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| e_pang |
 Posted: Mon Sep 11, 2006 5:27 am Post subject: setting a early goal! |
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Investing Sr. Associate
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My wife and I have set this goal that we want to attend the London 2012 Olympic! We like to plan early I guess! Actually she has never been to london and I always brag that I have been several times and so we came up with idea!
Though, we were thinking or wanting to start saving some money aside for this vacation or event which is 5 years and alittle over 10 months away! HAHA
Does anyone have any good suggestions or tips on how to they do or have saved for vacations? We were really be interested in hearing some ideas!
Thanks! |
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| crazyK |
| Posted: Tue Sep 12, 2006 7:05 am Post subject: |
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Investing Associate
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What I would probably do is get a seperate account for your trip savings like ING or something else where you have to wait a few days for a transfer. That way it will be easy to distinguish exactly what money is "trip money" and it will discourage withdrawls. Lock the loose money in a CD from time to time too. Then have probably a monthly goal where you take it off the top of your paycheck.
Also what might work is if you and your wife decide to go out, choose something cheaper and put the difference into your travel savings. That way, you are not depriving yourself of entertainment, but saying "Instead of a $30 dinner and a new-release move, we are going to have almost as much fun by having a $20 dinner and renting a movie and then we'll have $20 more to spend in London". This probably would work the best if you did it on a cash-based system where you put some in a jar from time to time, but at least for me that is impractical. (I keep a $20 in my wallet for emergencies, but put everything I can on a rebate card that I pay off every month. I probably handle less than $5 in cash per month on average.) You could do little transfers from your savings/checking when you make small sacrifices, though. |
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| raspberry24 |
| Posted: Sat Sep 16, 2006 7:50 pm Post subject: |
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Member of the Month
May
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| Decide how much money you will need for the vacation first. Then choose an amount that will pay into that fund each pay check. Set up a separate account and don't dip in to it. You might think about a credit card that pays you back too. |
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