How to Budget for Holiday Travel
Whether escaping the winter cold in a tropical paradise or visiting family in another state, the holidays are a popular time for travel. In fact, 115 million Americans are expected to travel this holiday season. While a spontaneous trip can be fun, holiday travel does require a great deal of planning, especially financially.
Fortunately, the personal bankers at Citizens Bank are here to help you financially prepare for holiday travel with expert advice and programs like our holiday club, designed with your needs in mind. Below, we explore some ways you can start preparing for your next holiday vacation, even if your trip is months away.
How to Financially Prepare for Holiday Travel
It’s never too early to start preparing for the holidays, especially when it comes to travel plans and your budget. In fact, it’s recommended that you start planning your trip at least six months in advance. Below, our personal bankers share some tips on how to save money for your holiday travel and other related expenses.
1. Create a Holiday Travel Budget
Many people think of budgets as an overall summary of their income and expenses. However, you can budget for specific events and vacations, including holiday travel. This allows you to track expenses and plan for them accordingly. You can set an amount of money to spend on each part of your trip, like transportation and accommodations. Other related expenses, like pet care while you’re away, can also be included in your budget.
2. Join Our Holiday Club
Citizens, like many other banks, has a holiday club for its members. You can put as little as $25 into this account to start and contribute to it throughout the year. During this time, it collects interest and grows your savings. In November, the money is dispersed so you can use it to pay for holiday travel and other related expenses.
3. Get a Certificate of Deposit (CD)
Shorter-term investment tools, like certificates of deposit or CDs, can help you save for holiday travel expenses. Much like holiday clubs, they allow you to plan ahead. You can find a CD with a maturity date that meets your timeline. Popular options include:
- Three months for shorter-term savings
- 6 to 18-month long-term options
When you’re ready to start making plans, a personal banker, like those at Citizens Bank, can help you determine the best option for your needs. To start financially preparing for your holiday travels, contact us today.
4. Involve Your Family
Traveling as a family requires more planning than solo travel. This is especially the case during the holidays. While you may think that involving your children in holiday travel planning will create more stress, that’s far from the truth. By doing so, you will be teaching them a valuable lesson about financial responsibility and planning.
Involve them in creating a holiday travel budget and choosing activities they want to do while on vacation. You can determine the cost of these activities and how they fit in with your overall holiday travel budget. Your children will also learn about making compromises so everyone will be able to do something they enjoy on the trip.
How Much Should I Save for My Holiday Travels?
The amount of money you should save varies depending on your travel plans. If traveling internationally, you will need to save more than if you’re just driving across the state to visit family or friends. No matter what your plans are, you need to know how much you will be spending so you know how much you need to save.
Citizens Bank has created a purchase calculator to help you determine how much you should save for holiday travel expenses. This calculator calculates how much you need to save to make a purchase, like an airline ticket, using the information you put into it. It can help you create a budget for your expenses.
Prepare for Holiday Travel in Tennessee at Citizens Bank
If you’re traveling for the holidays, planning is essential to ensuring your trip goes smoothly. Citizens Bank is here to help you prepare for your trip beyond simply packing your bags and booking your hotel room. With a variety of savings options, like our holiday club, we make your holiday travel expenses more affordable than ever. To get started, contact us online, call (615) 327-9787, or visit us in Nashville or Memphis.
Save for Your Holiday Travels in Tennessee With Citizens Bank
Even if your trip is several months away, you can start preparing for your holiday travels today with Citizens Bank. When you join our holiday club, we can help you save for holiday expenses, including travel, gifts, and more. Beyond our holiday club, we offer savings options and other resources to help you budget for holiday travel year-round. To learn more, contact us online, call us at (615) 327-9787, or visit one of our branches in Nashville or Memphis.