Trips are Better Taken Without the Stress of being Strapped for Cash

Orignally published in the March/April 2023 issue of Wake Living Magazine.

If travel and adventure is on your priority list for 2023, you’re not alone. Forecasters are predicting that people will spend more on travel this coming year than they did in 2022. This is despite inflation, the rising costs of travel, and competing against other travelers for flights and reservations.

The style of trips and motivations for travelers is also changing. More and more people are taking their remote jobs on the go and working from new places, for longer periods of time. All-inclusive resorts are gaining popularity. Off-the-grid locations or places tailored for disconnecting are high on travelers’ lists.   

No matter the style of your next adventure – from the road, across borders, or near home – good planning is crucial to skipping the stress and focusing on fun.

While daydreaming about your next adventure, take the steps to financially prepare.

The first and most obvious piece of planning an incredible getaway is creating a habit of budgeting and saving. This can be harder than it sounds but has major benefits. Of course, it’s important to first put money aside for emergencies or that unwelcome rainy day. Once you’ve reached your rainy-day goal, set up separate savings dedicated to your trip. You can even use direct deposit to save money from each paycheck to accomplish this on a schedule. Think of it like a monthly vacation subscription!

For many of us, simply saving won’t get us to our dream vacation. That’s where creative plans and help from your bank can come into play. You can take small measures to jumpstart your travel savings or go big with large changes like utilizing a HELOC (home equity line of credit). A good financial partner will want to help you make your travel dreams a reality and give you strong advice so that you’re able to get on the road without putting yourself into financial trouble or hardship.

Here are some examples of how your financial partner can work alongside you in your planning:

1. They can help you analyze your income, debt, and spending so that you can get the most out of your budgets, savings goals, and investments
2. Show you options for small personal loans to get going on your adventure faster
3. Especially if you were able to take advantage of fluctuations in the housing market, they can show you how to use equity in your home to fund your trips and adventures
4. And for the full-time explorer, you can work with your lender and realtors to downsize from your current home to your dream adventure-mobile or van

Planning for unexpected expenses while you’re traveling is just as important as saving for your flights, hotels, or vacation activities.

An emergency or pricey setback while traveling is always frustrating but is less of an interruption when you’re prepared. Planning for these hurdles is way less exciting than booking flights but just as important.

When you’re unprepared, things like flight cancellations, sickness or injury, or lost wallets can derail the fun and adventure you’ve planned. Set aside some extra cash in your vacation planning for costs that pop up so you can handle them, move on, and get back to the excitement of new places and experiences.

For some of you, your next journey in 2023 may be a financial journey all on its own. Whether that’s purchasing a new home, paying for college, starting a business or just getting your finances in order, you need a trusted partner who’s ready and willing to help, and can guide you along the way.  At Coastal Credit Union, we hope to see you soon and hear about your upcoming adventures, whether that is to a faraway place or achieving your financial dreams.