The most basic money lesson that most of us remember is to save. Save for retirement. Build your accounts. Don’t live outside your means. But there is certainly room for some fun spending as long as it’s done in a sound manner. “Just like any diet, if you cut out all the fun today and only save for the future, you will find it very difficult to stay motivated for the long term,” said Brittney Castro, certified financial planner™, entrepreneur and personal finance expert. Castro is the founder & CEO of Financially Wise Women, a Los Angeles-based financial planning firm for women.“Instead focus on good financial health, which is about living a healthy financial lifestyle.” Her site financiallywisewomen.com is packed with tools and resources to help women create the life of their dreams, free from anxiety about money.
Whether it’s a sun-kissed beach or frosty white mountains that you desire, there’s a right way to planning a vacation. A financially-wise traveler will…
Plan ahead and open up a travel savings account. Open up a high yield savings account at an online bank such as Ally Bank or Capital One 360 and label this account “travel.” Arrange for a monthly deposit into this account. When it comes time to book your annual trip, you already have allocated money to use for the airfare and hotel stay, making your travel goals less stressful.
Use your credit card reward points. Many people have credit cards that offer reward points for travel and yet don’t use the points. Get clear about the reward points you currently have and learn how you can maximize them for travel. Some of the best credit cards for airfare points are Chase Sapphire Preferred and Citi Platinum Select/AAdvantage World MasterCard. Both offer bonus miles if you spend a certain amount on the credit card in the first three months. Bankrate.com allows you to research credit cards and their rates, fees and rewards.
Book airfare strategically. Tuesdays and Wednesdays are generally the best days to book domestic flights. Avoid booking on the weekends; these are usually the most expensive days to book.
For more tips on how to plan a financially-wise vacation, click here to view our digital issue.
