Tips to help save for summer fun
Consider setting up a separate savings account for a dream purchase
(InvestigateTV) — The most popular budgeting plans all encourage people to set aside some money for fun and entertainment.
Buying a boat, pool, or jet ski is possible, provided you properly budget.
Michael Joyce with the financial firm Agili said budgeting where each dollar goes is especially true when planning a vacation.
“Put a little bit aside from every paycheck and really factor in where you’re going to go on vacation, how much it’s going to cost and figure that there’s going to be some things that come up, that are going to be more expensive than you thought they’d be,” Joyce advised.
Joyce said to consider having that amount automatically withdrawn each month.
He said you can set up a separate savings account solely for that special purchase you want to make.
NerdWallet has recommendations for banks that facilitate setting up multiple savings accounts.
Joyce said if you feel you’ve missed the savings window this year, you can always start saving now for your special treat next summer.
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