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Setting Priorities: How to Save for Next Year’s Family Vacation

July 10, 2018 By Lena 238 Comments

Note: The following giveaway is open to Canadians only.

This is a sponsored post written by me on behalf of EQ Bank. As always, all opinions are my own.

The probability you have some money set aside for a future vacation? Medium.
The probability you’ll spend that money before you book your vacation? High.

It happens much too often, I’m afraid: you’ve saved for a hard-earned, long-awaited family vacation, but before you can book the getaway you deserve… the money is spent.

Look, I’m not pointing fingers here. Usually, it’s due to an emergency financial situation, like a leaky roof, car repair, etc. And I understand – life happens. But the thing about withdrawing money from your vacation fund to pay for the unexpected means that you’ve effectively prioritized everything else over your family time together. While, in the short term, it can address an immediate concern and perhaps keep you out of debt, in the long term, forgoing time to rest, relax and recharge can be even more taxing to your health and happiness.
The bottom line: make sure your vacation funds are spent on your family vacation. 

Now this year may be a foregone conclusion, but if you happen to have some cash stowed away for next year’s ultimate getaway, here are your options in terms of risk (probability of spending your savings) and reward (earning money on your investment):

1. Under the Mattress (High Risk/ Low Reward) Three words: don’t do this. If you’re still stashing your savings under your mattress, in your piggy bank or anywhere else where it’s immediately accessible, there’s a high risk that your vacation fund will be spent on takeout or something equally trivial. Plus, if your money is just sitting idle, it’s not working for you. In short, ditch the vacation jar.

2. High Interest Savings Account (Medium Risk/ Medium Reward) High Interest Savings Accounts are undoubtedly a better option. With the money out of immediate reach, you’re already less likely to make impulse purchases. Plus, with a greater rate of return than chequing accounts (on average, High Interest Savings Accounts pay anywhere from 0.05 to 2.3% interest), you can make a little money, too.

However, most High Interest Savings Accounts allow the owner to withdraw money at any time with little or no penalty, increasing the probability that you’ll reallocate your vacation fund before next year’s getaway. So, while High Interest Savings Accounts do offer a modest reward, they also pose a moderate risk for blowing your savings, too.

3. Guaranteed Investment Certificates (Low Risk, High Reward) A great option! If you have the money today, and want to ensure you’ll have it in one year’s time, invest in a Guaranteed Investment Certificate (GIC). Here’s a breakdown of how they are a secure and stable solution.
GICs are a type of deposit given to a financial institution for a predetermined period of time (called a term). In exchange for lending the financial institution money, you’ll receive your deposit in full as well as interest earned once you hit your maturity date at the end of the term. In exchange for locking in your money, you’ll also earn more interest than the average High Interest Savings Account; for example, EQ Bank currently offers a return of 2.76% on one-year GICs which is one of the highest rates in the country.

For those using a GIC to hold onto vacation savings, there’s little risk the money will be spent before maturity (if you’ve invested in a non-redeemable GIC) – ensuring that you prioritize next year’s family vacation. Just remember that you’ll need to find an alternate source of funds (or borrow money) if other expenses come up in between.

We like to travel over the summer months so I’ve learned to stay one step ahead of my vacation spending: I normally save up from January to June and then purchase a one-year GIC. The following year on July 1st, I have my “fun funds” ready to go. Since I do this every year, I’m always guaranteed to have money to spend on family togetherness.
Sounds doable? Of course it is! For more information on GICs, visit EQ Bank.

Rates shown are in effect as of May 28, 2018 and are subject to change. For GIC terms equal to one year, simple interest is calculated on a per annum basis and paid at maturity. Interest is accrued for the entire GIC term. Non-Redeemable. For more GIC rates and information, visit eqbank.ca. EQ Bank is a trade name of Equitable Bank.

While you’re busy saving for next year’s vacation, here’s a little spending money to take along! Enter to win a $100 prepaid Mastercard – simply fill the form below with your qualifying entries. Good luck!

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Filed Under: Travel Tagged With: eq bank, family travel, gics, investments

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Reader Interactions

Comments

  1. Tracy Hall

    July 10, 2018 at 7:08 am

    Very good blog post. Will be trying this idea before my next trip.

    Reply
  2. tammy harrison

    July 10, 2018 at 7:19 am

    I have never prioritized family vacations but we are thinking about a trip next year. I never thought of a GIC as a way to help, thanks :)

    Reply
  3. Michelle Conn

    July 10, 2018 at 7:20 am

    I always save for my vacation!! I
    consider that money as gone and not sitting in my savings account!

    Ensures a guilt-free trip as long as you stick to your budget! Bon Voyage!! ????

    Reply
  4. Florence Cochrane

    July 10, 2018 at 7:26 am

    Awesome post. Yes and GIC are a great way to save a little. Putting the money in a tax free savings account even better.

    Reply
  5. Ashley Pomery

    July 10, 2018 at 8:19 am

    I haven’t prioritized vacation saving in the past, but I’m definitely going to start!

    Reply
  6. Sarita

    July 10, 2018 at 9:28 am

    I have an account in a separate savings bank that money is automatically transferred into every week. This has helped to save for all of our family vacations.

    Reply
  7. Linda Svarovsky

    July 10, 2018 at 9:28 am

    I put money aside every paycheque for vacation

    Reply
  8. Matthew Jones

    July 10, 2018 at 9:28 am

    I am totally interested in the GIC technique you describe here. Family vacations, are always very important to us, and this is just an awesome way to make them easier. Thank You!

    Reply
  9. Jenness M

    July 10, 2018 at 9:46 am

    Vacations are very important to my family so it is a priority to save. I have a tax free savings account specifically to save for vacations.

    Reply
  10. Sarah

    July 10, 2018 at 10:02 am

    I try my best to save but it doesn’t usually last very long. Something comes up that takes priority. One day we will find ourselves on vacation though :) thanks!

    Reply
  11. Kim o

    July 10, 2018 at 10:52 am

    I’m in the middle with prioritizing my saving’s for trips. Looking into a GIC account sounds like a good plan!

    Reply
  12. Gloria

    July 10, 2018 at 11:20 am

    I don’t prioritize saving for vacations because I have more important expenses. However if I do spend money for vacations it always comes out of my savings account, which I am always putting away money for.

    Reply
  13. Diane T

    July 10, 2018 at 11:42 am

    I auto contribute to my savings account whenever I get paid!

    Reply
  14. Guppy

    July 10, 2018 at 11:50 am

    No we don’t have a separate vacation fund. The cash isn’t the issue, it’s my husbands job – he rarely takes time off! I wish I wasn’t too chicken to go on a vacation alone lol!

    Reply
  15. cheryl mclellan

    July 10, 2018 at 12:12 pm

    We have a separate account for our vacation savings

    Reply
  16. Tiffany Rotulo

    July 10, 2018 at 12:28 pm

    We do prioritize family vacations. Although it’s not alway extravagant, we always make a point to do even small getaways as a family. Spending that time together and creating memories is important to us. My husband usually just takes out his vacation pay from work and that usually covers the cost.

    Reply
  17. michelle

    July 10, 2018 at 12:53 pm

    no separate fund, but we do make sure to get away as a family, even just over the weekend

    Reply
  18. Britney

    July 10, 2018 at 12:57 pm

    Thanks! This is so true! I love Disney

    Reply
  19. jan

    July 10, 2018 at 1:02 pm

    It is a line in our budget, so I guess yes.

    Reply
  20. Sara Zielinski

    July 10, 2018 at 1:29 pm

    I don’t have enough money to take big family vacations regardless so we don’t have a separate fund for it, maybe a small local trip somewhere but that is about it.

    Reply
  21. Lester C

    July 10, 2018 at 1:34 pm

    I usually save a bit from my pay cheques in a savings account. I also make a budget on how much I would put in for travel.

    Reply
  22. Janet Meisner

    July 10, 2018 at 1:50 pm

    We have saved in travel account by putting an amount aside every month.

    Reply
  23. Rick Gallard

    July 10, 2018 at 3:22 pm

    My Wife is amazing with plans and we do try to prioritize and plan ahead for saving

    Reply
  24. Julie F

    July 10, 2018 at 3:49 pm

    We put money away each month for our vacations

    Reply
  25. Jenn Erin

    July 10, 2018 at 3:50 pm

    We don’t have a separate vacation fund – we just take a little from our savings account… but GICs sounds like something we should look into!

    Reply
  26. sweetkeet

    July 10, 2018 at 4:08 pm

    I fmdefinitely try to save. I have a US accout for spending money when I trsvel as well, since it goes a lot farther pretty much everywhere.

    Reply
  27. Cathy Brown

    July 10, 2018 at 4:44 pm

    I have a vacation account, but something always happens and it goes elsewhere.

    Reply
  28. Catherine Cole

    July 10, 2018 at 5:24 pm

    I put away every payday into a fund that I use for vacations

    Reply
  29. Tara

    July 10, 2018 at 5:29 pm

    We definitely prioritize vacations. Our family would rather go somewhere and make memories than buy ‘things’. We use our tax return and put it away each spring.

    Reply
  30. Lisa L

    July 10, 2018 at 6:23 pm

    We save a little bit each month and we plan ahead. If we know we want to go on a more expensive or longer duration vacay, we will make a point to save more in the upcoming months.

    Reply
  31. Adrienne B

    July 10, 2018 at 6:43 pm

    I definitely agree and believe that family vacations are something worth saving for now matter what method you choose to save you hard earned $ with. You won’t regret those experiences.

    Reply
  32. Michelle K

    July 10, 2018 at 6:48 pm

    Great info. I haven’t prioritized vacation saving in the past, but I’m think going to start.

    Reply
  33. Calvin

    July 10, 2018 at 6:53 pm

    I save up more than I spend and always save even when I don’t want to. Good to have extra fund.

    Reply
  34. Erin N

    July 10, 2018 at 7:30 pm

    I try to save everything I can, but I have to admit, I’m not the best with money. That is probably why I haven’t been on a vacation in years. Thank you for the chance to win!

    Reply
  35. Jess

    July 10, 2018 at 7:35 pm

    I try to save a bit each and every month so that way there will always be money for a family vacation each year!

    Reply
  36. Jenny B

    July 10, 2018 at 7:46 pm

    We save for vacay but it’s not our top priority when it comes to our savings. We tend to plan around our savings and we’ll dip into our overall savings if needed.

    Reply
  37. Athena

    July 10, 2018 at 9:38 pm

    We do try to save for a vacation, but sometimes things come up.

    Reply
  38. nicky

    July 10, 2018 at 10:12 pm

    We save by putting aside a little bit each month, when we can, because travel is such a great family experience!

    Reply
  39. Jackie M

    July 10, 2018 at 10:32 pm

    I put a vacations savings account aside :)

    Reply
  40. Lindsay T

    July 10, 2018 at 10:49 pm

    We have a separate savings bank account where we have automatic deposits go in every week. We don’t spend it because it’s for travel & that’s a priority for me!

    Reply
  41. Paul

    July 10, 2018 at 11:05 pm

    No I don’t. If we want to go on vacation we will dip into the rainy day fund.

    Reply
  42. Nicole Jubleew

    July 10, 2018 at 11:18 pm

    Yes we do. We have a separate vacation savings account that we contribute to monthly. Something for all of us to look forward to!

    Reply
  43. Gina

    July 10, 2018 at 11:44 pm

    I have a vacation account and contribute every 2 weeks.

    Reply
  44. Ashley B

    July 11, 2018 at 2:11 am

    We put money in the savings for it!

    Reply
  45. Lilly Wong

    July 11, 2018 at 2:45 am

    I don’t save for vacations because I don’t go on vacations. I prefer to save for tangible things like Furniture, Laptops, TVs etc.

    Reply
  46. Eileen

    July 11, 2018 at 3:11 am

    I set up a separate bank account for a vacation fund so a little bit from each pay cheque goes into it!

    Reply
  47. Tara Betterley

    July 11, 2018 at 7:02 am

    Currently I don’t prioritize or put any monies aside for travel and vacation. I would love to start

    Reply
  48. Christine mcgee

    July 11, 2018 at 7:30 am

    Great article Lena, thanks for the suggestions

    Reply
  49. Lynda Cook

    July 11, 2018 at 9:09 am

    We do not save for vacations and haven’t gone anywhere in the last 10 or so years, but I do have a savings and I have it set up that everytime you use your debit card so much goes into savings, which helps a lot

    Reply
  50. Lana Hood

    July 11, 2018 at 11:41 am

    I use my eBay sales for vacation fun.

    Reply
  51. wendy hutton

    July 11, 2018 at 2:22 pm

    great post, I never have the extras funds to go on a vacation, the things I save for are home repairs

    Reply
  52. kathy downey

    July 11, 2018 at 2:35 pm

    No we don’t prioritize saving for vacations,our next vacation is 2019 so many we will

    Reply
  53. Sandra McG

    July 11, 2018 at 6:10 pm

    I have a tax free savings account that I use for family vacation money.

    Reply
  54. sarah alexis

    July 11, 2018 at 9:01 pm

    It’s super important to me so I “make it happen” which generally means going into debt… :(

    Reply
  55. Ira

    July 11, 2018 at 9:03 pm

    Unfortunately a vacation isn’t our priority right now, but we are good in money management and saving, so when it’ll becomes a priority I know where the money will come from.

    Reply
  56. tracy k

    July 11, 2018 at 9:13 pm

    yes, we have a separate account setup!

    Reply
  57. Ron

    July 11, 2018 at 9:45 pm

    We have a high interest savings account that we do dip into for some travel funds.

    Reply
  58. Kristi

    July 11, 2018 at 11:18 pm

    I don’t get to travel much but I do have a high-interest savings acct that I can use.

    Reply
  59. Tainan Lu

    July 11, 2018 at 11:39 pm

    I haven’t prioritized vacation saving but I will in the future probably.

    Reply
  60. Debbie White Beattie

    July 11, 2018 at 11:52 pm

    I’ve always saved for a vacation by saving any change I get while shopping etc. and it really adds up after a while.

    Reply
  61. Donna L.

    July 12, 2018 at 1:42 am

    I put away money into a savings account for vacations.

    Reply
  62. Sharon Thurston

    July 12, 2018 at 3:13 am

    Use tax free savings to hold funds on an open account where we can withdraw without penalty

    Reply
  63. Margaret Palmer

    July 12, 2018 at 3:30 am

    I prioritize careful spending on everything else so the money is automatically left over for vacations.

    Reply
  64. janine a

    July 12, 2018 at 7:01 am

    we put money away and budget for vacations

    Reply
  65. Robert Young

    July 12, 2018 at 7:26 am

    I put money aside every payday for vacation

    Reply
  66. Rachel

    July 12, 2018 at 7:44 am

    We always save every month for a small vacation fund. No touching

    Reply
  67. Melissa Fowers

    July 12, 2018 at 8:04 am

    We created a sinking fund we pay into monthly for vacations. We treat it like a bill.

    Reply
  68. Marsha Arditti

    July 12, 2018 at 8:06 am

    I always put aside money for a family vacation.

    Reply
  69. ducky

    July 12, 2018 at 8:38 am

    We always saved money every month (we grew up poor). Vacations were not the first priority but slowly those savings allowed for one every year.

    Reply
  70. Alex S.

    July 12, 2018 at 8:57 am

    I am starting to save now for a vacation. I haven’t taken one in quite awhile.

    Reply
  71. BlessedTA

    July 12, 2018 at 9:28 am

    I save from my paycheck

    Reply
  72. Tiesha

    July 12, 2018 at 9:31 am

    I put aside a little bit of money each paycheque for vacations.

    Reply
  73. jon

    July 12, 2018 at 9:36 am

    I save a little each month and put it in a separate account

    Reply
  74. Tabby72

    July 12, 2018 at 9:54 am

    Yes, we save for vacations by forgoing other purchases and eating out less, driving an older car, etc so that we prioritize vacations. We love to travel!

    Reply
  75. Brian Hwang

    July 12, 2018 at 11:01 am

    Interest rates are going up so GICs will too!

    Reply
  76. Sarah Ferguson

    July 12, 2018 at 12:53 pm

    When I know I’m planning a vacation I save up by eating out less and shopping less.

    Reply
  77. jason kinnin

    July 12, 2018 at 12:57 pm

    good stuff thanks

    Reply
  78. Edith Rennes

    July 12, 2018 at 1:22 pm

    Yes we save for vacations…and go where we can afford to go at the time.

    Reply
  79. kcf

    July 12, 2018 at 1:28 pm

    work out a budget before-hand and set up a target goal (with 20% extra just in case) and then we have a separate account for vacation funds. thx

    Reply
  80. Samm OHandley

    July 12, 2018 at 1:28 pm

    I have my bank account set aside money each Monday towards a travel fund automatically

    Reply
  81. kim

    July 12, 2018 at 2:08 pm

    We don’t prioritize vacations, but we do budget for them.

    Reply
  82. cheryl

    July 12, 2018 at 2:36 pm

    I never end up prioritizing my vacations, just end up going into debt :(

    Reply
  83. Wanda B

    July 12, 2018 at 2:45 pm

    We save a little every month in an envelope.

    Reply
  84. Heather Swanson

    July 12, 2018 at 2:47 pm

    I haven’t had a vacation for years

    Reply
  85. Cathy Balogh

    July 12, 2018 at 2:54 pm

    We are now retired so the money for vacations is in GICs

    Reply
  86. DebP

    July 12, 2018 at 3:01 pm

    We have a savings fund for vacations, but a friend of mine did really well by emptying his change every night and putting it in a jar. Simple, but he managed to save a couple of hundred extra dollars for his vacations.

    Reply
  87. Amina zafar

    July 12, 2018 at 3:05 pm

    yes I always save for vacations

    Reply
  88. leana

    July 12, 2018 at 3:19 pm

    We put a little aside each month to pay for vacations!

    Reply
  89. andrea

    July 12, 2018 at 3:23 pm

    If I don’t save for a vacation, they just won’t happen. I do need to start making it more of a priority though!

    Reply
  90. Stephanie N

    July 12, 2018 at 3:32 pm

    I have a seperate account that money goes into each moth so that there is some money for extra special things or vacations.

    Reply
  91. Stephanie N

    July 12, 2018 at 3:34 pm

    I have a seperate account that money goes into each month for extra special things and vacations.

    Reply
  92. Sandi Tymchuk

    July 12, 2018 at 4:38 pm

    I use pre-authorized debits from a chequing account to an investment account (money market funds) to save for home repairs and vacations. we also build up points on a travel rewards credit card that we pay off in full every month. Vacations are definitely a priority we save for!

    Reply
  93. Donnas

    July 12, 2018 at 4:50 pm

    I have a TFSA that I dip into for funds when necessary, including vacations.

    Reply
  94. Julie Bolduc

    July 12, 2018 at 5:25 pm

    I save money threw the year that waycome time when it’s vacation we don’t stress

    Reply
  95. Lynnie M

    July 12, 2018 at 5:36 pm

    I’m afraid we don’t save for it. We have money saved, but not for vacations. We rarely take them, but when we do, we just go! Not what we’re supposed to do, I know ;)

    Reply
  96. Nancy

    July 12, 2018 at 5:40 pm

    Putting money aside to spend on nothing else is the way I can do it.

    Reply
  97. Nate

    July 12, 2018 at 6:01 pm

    I do not save for a vacation

    Reply
  98. Kim M

    July 12, 2018 at 6:16 pm

    I don’t save for a vacation. I usually just put it on my credit card and then pay that off. Probably not the best way to plan a trip.

    Reply
  99. Lorna Webster

    July 12, 2018 at 6:29 pm

    Sadly we have nothing extra. We take a two day local vacation once a year and for that we use tax refund :( Not ideal, but when you’re in such a tight situation there isn’t much you can do.

    Reply
  100. Michelle

    July 12, 2018 at 6:29 pm

    I save money by using coupons during the year.

    Reply
  101. Rianna

    July 12, 2018 at 6:31 pm

    I never really made saving for a vacation a priority but I think I’m going to start now

    Reply
  102. Kathleen Roffey

    July 12, 2018 at 6:57 pm

    I save up until I have the money, it sometimes takes a while so we just wait until we have enough to go

    Reply
  103. Cloe St-Amour

    July 12, 2018 at 7:16 pm

    I put money aside every pay check. We don’t take vacations often but when we do we are prepared!

    Reply
  104. amber

    July 12, 2018 at 7:28 pm

    I also put money aside and budget

    Reply
  105. Rosa Cross

    July 12, 2018 at 7:51 pm

    I put aside what I can and hope I have enough when the times comes.

    Reply
  106. LILLIAN BROWN

    July 12, 2018 at 8:41 pm

    We do save for vacations, money is put away monthly and use a card that has points to go toward hotel stays.

    Reply
  107. Marc-Andre Taillefer

    July 12, 2018 at 8:52 pm

    I haven’t prioritized vacation saving in the past, but I’m definitely going to start!

    Reply
  108. Kate

    July 12, 2018 at 9:14 pm

    I don’t save for vacations unfortunately

    Reply
  109. Jolie

    July 12, 2018 at 9:53 pm

    We always put money away for vacation, we feel it’s important for our family.

    Reply
  110. Glogirl

    July 12, 2018 at 9:53 pm

    I haven’t made saving for vacation a priority. For me, saving for an emergency fund is more practical so I know funds are available should I need them.

    Reply
  111. Barb W

    July 12, 2018 at 10:38 pm

    I often don’t have it saved ;)

    Reply
  112. Margaret Huitema

    July 12, 2018 at 11:02 pm

    I’d love to save for a vacation, but my income and monthly expenses doesn’t allow me to travel.

    Reply
  113. Tina L.

    July 12, 2018 at 11:20 pm

    I haven’t prioritized vacation saving. I just set some funds aside for emergencies.

    Reply
  114. Theresa Sampson

    July 13, 2018 at 12:13 am

    I SAVE SLOWLY BUT SURELY …Eventually there’s enough and a bit extra for the surprises :)

    Reply
  115. Carole D

    July 13, 2018 at 12:28 am

    Yes we do, tax free saving account and GIC are the way to go!

    Reply
  116. Kim McLean

    July 13, 2018 at 12:41 am

    Travel for me is decided on a whim and then I plug all my extra funds on it with the idea that I won’t incure debt by the end of the trip. For example, decided in Jan that I wanted to do something special with all my unused vacation time…now I have a 5.5 Eastern European backpacking trip planned for this Summer/Fall. It’s all paid for up front and I will have enough for meals and spending money.

    Reply
  117. Andria C

    July 13, 2018 at 1:13 am

    I always pay with dollar bills and save all my change for something special.

    Reply
  118. Aimee

    July 13, 2018 at 2:46 am

    Been doing something similar for years — so easy to save when you pay yourself first.

    Reply
  119. Soozle

    July 13, 2018 at 7:19 am

    Travel is SO important to me to do once a year – i make sure I do it and find a way that fits my current financial situation

    Reply
  120. BobbiJo Pentney

    July 13, 2018 at 8:31 am

    I don’t prioritize savings for a vacation. As a single mom I am using every penny to keep up with my growing kids. Maybe one day.

    Reply
  121. Marlene V.

    July 13, 2018 at 12:26 pm

    Any savings we have we also put away for a trip. However, right now most of our savings go to helping our two kids in University. This year I have taken a promotion at work so perhaps we can have some extra savings to finally go on a vacation.

    Reply
  122. yvonne

    July 13, 2018 at 12:40 pm

    Every Summer break is usually a staycation, so, I’ve learned to budget our exploration of our city; Vancouver, there’s never any type of shortage for activities.

    Reply
  123. Julia H

    July 13, 2018 at 12:47 pm

    I used to prioratize saving for vacations, for many years. I did that in a pretty simple way – I just really wanted it! :-) I just put the money into my regular savings account, and didn’t touch it. I was also very careful with my spending, so that I was able to put money into savings – never have owned a car, don’t eat out, etc. (Of course the downside is basically no interest or anything with my bank). Anyway, for many years now, I have had to use my savings for other things (dental work, moving expenses, etc), so I have not been prioritizing saving for vacations. But I plan to start again, as I really need a vacation. Thanks for the chance!

    Reply
  124. ivy pluchinsky

    July 13, 2018 at 1:15 pm

    I have a special vacation funds account.

    Reply
  125. Stephanie

    July 13, 2018 at 5:18 pm

    Yes I always try to save when going on vacations! They can be very expensive so I try to save as much as I can!

    Reply
  126. Dave Gibb

    July 13, 2018 at 8:33 pm

    I always save for my vacation and use vacation pay for vacation.

    Reply
  127. Orna Soref

    July 13, 2018 at 11:14 pm

    When we know where we are going & seson every thing is planed to last minute

    Reply
  128. Mandy

    July 14, 2018 at 2:07 am

    I’m a saver, and I overdo it sometimes and end up with vacation monies!

    Reply
  129. Miriam Wilton

    July 14, 2018 at 3:20 am

    travel is such an important part of our lives. I would love to say we always have more then enough saved away but often travel happens in the moment and we worry about it later!

    Reply
  130. Carol Denny

    July 14, 2018 at 6:34 am

    I start saving for our trip once we decide where we will go.

    Reply
  131. LisaM

    July 14, 2018 at 8:29 am

    We try to – especially because we have family elsewhere that we try to visit at least every other year!

    Reply
  132. Melinda

    July 14, 2018 at 10:19 am

    Every year I start saving for our vacation. I save a certain amount every month.

    Reply
  133. Heather Sibley

    July 14, 2018 at 11:17 am

    We set aside an amount each paycheque for our vacation fund. Its very important for us to get away at least once a year.

    Reply
  134. kristen visser

    July 14, 2018 at 11:20 am

    we do not yet as we do not have the extra funds to be able to do so but it is something we would love to start doing so that when our girls get a little bit older we can take family vacations

    Reply
  135. darci paice

    July 14, 2018 at 11:55 am

    Yes, for years I did the CSB but now that is no longer so I have started a separate bank account. However it does also serve as an emergency house fund and unfortunately there were a few house repairs that took priority last year which meant a driving/camping getaway instead of a hotel/flight. Starting again, and one day!

    Reply
  136. Gina Bergman

    July 14, 2018 at 12:10 pm

    I use a separate bank with no card to save everymonth

    Reply
  137. Sandra Porsnuk

    July 14, 2018 at 12:11 pm

    I am starting a new job in a week with a goal of saving towards vacations, I haven’t done near enough traveling!

    Reply
  138. Shan H

    July 14, 2018 at 12:46 pm

    I haven’t made saving for family vacations a priority in the past but will definitely start!

    Reply
  139. AD

    July 14, 2018 at 1:17 pm

    We do not necessarily prioritize saving for vacation specifically; we have been blessed to earn well, but we generally save and invest (and re-invest) consistently. So we never rely on credit for fun funds or vacations, its there for us when we want to use it. But saving for vacations is important, there is nothing worse than having to dig yourself out of debt just so you can have some fun or experience the world.

    Reply
  140. Janet P.

    July 14, 2018 at 2:37 pm

    We set aside money every month for our vacation.

    Reply
  141. Andy d

    July 14, 2018 at 2:50 pm

    We try to put aside a bit of money every month but we usually end up paying most of it at the time of booking.

    Reply
  142. Ryan Rumball

    July 14, 2018 at 3:17 pm

    We haven’t saved for a vacation yet, but will have to start so we can go away next year around Christmas

    Reply
  143. Tannis W

    July 14, 2018 at 4:25 pm

    We don’t prioritize saving for vacations. We do make it a priority to have a “nest egg” saved for random projects or needs that come up, and that could be used for a holiday if desired.

    Reply
  144. caryn s

    July 14, 2018 at 4:39 pm

    we put away a little bit of money each month into a savings account. However i love this idea better as it makes more sense!

    Reply
  145. Marco Bairos

    July 14, 2018 at 5:59 pm

    I put away some money every week to save for a vacation. Unfortunately this year we won’t be going away because we have a baby due in August. But I’m ok with that

    Reply
  146. Rosi

    July 14, 2018 at 9:45 pm

    No separate fund. I kust don’t spend on wants bery much. I always have money for vacations.

    Reply
  147. Melissa Roberts

    July 14, 2018 at 9:55 pm

    This is a great idea and ensures you have the money for your family vacation!

    Reply
  148. Carina Vause

    July 14, 2018 at 10:47 pm

    I know this is a sponsored post, but I’d love to see another post one HOW o keep this family vacations low budget enough that you can take one every year.

    I used to think vacations were unattainable or so.etjkng we could only do every 3-4 years on our modest budget. But I’ve learned how to travel cheap and not compromise our family or couple time and now we vacation every 9-12 months.

    This November will mark our 5th time to Maui since our first trip in 2015.

    We’ve also done many other locations and we’ve done it low cost- high enjoyment.

    Tips like how to earn airline points, how to get the best deal on a rental car. How to save money on food when you’re away. (Vacation food can be a budget buster)

    I’ve learned some pretty outrageous high effort tips and others that are quite easy, but I’d love to hear how others save up for and save while on vacation without it impacting the enjoyment of the trip.

    Reply
    • Carina

      July 14, 2018 at 10:48 pm

      Sorry about the typos I should have done this on my computer and not my goofy ole phone !

      Reply
  149. lynn clayton

    July 14, 2018 at 11:35 pm

    i do not but i do save and ifi find a good deal on a vacation we go.

    Reply
  150. Diane G

    July 15, 2018 at 5:37 am

    I do prioritize putting away money for vacations using a savings account.

    Reply
  151. Alex Lim

    July 15, 2018 at 7:14 am

    Yes by planning ahead and starting early!

    Reply
  152. Nicole Bonomo

    July 15, 2018 at 10:05 am

    In the past I used to use my Canada Savings Bond for any vacations, now I use GIC’s.

    Reply
  153. Leeanne C

    July 15, 2018 at 10:28 am

    Make sure that I calculate what my expenses are and what I’ll need while away. Keeping a budget not to over spend.

    Reply
  154. Juliee Fitze

    July 15, 2018 at 10:36 am

    We put all of our change into a bottle and usually have enough for our trip each time.

    Reply
  155. Cindy

    July 15, 2018 at 10:43 am

    We have a vacation savings account because travelling is very important to me.

    Reply
  156. Miranda

    July 15, 2018 at 11:19 am

    We have vacation money built into our budget and it goes into a separate high interest savings account

    Reply
  157. Jill MacAulay

    July 15, 2018 at 12:31 pm

    I set aside a little each cheque into an account that doesn’t allow me to withdraw money at the ATM.

    Reply
  158. Claudia Andrews

    July 15, 2018 at 2:18 pm

    Love the article!! So informative and fun to read!! Thanks for the information and well-written and researched!!!

    Reply
  159. Kat

    July 15, 2018 at 4:25 pm

    We route money biweekly to a high interest savings account.

    Reply
  160. Christine D

    July 15, 2018 at 5:27 pm

    So far we’ve taken smaller family weekend or week getaways within province. BUT we got married last October and would love to take a family vacation next summer together. We budget with saving monthly or cutting expenses.

    Reply
  161. Rosanne

    July 15, 2018 at 6:06 pm

    Travelling is a priority for us…so we are lucky that vacation spending takes priority over other “nice to haves”. We do have a vacation account where we sock money away.

    Reply
  162. Asiemens

    July 15, 2018 at 6:09 pm

    We have a separate savings account for our vacations

    Reply
  163. M

    July 15, 2018 at 7:11 pm

    I have a separate vacation fund account that I put money aside to

    Reply
  164. linda

    July 15, 2018 at 7:31 pm

    It’s included in my yearly budget. It more making the time & coordination for a group vacation.

    Reply
  165. Charity Banman

    July 15, 2018 at 8:59 pm

    I need to make it a priority to save for vacations because our family needs time to relax. I haven’t been able to save well in the past.

    Reply
  166. Monique L.S.

    July 15, 2018 at 9:22 pm

    We save throughout the year for emergencies, unknowns etc. Once a vacation is decided upon we then filter those funds to a vacation fund. Definitely great to be able to pay for it before you go, and then you can relax and enjoy and not have to think about paying it back later.

    Reply
  167. Tara Gauthier

    July 15, 2018 at 10:59 pm

    We do the 52 week challenge to fund our vacations but I do it backwards, so at the start of the year I start with $52 for the first week then work down to $1 for the last week of the year. If need more we use extra funds like overtime at work, etc that put aside in an account.

    Reply
  168. Pearl Saban

    July 15, 2018 at 11:29 pm

    I haven’t set aside for vacations, but you’ve given some great ideas. Love the GIC idea…perfect for planning ahead…way ahead!

    Reply
  169. Elizabeth R

    July 16, 2018 at 7:47 am

    I have a special vacation fund and also save all my toonies to deposit.

    Reply
  170. Shondra

    July 16, 2018 at 9:31 am

    I am going to make it a priority now.

    Reply
  171. Cady Bisschop

    July 16, 2018 at 12:11 pm

    I have never thought of this but what a great idea! I don’t usually put away money for a vacation but as my kids are getting a little older I would like to save for a big family trip!

    Reply
  172. Kim

    July 16, 2018 at 12:48 pm

    Just created a separate savings account for vacations last month and set it up for automated payments to be withdrawn from each paycheque.

    Reply
  173. 409cope

    July 16, 2018 at 3:17 pm

    We do put money away every month for our yearly vacation.

    Reply
  174. Amy Heffernan

    July 16, 2018 at 8:23 pm

    We do EVERY single year!!

    Reply
  175. Krista M

    July 16, 2018 at 9:57 pm

    I put money away for vacation over the course of the year but I have never used a GIC. I only have a low interest savings account which really doesn’t render any interest & I should examine all my options for a better return. I draw out a plan of how much I will need to contribute monthly. Then if one month I receive any windfalls & directly put that into the vacation fund.

    Reply
  176. Tooth Fairy

    July 17, 2018 at 2:05 am

    I have always believed in saving for what I might wish to do in the future. Believe it!!

    Reply
  177. Linda

    July 17, 2018 at 10:08 pm

    We haven’t been prioritizing savings for vacations for a few years now, but we do put money aside in case we have to travel for emergencies.

    Reply
  178. Maria McLachlan

    July 17, 2018 at 11:16 pm

    I usually do a purge and go on a kijiji selling spree and put a bit of extra cash here and there away for spending money on vacation

    Reply
  179. HEIDI C.

    July 18, 2018 at 1:36 am

    With two crazy careers, four kids in special private school with one needing full-time EA support that we pay for, a mortgage, two cars, Mommy’s chronic illness, etc, etc, I can’t say that we have prioritized a family vacation and really have only taken one several years ago. Your tips definitely encourage me to try to put a little aside each month so that we can enjoy a nice trip together.

    Reply
  180. caroline m.

    July 18, 2018 at 10:52 am

    we save regularly for travel & leisure needs

    Reply
  181. Lori

    July 18, 2018 at 11:50 am

    Would be nice to prioritize a vacation…schedules are too busy but hopefully one day soon!

    Reply
  182. Jen L

    July 18, 2018 at 8:32 pm

    I used to use Canada Savings Bonds, but now I use my savings account.

    Reply
  183. June Murphy

    July 18, 2018 at 10:08 pm

    Yes we prioritize savings for vacation with auto deposits so we don’t spend it. It’s gives us something to look forward to

    Reply
  184. Betty S

    July 19, 2018 at 6:57 am

    we have always set aside money for vacations, this includes putting away a set amount each pay and also collecting all of our change. It is surprising how fast it adds up

    Reply
  185. Kim Crichton-Struthers

    July 19, 2018 at 9:41 pm

    We are saving up for a Disney trip and these are some great ideas

    Reply
  186. Jonnie

    July 19, 2018 at 10:11 pm

    We make sure to save for one big trip and several weekend getaways each year. It’s nice to have them to look forward to.

    Reply
  187. Erica Seaman

    July 20, 2018 at 9:54 am

    We do save up all year for our summer camping trips.

    Reply
  188. SweetPanda

    July 20, 2018 at 12:10 pm

    We usually will save up money in case we need to use the funds. For vacation, if we find that we have a bit of extra funds out of our proposed savings, we will start saving more for a bigger trip. If it happens that we really only have a little bit extra, we will see if we can bring our kids for a shorter road trip.

    Reply
  189. Loc V.

    July 20, 2018 at 12:39 pm

    I don’t prioritize savings for my vacations. I don’t have many luxuries or subscriptions and so I’ve always had money for a vacation or two for the year.

    Reply
  190. Jessica Gratton

    July 20, 2018 at 5:22 pm

    With the cost of living definitely not unfortunately

    Reply
  191. Carey Hurst

    July 21, 2018 at 10:24 am

    I wish I could but as a true single mom , vacations are not a priority . I would love to be able to do so though, #LifeGoal

    Reply
  192. l p

    July 22, 2018 at 2:56 am

    definitely prioritise – make plans and then decide what is needed for a budget, and then put the money away (adding extras for the inevitable extras). thanks

    Reply
  193. Eva Mitton-Urban

    July 22, 2018 at 4:57 pm

    Feed The Pig – or in this case – every cheque $150.00 in a Tim Horton’s Can – and all coffee/newspaper/magazines purchases on hold till after holidays.

    Reply
  194. Pam

    July 22, 2018 at 5:01 pm

    honestly, I am not that great with saving. We usually use our income tax rebate for a trip away.

    Reply
  195. Julie-Lynne McCann

    July 22, 2018 at 5:08 pm

    We would love to, unfortunately one income family doesn’t allow for such luxuries

    Reply
  196. Debbie F

    July 22, 2018 at 10:01 pm

    I always have good plans to start saving but the money always gets spent on something else.

    Reply
  197. Shirley S

    July 22, 2018 at 10:11 pm

    I do prioritize vacations. I have a separate account for vacation savings.

    Reply
  198. Brenda

    July 22, 2018 at 11:52 pm

    I pay my vacation fund first and save it up until it’s truly vacation time.

    Reply
  199. Bibi

    July 22, 2018 at 11:57 pm

    I pick a place and duration of where I want to go than put away $50-$100 each paycheque to pay for my next vacation. This way I can pay for the trip and have spending money.

    Reply
  200. Linda G

    July 23, 2018 at 12:16 am

    Have a regular saving plan and stay with it.

    Reply
  201. Brenda

    July 23, 2018 at 7:50 am

    I have a separate “vacation account” that I deposit into on a regular basis..amazing how quickly it adds up!

    Reply
  202. Suzanne

    July 23, 2018 at 9:00 am

    I have a separate account and put funds biweekly

    Reply
  203. Erin W

    July 23, 2018 at 10:33 am

    I have a specific savings account that I use for vacation savings, and I also save all our spare change, it can add up pretty fast!

    Reply
  204. Rosanne Robinson

    July 23, 2018 at 1:06 pm

    We save in advance for all of the big expenses incurred on vacation.

    Reply
  205. Debra P.

    July 23, 2018 at 1:08 pm

    I transfer money once a money to a special vacation savings account. Out of sight, out of mind!

    Reply
  206. Alayne Langford

    July 23, 2018 at 2:22 pm

    We put a little money aside each month for vacay! :)

    Reply
  207. Kelly Baker

    July 23, 2018 at 3:03 pm

    I set aside a little out of each pay for vacation, emergencies, etc.

    Reply
  208. Judy Cowan

    July 23, 2018 at 4:12 pm

    We set aside a little money from each pay for our vacation fund.

    Reply
  209. Rhonda

    July 23, 2018 at 6:33 pm

    We just use our “house” saving account for as often as we travel.

    Reply
  210. Shauna

    July 23, 2018 at 6:47 pm

    I save for vacations in a similar manner as you do, a one year GIC each summer that ends up being the follow summers funds.

    Reply
  211. Kathryn

    July 23, 2018 at 7:33 pm

    I’m horrible at saving (I hate cooking and washing dishes so there’s way too much take out around here)
    I need to get my financial house in order so I can go on vacation :)

    Reply
  212. Sandra F

    July 23, 2018 at 11:02 pm

    We save each month and treat ourselves to a great vacation when we have saved enough.

    Reply
  213. Ginger Gervais

    July 24, 2018 at 2:28 am

    I don’t save for vacations. I save for when my family visits me then I can take them out and have a good time :)

    Reply
  214. joy

    July 24, 2018 at 10:07 am

    we haven’t been taking vacations. but my daughter is 17 and has caught the travel bug. therefore, I guess we need to start saving; I am not quite sure how to do it though – because all of our earnings go right to everyday living!

    Reply
  215. Joni

    July 24, 2018 at 11:46 am

    I always save up for something. Just not sure what. I’ll need to take a vacation soon.

    Reply
  216. Jenny Major

    July 25, 2018 at 9:29 am

    We went to Disney last year, so definitely prioritized that trip!

    Reply
  217. Lisa Neutel

    July 25, 2018 at 10:32 am

    I have to save save save for family vacations , we use everything from credit card points and budgeting to make sure we have a family vacation

    Reply
  218. Clare O'Brien

    July 26, 2018 at 12:38 am

    I prioritize saving for vacations! We like to take one during the Christmas break and during the summer, so we definitely have to save up.

    Reply
  219. Dar w

    July 26, 2018 at 4:41 pm

    Great write up! I’ve never prioritized vacation before except for my own 40th birthday trip. I should do this and take my fam somewhere nice!

    Reply
  220. Jill McDowell

    July 27, 2018 at 7:43 pm

    I am always ready for a holiday but don’t really actively save for it specifically. Every paycheque has portions that go into a savings account so we are fortunate that we have the funds to travel whenever we like. My husband also works for a hotel so we get cheap rates when we stay at the same brand, which helps a ton!

    Reply
  221. TARA KERR

    July 28, 2018 at 12:00 am

    I prioritize saving by setting up automatically with my bank to take out a portion of my paycheck(even a small amount) into a separate savings account for holidays.

    Reply
  222. Joyceln Teno

    July 28, 2018 at 12:34 am

    My favourite past time is taking vacations. I think it is worth it to eat at home in order to save for a vacation.

    Reply
  223. Debbie

    July 28, 2018 at 1:15 am

    I try pay myself first.

    Reply
  224. Mike Gismondi

    July 28, 2018 at 1:31 am

    I put money aside every paycheque for vacations

    Reply
  225. Angela Griffin

    July 28, 2018 at 1:33 am

    I use my tax return for vacations

    Reply
  226. Casey Miller

    July 28, 2018 at 2:48 am

    We live in BC. After childcare, RRSP, RESP, mortgage, and general cost of living too high. Trying to win a vacation.

    Reply
  227. Linda Bragg

    July 28, 2018 at 10:33 am

    I am an American living as a permanent resident in Canada with my Canadian husband. I am retired and receive pension from the states so I have an American savings account that all my checks go into. They are saved for emergencies or mainly for vacations each year for when we go to the states to visit family. If we don’t go there then we will take a bit for a weekender or a small vaca here in Canada. It has been really nice but the only thing is. it does not get hardly any interest and I wish it would build better or us have more than the little bit I get….

    Reply
  228. Toby

    July 28, 2018 at 10:54 pm

    We put the same amount aside each month.

    Reply
  229. Judy hunting

    July 29, 2018 at 4:47 pm

    We try to save when we can. Unfortunately that is getting harder and harder to do

    Reply
  230. Maritess S

    July 30, 2018 at 12:54 am

    We make sure to save up for a vacation at least once a year.

    Reply
  231. Kristy R

    July 30, 2018 at 1:12 pm

    We don’t put away any money for vacations, but we do save our points for flights and hotels.

    Reply
  232. Amanda

    July 31, 2018 at 12:19 am

    Currently have a vacation jar that me and my daughter have been contributing to.

    Reply
  233. Celeste Herrin

    July 31, 2018 at 11:46 am

    We have one savings accounts and might use it occasionally to go on vacation. It is not top priority because we try to spend family time locally all that we can.

    Reply
  234. Cassandra D

    July 31, 2018 at 5:03 pm

    I prioritize saving for vacations. I make sure that I keep a plan in place and that funds put away on a biweekly basis.

    Reply
  235. Nyx

    July 31, 2018 at 7:13 pm

    work bonus is saved for vacations

    Reply
  236. Robyn Bellefleur

    July 31, 2018 at 8:06 pm

    I do try to save some money ahead of time, before vacation. But, as it usually happens, we pay for it from our tax refunds each year.

    Reply
  237. Lindsay O

    August 4, 2018 at 3:49 pm

    I definitely prioritize for vacations. I love to travel! I have direct deposit set up on my account so that part of every paycheque is automatically deposited into my vacation account!

    Reply

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