How to Save for Vacation

Saving for vacation can be a challenge, especially in today's economy. Yet vacation time is very important to the overall health of the individual. Fortunately there are easy ways to save for a vacation, no matter what your income bracket.

Save Your Change

All that loose change you get when you break a dollar can easily pay for your vacation. It is amazing how quickly all that loose change will add up. There are many different ways to collect it as well, I personally use old coffee cans, one for each type of coin. Many people have one place that they place all their loose change in, such as a coffee can, jar or plate. If you do not use cash that often, many places will allow you to write a check for a small amount over the balance. Round your check up to the nearest whole dollar, save the change, and make balancing your checkbook easier!

Save Your Bottles

If you live in a state that charges bottle deposits and redeems them, this is another great way to save up for vacation. Here in Maine bottle deposit and redemption is a nickle a bottle. This can also save you on recycling fees if you live in an area that charges for recycling. Collecting cans and bottles is so simple, especially if you drink a lot of bottled water, soda or juice. You can also find cans and bottles tossed along roadways and in parking lots.

Bank Of America's Keep The Change Program

Another easy way to save for vacation is the Bank of America Keep The Change program. If you already have a Bank Of America savings and checking account, this may be something worth looking into. This is a bit more long term savings, as Bank Of America only deposits once a year into the Keep The Change account. They also match contributions up to $250 a year. There may be fees associated with this program. Talk to your bank for more information.

To earn more vacation money faster, put the money into a high yield savings account. Then the vacation money will work for you. I recommend ING Direct's free Orange Savings account, especially for the fact that you have to wait for your money, which makes it harder to spend it impulsively. It takes about 3-5 business days to transfer into your account. Your bank or credit union may have a high yield savings account as well.