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If you’re not careful, however, your vacation might cause more anxiety than it relieves. That’s because your dream destinations, hotels, adventures, and events often come with a significant price tag. Even smaller trips have expenses that can add up and eat up the money you’ve worked all year to save.
But it doesn’t have to be that way. Institution for Savings, a North Shore-based mutual savings bank, offers a number of ideas and tips to help you have a blast this summer without breaking the bank.
Dreaming about a vacation is one thing: paying for it is another. If you don’t already have a savings account, now is the time to open one, preferably one that has no fees and pays interest, even though rates are low right now. Also, immediately schedule regular deposits into that account, either through an automatic payroll deduction from your paycheck or by setting up an automatic transfer through online banking.
SEE HOW IFS CAN HELP
SEE HOW IFS CAN HELP
1. Start saving early.
Once you have a general idea of your potential destination, put together a preliminary vacation budget based on your estimated costs. What might the core expenses look like for each day in terms of travel, nightly accommodations, meals and activities? Then determine how much you will need to realistically save before your planned departure date. If need be, adjust your savings routine to bridge that gap, revise your vacation timeline. Use a budget calculator to see where your dollars can take you.
2. Set a Budget.
Photo by: George Disario Photography
Obviously, choosing a destination is a key part of the planning process! Now that you have a budget, explore destinations that fit your savings. First, can you afford to fly, or will you need to drive? Consider that when plotting out a general radius from your home. Use online travel search sites like TripAdvisor or Trivago to plan out potential activities and see if you can get better deals on accommodations. All the while, use your calculator to keep track of the price tag.
3. Pick a Destination.
Photo by: George Disario Photography
VIEW BUDGET CALCULATOR
VIEW BUDGET CALCULATOR
Photo by: George Disario Photography
While finalizing your destination, consider ways to make your trip more affordable. Are your travel and vacation dates flexible so that you can possibly go when it’s off-peak season, cheaper and less crowded? Consider home-sharing and home-stay options like Airbnb or VRBO if you have a group or find a place with a kitchen or kitchenette to save on food and meals. Check for membership discounts and other benefits that might apply to you, and enroll in airline and hotel travel loyalty programs for discounted and sometimes free rooms. And always compare a la carte prices with all-inclusive options (for instance, does your hotel offer free hot breakfast?).
4. Look for Ways to Save.
Photo by: George Disario Photography
Things happen, right? When traveling on a budget, it’s tempting to skip the travel insurance and save the money. But after you’ve put so much time and money into making this dream vacation a reality, it is worth it to insure your investment, just in case something unforeseen happens to derail your plans. Usually trip insurance is very reasonably priced.
If you follow these steps, there’s no reason why you can’t take the trip of a lifetime without going into debt. It’s just one more way Institution for Savings is working to help you save, manage, and spend your money—and time—wisely.
5. Get Travel Insurance.
Photo by: George Disario Photography
5 Tips for Planning a Vacation that Won’t Break the Bank
Vacations should be relaxing, right? It’s a chance to pack up, take off, and temporarily escape the constant stressors of our workaday lives. It’s a time to take a deep breath. And let’s face it, this year we need that more than ever.
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For equipment and vehicle purchases, leasehold improvements and business-expansion financing. Repayment terms are typically tied to the depreciable life of the assets being financed.
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Available to provide cash flow for short-term working capital needs at a variable interest rate.
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Partnering with the U.S. Small Business Administration (SBA), we provide credit enhancements for small businesses through a variety of programs, including the 7(a) guarantee program and SBA Express Loans. Also available are direct SBA loans through the 504 lending program; these loans are made in conjunction with conventional bank financing to acquire real estate and certain business equipment.
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Before they founded Nutre, the trio of Perrinas – Angelo, Lucio, and Valentino ― owned and operated their family restaurant in Peabody. A love of food had always been at the center of their family. But when their father’s type 2 diabetes worsened, the brothers knew they had to do something. They began meal prepping for their dad, using only healthy ingredients, controlled portions and cooking methods that promoted a healthier lifestyle. The intervention worked. Their father lost weight and felt better, while his A1C fell to a manageable level.
“After seeing the profound effect clean, portion-control eating had on our father, we knew we had to help as many people as we could,” says Nutre co-founder Valentino Perrina.
Angelo Perrina agrees. “No one was making fresh, high-quality, great tasting food for meal delivery that was healthy. Our mission is to change that.”
In addition to helping their father become healthier, there was another benefit, the Perrinas soon learned. By providing healthy meals delivered straight to their doors, Nutre is giving families more time to spend together while providing the peace of mind that what they’re eating is not only healthy but freshly prepared in a kitchen nearby.
What do an abandoned auto shop, healthy eating and a community bank have in common? In the greater Boston area, the answer is Nutre. Nutre, a healthy meal delivery service founded in the kitchens of North Shore favorite Toscana Ristorante, wouldn’t exist without an unconventional confluence of events ― a journey that required vision and cooperation from Nutre founders, the Perrina family, and Institution for Savings, a local bank specializing in commercial lending.
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5 Tips for Planning a Vacation that Won’t Break the Bank
CONTACT US
Member FDIC | Member DIF | Equal Housing Lender
Institution for savings