SISIP Financial
Esquimalt Team

Though vacations are often the perfect way to recharge after a hectic posting, the unavoidable post-trip credit card bill can often hold us back. However, some extra financial planning
could be all it takes to enjoy a well-deserved vacation without breaking the bank. Here’s how:

  • Budget before you book: Sketch out an initial trip budget before booking a flight—include accommodation, food, activities, travel insurance, souvenirs, and a buffer of 10% for unexpected expenses. This helps set expectations well before you’ve arrived.
  • Set up a vacation account: Open a separate bank account to make purchases from when you’re on vacation. This not only makes overspending less likely but also allows you to save for trips automatically over time.
  • Goal, not gamble: Like saving for a house, a vacation is a goal rather than an expense. Involve partners and kids in planning a trip, determining costs, building a countdown calendar, and setting expectations—it can be a great opportunity to teach young children about saving money.
  • Fun doesn’t mean the most expensive: Core memories aren’t always associated with cost. Save money by road tripping to a park or campground; hosting a staycation; utilizing military discounts for hotels and attractions; travelling off-season; and leveraging credit points on flights.
  • Dodge the vacation debt: While it can be tempting to put expenses on a credit card for the short term, interest charges can turn a trip into a long-term financial issue. Instead, save up now and relax later. If you do use your card, plan to include extra expenses within your next travel budget.
  • Stretch your dollar: Boost trip affordability by saving money during vacation. To do this, spend more time on free activities (hikes, beaches, festivals, etc.); pack snacks and drinks; set daily spending limits; and be wary of currency exchange rates to avoid overspending.

While the price of an expensive holiday dinner might fade over time, the memory of a sunset hike spent cracking inside jokes likely won’t. As such, don’t hesitate to plan an abundance of
moments that don’t include price tags—they’re just as memorable.

For aid building savings plans for vacations, deployments, and more, connect with an SISIP advisor today. To further build financial fitness, join the SISIP Money Mastery Portal for tools, tips, and resources tailored to military families.