Four Vacation Tips to Set Your Finances Up for Success This Summer

The summer months are some of the busiest times for vacationing. In fact, nearly 82% of American adults plan to travel this summer according to an annual survey conducted by The Vacationer. Additionally, 41.65% of people identified that they plan to travel more than once. Whether you’re traveling domestically, internationally, or both this summer, there are many things you can do to help prepare and stay in touch with your finances.

1. Create a vacation budget

Before you begin your traveling, make sure you create a vacation budget. This will help you from overspending and ensure you’re making purchases that align with your budget. Use the budgeting tool in First Bank’s eBanking to help you create a budget that aligns with what you’re willing to spend while you’re away. Consider how much you’ll want to spend on dining, activities, gifts, souvenirs, as well as entertainment. It’s also a good idea to set some money aside for emergencies and unexpected expenses.

2. Track your spending

Tracking your spending during your vacation is crucial to ensure that you are staying within the budget that you set for yourself. Use a dedicated card like your First Bank Debit Mastercard® for your purchases. This will make it easy to see your spending since all of your purchases will be on one card. Keep your receipts to make sure the dollar amounts match with what is listed on your bank statements.

3. Turn off roaming during international travel

If you plan on traveling internationally, check with your mobile service provider on their rules about international roaming. If this is not covered under your mobile device plan, consider turning off roaming in your settings to avoid getting charged. Roaming occurs when you are using your mobile device in an area that isn’t covered in your service provider’s network. Charges can vary by provider, destination, and data usage.

4. Stay up to date on your finances with mobile banking

Mobile banking makes it easy and convenient to stay on top of your finances while you’re traveling or on vacation. With First Bank’s mobile app, First Bank On The Go, you’ll be able to check your balances, view pending transactions, and locate ATMs near you. You’ll also be able to set up debit card alerts and account alerts to help you remain in control. To get started using our mobile app, enroll in eBanking.

No matter where you’re traveling to, it’s always a good idea to check in with your finances throughout the trip. If you’re traveling domestically, use mobile banking to help stay in touch with your financial activity and make sure your spending aligns with your budget. If you’re travelling internationally, keep track of any receipts you receive and cross check them against your bank account when you get back home. Be sure to turn off international roaming if you don’t want to incur extra charges while you are out of the country.

Ready to get started on saving for next year’s vacation expenses? Open a Certificate of Deposit (CD) or High-Yield Savings Account (HYSA) with First Bank to start maximizing your savings!

Mastercard and the circles design are registered trademarks of Mastercard International Incorporated.

You may also be interested in:

The Top Five Places in the U.S. to Visit Before the Year Is Over

The hustle and bustle of the busy summer traveling season can be overwhelming. Taking your vacation or weekend trip during peak vacation times can result in crowded airports, higher gas prices, and congested vacation spots. Scheduling your travel plans for after the busy summer traveling season can help reduce stress-related travel and allow you to enjoy your trip.

Should I Buy Travel Insurance?

Travel insurance refers to various types of specialized coverage you can buy to insure yourself against the many risks you face as a traveler. You can purchase this insurance from insurance companies, travel agents, tour operators, cruise lines, rental companies, or travel assistance companies. Coverage, cost, and terms vary widely.

Planning for Travel

Whether you want to take a dream trip around the world or simply want to visit your cousin in Indianapolis for a few days, you can benefit from some pre-trip planning. If you plan far enough in advance of your departure, you'll usually get better rates on airline fares, lodging, and packages than if you wait until the last minute, particularly if your travel plans are flexible.