Take a Break – How to Finance Your Vacation Tips

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How do I finance my vacation you ask? All your questions answered on vacation finance below

Definitely not on your credit card because charging travel expenses that you can’t immediately pay back you’ll end up paying much more than the cost of the trip. As having a credit card is a way of borrowing money, which you still have to pay. When you factor in double-digit interest rates and the months or years it may take you to pay it off, you can end up spending 50 percent or even 100 percent more.

That goes for other kinds of borrowing as well. Whether you get a personal or a payday loan you’ll have to pay interest. The APR can vary significantly.

Therefore it would make sense to set up a vacation savings account. The best way to make it work is to have money automatically deducted from your account each month and tucked away in an account that you pretty much forget about until you need it.

How much interest it earns wouldn’t be a factor it just would be a more effective way than stashing it under your mattress. Once you’ve determined how much you can afford to put away each month by vacation budgeting. You can look at your daily spending habits and see what you can do without like that McDonalds meal every day at lunchtime. Those kinds of sacrifices can quickly add up, and assist you in travel savings.

Also as you research your trip, don’t underestimate costs. Remember to include not just airfare and hotels but also meals, cabs, shuttles, dry cleaning, souvenirs, tips and a cushion for those great or awful moments. For the rest of us, why not consider getting a vacation job, and make the cash you need.

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