trip could result in some major road bumps or even going home early.

Think ahead of what your budget may be. There are a lot of ways you can fund an adventure. The most obvious solution is to save money and live below your means. That’s usually step one. Being under budget could ultimately cost hundreds more than what you had initially bargained. Always read the fine print and ask questions. Ask what isn’t included- especially when you hear the phrase all inclusive or free.

If you don’t have the money you needed for your trip saved, will you be taking out a loan or use a credit card during your trip? If so, then do your research and see what type of special loans you might be able to find. Eastex Credit Union offers low rate loans to help you take that much needed vacation.

If you plan on spending a large amount in the coming future, taking a quick trip might only set you back on your ultimate goal. If any vacation will only set you back financially, consider a staycation in lieu of plunging into debt. Stay in your own city during the day and come home each night for your lodging, if you feel like you must stay someplace else google discounts on lodging or look up bed and breakfasts or camping!

If you crunch the numbers and decide a vacation just isn’t in the budget then it might be time to buckle down and start getting serious about your savings. When you open an account with Eastex, your account can earn dividends and are paid quarterly. We have budgeting tools to help you decide what to do next, so if opening a savings account looks like the next best step, contact us today.

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