Planning a Vacation

February 19, 2013

image If a vacation is in your plans, consider the financial aspects along with other details of your trip. For example, knowing how much the vacation is going to cost and how to pay for it.

Costs of the Vacation
The actual costs will depend on the type of trip you plan. But, probably at a minimum you will have transportation, accommodations, meals and activity costs. Here is a list that may help your planning.

Transportation
Airline tickets - $____________
Parking or trip to/from airport - $____________
Rental car - $____________
Taxis - $____________
Other transportation - $____________

Accommodations
Hotel $_____ x ___ nights = $____________
Meals $_____ x ___ days = $____________

Activities
Entertainment/nightlife $____ x days = $_________
Tours - $____________
Admission fees - $____________
Shopping - $____________

Other
_____________ - $____________
_____________ - $____________

Estimated Total - $____________

Before You Go
The actual cost of your vacation will depend on where you go and what you do on your trip. One of the best decisions you can make is to save the money you will need before you go. That way, you can enjoy the trip without financial worry.

There is no easier way to save than with an automatic savings plan. If you are already using direct deposit for your paycheck, consider an automatic transfer to your savings account each month. Financial institutions, such as Home Federal Bank, allow customers to set up transfers to and from their Home Federal Checking and Savings accounts within their online banking system. If you are not already using direct deposit for your paycheck, contact your employer to help you get started.

Alternatively, consider a simple home equity loan to finance the trip up front. A home equity loan works like an installment loan, with a fixed amount advanced to you in a lump sum. You can repay the loan in fixed monthly payments over a set term, with a fixed interest rate. Compare the interest rates and fees of a pay-off schedule you can afford.

The cost of using a credit card for the trip can add up. If you prefer the security of a credit card on your trip, use the home equity funds to pay off your balance promptly when you return.

Conclusions
Your vacation should be fun and carefree. Planning before you go can provide the peace of mind knowing that the cost is covered.

For more information on checking accounts, savings options, home equity loans or credit card products, contact a Home Federal Banker today.

Home Federal does Personal Banking, Business Banking, Ag Lending , Home Loans, Trust and Asset Management, and Investments. With so much to offer, learn what Home Federal can do for you.

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