Planning a vacation is one of life’s most exciting moments, but it can also come with plenty of details to sort out—choosing your destination, booking travel and accommodations, and, of course, figuring out how to budget for it all. At PCB, we know how important it is to take time for yourself and your loved ones, and we’re here to help make your dream trip a reality.
Finances shouldn’t hold you back from creating unforgettable memories. That’s why we’ve put together practical advice to help you save for your next vacation. Whether it’s a weekend getaway or a once-in-a-lifetime adventure, our tips are designed to help you plan ahead, manage your money wisely, and feel confident about your financial health as you prepare for your trip.
We believe everyone deserves the chance to explore, relax, and recharge. Let us help you take the stress out of saving, so you can focus on planning your perfect escape. Your dream vacation is closer than you think—let’s make it happen together!
Set a Clear Goal
The first step in saving up for a vacation is to consider how much it’s going to cost including your travel, accommodations, food, activities, and souvenirs. You should be as realistic as possible in terms of your budgeting goals and how well you are at meeting them.
Many people set a particular target range for what they’ll spend on vacation, but they find out that things are more expensive than they thought or they get caught up in the moment and spend more than expected.
This total figure might seem like an insurmountable task, so to save for a vacation try breaking it down into monthly goals. For example, if you need $3,000 you could set a goal of setting aside $500 per month. With monthly goals in mind, you’re more likely to avoid unnecessary spending so you can save up for your vacation.
Create a Budget
You’ll need some method of accounting for your income and all of your expenses. You could use a simple spreadsheet, a pad of paper, or a budgeting app. One of the benefits of using a budgeting app is you can keep your information on your phone and update it periodically so you’re less likely forget to write the information down later.
Keeping track of all of your regular budgeting needs can help you keep your finances in mind while you’re setting money aside.
Your budget should include your savings and you should treat it like a regular bill that you have to account for. This way it’ll remain a priority to help you stay within your budget.
Automate Your Savings
If you use direct deposit for your paychecks, your employer might let you have part of your pay deposited into different bank accounts.
You could also set up automatic transfers from your checking account to your savings account at a particular time of the month, such as on each payday.
Automating your savings makes it easier to meet your budgeting goals, especially if you have a savings account that’s designated as your vacation fund.
Reduce Unnecessary Expenses
One of the reasons for putting together a budget is so you can take a close look at your spending habits and find ways to save money. You might cut back on non-essential items such as dining out, impulse purchases, or subscriptions to streaming services that you don’t use very much.
You could also look for cost-saving alternatives such as having more meals at home, packing a lunch to bring to work, brewing coffee at home instead of buying it at a coffee shop, using public transportation, or searching for free and low-cost entertainment options. Saving a little bit here and there can add up to much larger amounts over time and help you save for your vacation fund.
Boost Your Income
Do you have a hobby or interest that you could turn into a side gig? Could you squeeze some freelance work or a part-time job into your schedule? Websites like Upwork and Fiverr could be ways for you to find additional work.
You might also consider any local websites, social media groups or bulletin boards in your area, such as a coffee shop or library, where people post information about job opportunities or services they provide.
Rideshare driving, dog walking, or making and selling crafts online are all things you might consider.
You could also take a look around your home and see if you have any unwanted or unused items that you could sell on platforms like eBay, Facebook Marketplace, or Craigslist. This can help you earn extra money while decluttering your home at the same time.
Use Cashback and Rewards Programs
There are several credit cards that offer rewards such as spending points, travel miles, or cash back on purchases. These can be a useful tool for offsetting the cost of your vacation plans, especially if you use a rewards card for most of your day-to-day expenses.
If you plan to rack up travel miles or points for your vacation, just make sure there aren’t any time limits or other restrictions on when you can use them.
Of course, you’ll have to make sure that you can pay off the balance each month or you’ll face expensive interest costs that will eat away at your vacation budget.
Step-by-Step Savings Plan Using Bank Products
At PCB Bank we offer many ways to save for a vacation, or for anything else you need such as a major purchase. With these plans you can earn interest on what you save and watch your vacation fund grow, in addition to your regular contributions.
Start with a Kasasa Cash + Checking Account
We offer five types of checking accounts with benefits such as earning interest in cash back rewards.
One of our most popular, Kasasa Cash+, is a checking account where you can earn 6.00% APY* on balances of up to $25,000. For any portion of your balance that’s more than $25,000 you can earn 0.10% APY*.
To qualify, you’ll need to have at least one direct deposit or automatic debit transaction and receive eDocuments each month, while also having at least 25 debit card transactions posted and cleared to your account.
If you’re unable to meet these requirements in a particular month, you’ll receive 0.01% APY but you’ll still be able to qualify in each month thereafter.
Set up a Savings Account
We provide five options for savings accounts. For those looking to save up for a vacation, you might consider our Kasasa Saver+ account. You could set up automatic transfers from your checking to your savings account, to make sure you’re setting enough aside for your vacation plans.
This savings account is popular because of the interest you can earn on your balance:
- 3.00% APY for balances up to $75,000
- 0.10% APY on the balances above $75,000
- 0.01% APY as a non-qualify rate
Create a CD Ladder
Certificates of deposit (CDs) typically offer higher interest rates than regular savings accounts, but you’ll have to wait for them to mature before you either withdraw the money, transfer it to another account, or reroll it into another CD.
Common CD terms are for one month, three months, six months, one year, two years, three years, and five years.
By depositing your funds into multiple CDs at different times and with different term lengths, you can gain more interest than you would with a savings account while being able to periodically access your funds at different times.
Another benefit to a CD ladder is you won’t have to lock in all of your funds at the same interest rate. These rates tend to fluctuate, so when one CD matures you can choose whether to keep those funds in a CD or transfer them to another account.
Utilize Money Market Accounts
Money Market accounts typically offer higher interest rates than traditional savings accounts, giving you a better rate of return. They also provide check writing and debit card access.
With our Investment Plus Money Market account, your interest depends on your balance so the more you deposit into your account the higher the rate of return you’ll receive. You’ll earn interest with no monthly service charges as long as you maintain a balance of at least $25,000.
Explore Our Services
At PCB Bank we make it easy for our customers to reach their financial goals, whether you’re saving up for a vacation, to buy a home, retire, or anything else.
All of our customers receive free online and mobile banking, so you can monitor your account balances and transaction history in real-time, which helps you stay on track to meet your savings goals. You can also use online banking to set up alerts for low balances, large transactions, and other account activities. This helps you stay informed and avoid any surprises.
Contact us today to set up an appointment at one of our many locations in Virginia, West Virginia, and the Shenandoah Valley area. Let us help you achieve your financial goals and make your money work for you.