Travel

Fixing Your Finances To Fund Your Next Vacation

As the seasons start to change, you may start to find yourself thinking about taking a break from your normal scenery to check out a new country. After all, vacationing is a very popular activity; in 2012 over 8 million Australians left the country for a vacation, and the number has risen every year since then. Whether you want to road trip around the US or go on a cruise, there are lots of awesome vacation ideas for you to consider – but if you have bad finances, how will you fund your trip?

If you have bad credit or debt you might think that a vacation is off the cards, but that isn’t necessarily true. Here are three tips to help you fix your finances so that you can fund your next vacation.

Work Out The Costs

The first thing that you need to do is determine how much you need to save for your holiday. Some holidays are much more expensive than others, such as holidays to luxury hotels, but there are also affordable vacation options such as visiting a national or state park in your own country. This means that you don’t have to spend money on flights, and this is a very popular holiday; in fact, in 2015 nearly a quarter of Americans planned to vacation at a state or national park.

Create A Vacation Savings Account

vacation_fund

Once you know how much you need to save you can set up a savings account just for your vacation. This means that you won’t be able to access the money as easily so you are less likely to spend it – and if you set up a direct deposit you don’t even need to worry about making the payments.

Consider A Loan

A personal loan can definitely help to fund your vacation; first-time borrowers can expect to lend between $500 and $5,000, which is ideal for a holiday. It is worth noting that some loans are only available depending on the location you’re based in. RISE personal loans, for example, are available in 15 states, so you will need to find out if this loan is actually available to you. This option often comes with fairly high-interest rates, but it is available to people with bad finance – and the interest can be worth it if you make all the repayments, as this will help to significantly improve your credit score. Just make sure to set up direct debit payments so that you don’t miss a payment. 

Bad finances don’t mean that you can’t go on vacation; they just mean that you need to take the time to plan your holiday carefully, and you may need to consider a personal loan as a form of funding. But a holiday can still be on the cards – especially if you decide to go on an inexpensive vacation!