Summer is here, the kids are on break and it’s the perfect time to start planning that once-in-a-lifetime getaway. Whether you’re dreaming of sandy beaches, mountain cabins or a cross-country road trip, knowing how to save — and where to park your money — can turn those dreams into reality without breaking the bank. Here are our top tips for building your vacation fund, plus Sebasticook Valley FCU’s services designed to make saving simple.
1. Define Your Vacation Savings Goal
Okay, the not-so-fun part. Start by estimating the total cost of your dream getaway — think flights, lodging, meals and activities — then divide that figure by the number of months until departure to set a clear monthly savings target. Writing down your goal and keeping an inspiring photo of your destination handy (thanks, Pinterest!) can keep you motivated as you watch your fund grow.
2. Automate Your Savings with a Club Account
A Club Account at Sebasticook Valley FCU takes the guesswork out of saving. You choose an amount — no minimum required — and schedule it to transfer automatically from your paycheck or checking account. Because Club Accounts carry fewer fees than typical bank savings, you’ll see more of your money stay invested in your vacation fund with zero effort on your part. Open yours online or stop by either branch to get started.
3. Make Your Money Work Harder
If your trip is a year or more away (or you already have a solid balance), consider Sebasticook Valley FCU’s Money Market Shares or Share Certificates. With Money Market Shares, you’ll earn a higher yield (minimum balance of $2,000 required), while Share Certificates offer our highest yields with terms ranging from three months to up to four years. Both options mean your savings grow faster than they would in a standard account.
4. Track Progress with Digital Tools
Sebasticook Valley FCU’s online banking lets you monitor all your accounts in one place, so you can see exactly how close you are to your goal. Congratulate yourself when you reach savings milestones — or determine if you need to add a little extra that month. Keeping tabs digitally makes it easy to stay on track without any manual calculations.
5. Trim Everyday Expenses
While it’s not always easy to give up on the “treat-yourself” mindset, small changes add up – and you can focus on your vacation as an upcoming treat! Try skipping one coffee or restaurant lunch each week and funneling those dollars into your Club Account instead. Your vacation fund will thank you.
6. Lean on Your Credit Union Team
Not sure which savings option is right for your timeline or balance? Our team is here to help. We’ll walk you through the options of Club Accounts, Money Market Shares and Share Certificates, and guide you through setting up direct deposit or automated transfers that fit your budget.
