Making Sense: Saving money for vacations

Come this time every year, it’s vacation season and no one wants to go into debt for a family trip. It defeats the point of relaxing, because debt is stressful.

Financial expert, Kendal Cann has some tips for you to have some fun this summer.

“Vacation is important for us,” Cann said.

She owns Privileged Planning Incorporated in Jacksonville and knows everyone needs a break sometimes.

“So, I tell all my clients to have a dedicated checking, savings or money market account for vacations,” she said.

She also said if travel is important, then contributions to a vacation account should be non-discretionary. Be disciplined with it just like saving for retirement.

You could even allocate an auto direct deposit from your paycheck, so it goes in without thinking about it.

Her second tip, she says, is for people who are responsible with credit. Cann suggests taking advantage of the right kind of credit card.

“And as you use it, you pay it off every month, and build your credit score at the same time,” she said. “But, get a credit card that is heavy on travel and cash back rewards.”

With summer approaching, it’ll be peak travel times for some parts of the country, but look for places that may be off-peak as we get into some of the hottest months of the year.

“Take advantage of off peak travel times, you’ll be without crowds and a fraction of the price in many cases,” Cann told First Coast News.

Lastly, a big part of her financial guidance is Cann telling her clients to stop keeping up with the neighbors, co-workers, or other people you see online. Advice she says applies to many things, whether it’s buying a flashy car or expensive vacation, because someone on Instagram did it first.

Cann says find things that truly make you and your family happy and forget the influencers.

“Not every vacation has to be across the planet, don’t compare yourself to the influencers out there,” she said. “Especially if you have young kids, they just want to be with you and go on an adventure.”