Summer Vacation...Start Saving Now

As the sun starts to shine on a more regular basis, we can’t help but think about warm weather, outdoor activities and the start of family vacation season.  Family vacations are a long lasting tradition in many families, and if it is something that you have done or regularly do, you know that the cost of one of these trips can add up pretty quickly.  According to, the average family of four will spend about $4580 in travel and vacationing during the summer months. This equates to about $1145 per person.  Many times, it doesn’t seem like this much, but it is also worth noting that many that the purchases for these trips are broken up and spread out over the time leading up to the vacation.

So, how will you pay for this?  The key is to start saving-yesterday!  But if you have not started saving yet, don’t worry, it’s not too late.  Here are a few tips to help you save some money in preparation for your family trip.

1. Plan your trip.  Make a decision as to where you will be going, and then add up all costs.  Write this number down, as this is the magic number that you will need to save up to. It is usually wise to save a little bit more than the actual cost of the vacation to account for unexpected situations or emergencies while you are traveling.

2. Pay yourself first.  When you receive your paycheck, take an amount out and put it aside before paying anything else. This helps to ensure that you are saving and keeps saving at the forefront of your mind.

3. Sit down with your family and discuss the cost.  Make saving for the trip a family goal, where everyone contributes, if possible.  Having each person contribute provides individual ownership and pride in the vacation and helps everyone to feel like they contributed to the wonderful time you will have as a family.

4. Look into alternative savings accounts, such as Summer Club accounts or short term certificates.  Sometimes these accounts can provide you with a little bit of extra money earned through interest.

5. Hold regular discussion with your family regarding where you are at with your savings goals in relationship to your vacation.

As always, your friends here at Spokane Federal Credit Union are always available to help you create a budget, discuss alternative saving accounts, and assist with helping you reach your financial goals.  Feel free to stop in to the branch or give us a call at 509-328-2900.

Info from

  • Share:

Stay Connected

Spokane Federal is more than just your credit union, we're part of your community. Let us help connect you with your community.