Next Monday, we are taking another vacation home. We'll be home for eleven stress free days. This is great because it'll be the second time this year we'll be home. The best part is that my brother and sister-in-law will be home as well. Oh, they are also bringing their baby home. So that's cool. While it is always great to get home there are a few things I thought of that were a little sad. Captain Bringdown to the rescue!
The first realization is that this may be the last vacation until next year. I have the vacation hours at work so that's not the problem. We could take another trip during the summer, but I also need to work so I get more vacation time. It doesn't just magically appear. So we try to space out the vacations to recoup the time off. The problem is that working in retail means the last three months it is very difficult to get time off. It's way too busy. There is a small window in September and October but once you get into November....game over. Until February.
The other realization is that we haven't ever really taken a vacation. Yes, going home is a trip to see family and friends and it's time away from work so it qualifies as a vacation, but we have never traveled to different places. The last place we went was St. Thomas and that was to get married and we had our honeymoon at the same time. That was six years ago. The problem is that it is crazy expensive to go places. Think about going some place for a week. It doesn't matter if it's Chicago or Baltimore or New York or Las Vegas. Places outside the country as well. There are cities in Canada I wouldn't mind visiting. Seven days of hotel and food bills. You also have to fly there unless you're close enough to drive. It would be great to go to different cities and just explore. See things and play tourist. Drive the economy in another part of the country.
And yes, you can take a road trip and see different parts of the country. But that isn't free either. You can go camping to save money and bring food to cook and all that stuff and get back to nature, but everyone that goes has to really be into it or else some are happy others are just annoyed. We've gone camping with friends before and it's a blast, but haven't ever gone by ourselves. I don't know how that would turn out. I have no problem going camping to get back to nature. My wife maybe not so much.
It takes a lot of cutting back to save money. And to save money for a vacation on top of that seems like a steep hill to climb. I feel like you have to have a two or three year plan. Plan a vacation two or three years into the future and start saving now. Save a little here, a little there. Put it into a bank account that you know you won't touch until you are ready to go. Maybe reap the benefit of accruing some interest. And where we are right now in our lives, we don't have that. We don't have that disposable income just laying around. Money goes to bills and rent and all that fun grown up stuff.
Saved up for 4 years ($50/mo, sometimes more). Went on vacation. Just before we went on vacation, the thousands in our savings account was earning $0.15/mo ($1.80/yr) interest. I could have possibly earned up to ~$0.50/mo ($6.00/yr) interest elsewhere. Woo hoo!
ReplyDeleteWhen shopping for a better interest rate, I found the following savings promo at a regional bank: direct deposit $50/mo every month for 12 months, bank deposits additional $50; maintain $1000 balance for 12 months, bank deposits additional $50. The year prior to our vacation, we were meeting both goals and they deposited $100 ($50 per promo) into our account. They repeated the promo every 12 months! I believe we ended up earning $350 in "interest" in the past 4 years. They sent us 1099-INT forms for this "interest earned" each year. Much better than the standard 0.5%-1.0% APR interest. If you look around, you should not have much trouble finding something similar.
Here's roughly what the savings balance looked like.
Month 0: $400 (initial deposit)
Month 12: $1000 + $50 promo
Month 24: $1650 + $100 promo
Month 36: $2350 + $100 promo
Month 48: $3050 + $100 promo
Deposits: $2800
Promo: $350
Final Balance: $3150
Certainly worth considering if you are able to commit to $50/mo or whatever monthly deposit they require. If T allows you to direct deposit $50/mo into a specific account, you can just give them the routing number and account number for the savings account. If the bank requires $50/mo deposit, ask if it has to be a single deposit or if you can split it up (e.g.: $25/paycheck). Don't get screwed by a technicality.
JK