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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!
Very good blog post. Will be trying this idea before my next trip.
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 :)
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!! ????
Awesome post. Yes and GIC are a great way to save a little. Putting the money in a tax free savings account even better.
I haven’t prioritized vacation saving in the past, but I’m definitely going to start!
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.
I put money aside every paycheque for vacation
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!
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.
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!
I’m in the middle with prioritizing my saving’s for trips. Looking into a GIC account sounds like a good plan!
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.
I auto contribute to my savings account whenever I get paid!
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!
We have a separate account for our vacation savings
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.
no separate fund, but we do make sure to get away as a family, even just over the weekend
Thanks! This is so true! I love Disney
It is a line in our budget, so I guess yes.
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.
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.
We have saved in travel account by putting an amount aside every month.
My Wife is amazing with plans and we do try to prioritize and plan ahead for saving
We put money away each month for our vacations
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!
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.
I have a vacation account, but something always happens and it goes elsewhere.
I put away every payday into a fund that I use for vacations
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.
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.
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.
Great info. I haven’t prioritized vacation saving in the past, but I’m think going to start.
I save up more than I spend and always save even when I don’t want to. Good to have extra fund.
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!
I try to save a bit each and every month so that way there will always be money for a family vacation each year!
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.
We do try to save for a vacation, but sometimes things come up.
We save by putting aside a little bit each month, when we can, because travel is such a great family experience!
I put a vacations savings account aside :)
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!
No I don’t. If we want to go on vacation we will dip into the rainy day fund.
Yes we do. We have a separate vacation savings account that we contribute to monthly. Something for all of us to look forward to!
I have a vacation account and contribute every 2 weeks.
We put money in the savings for it!
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.
I set up a separate bank account for a vacation fund so a little bit from each pay cheque goes into it!
Currently I don’t prioritize or put any monies aside for travel and vacation. I would love to start
Great article Lena, thanks for the suggestions
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
I use my eBay sales for vacation fun.
great post, I never have the extras funds to go on a vacation, the things I save for are home repairs
No we don’t prioritize saving for vacations,our next vacation is 2019 so many we will
I have a tax free savings account that I use for family vacation money.
It’s super important to me so I “make it happen” which generally means going into debt… :(
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.
yes, we have a separate account setup!
We have a high interest savings account that we do dip into for some travel funds.
I don’t get to travel much but I do have a high-interest savings acct that I can use.
I haven’t prioritized vacation saving but I will in the future probably.
Debbie White Beattie
I’ve always saved for a vacation by saving any change I get while shopping etc. and it really adds up after a while.
I put away money into a savings account for vacations.
Use tax free savings to hold funds on an open account where we can withdraw without penalty
I prioritize careful spending on everything else so the money is automatically left over for vacations.
we put money away and budget for vacations
I put money aside every payday for vacation
We always save every month for a small vacation fund. No touching
We created a sinking fund we pay into monthly for vacations. We treat it like a bill.
I always put aside money for a family vacation.
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.
I am starting to save now for a vacation. I haven’t taken one in quite awhile.
I save from my paycheck
I put aside a little bit of money each paycheque for vacations.
I save a little each month and put it in a separate account
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!
Interest rates are going up so GICs will too!
When I know I’m planning a vacation I save up by eating out less and shopping less.
good stuff thanks
Yes we save for vacations…and go where we can afford to go at the time.
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
I have my bank account set aside money each Monday towards a travel fund automatically
We don’t prioritize vacations, but we do budget for them.
I never end up prioritizing my vacations, just end up going into debt :(
We save a little every month in an envelope.
I haven’t had a vacation for years
We are now retired so the money for vacations is in GICs
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.
yes I always save for vacations
We put a little aside each month to pay for vacations!
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!
I have a seperate account that money goes into each moth so that there is some money for extra special things or vacations.
I have a seperate account that money goes into each month for extra special things and vacations.
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!
I have a TFSA that I dip into for funds when necessary, including vacations.
I save money threw the year that waycome time when it’s vacation we don’t stress
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 ;)
Putting money aside to spend on nothing else is the way I can do it.
I do not save for a vacation
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.
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.
I save money by using coupons during the year.
I never really made saving for a vacation a priority but I think I’m going to start now
I save up until I have the money, it sometimes takes a while so we just wait until we have enough to go
I put money aside every pay check. We don’t take vacations often but when we do we are prepared!
I also put money aside and budget
I put aside what I can and hope I have enough when the times comes.
We do save for vacations, money is put away monthly and use a card that has points to go toward hotel stays.
I haven’t prioritized vacation saving in the past, but I’m definitely going to start!
I don’t save for vacations unfortunately
We always put money away for vacation, we feel it’s important for our family.
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.
I often don’t have it saved ;)
I’d love to save for a vacation, but my income and monthly expenses doesn’t allow me to travel.
I haven’t prioritized vacation saving. I just set some funds aside for emergencies.
I SAVE SLOWLY BUT SURELY …Eventually there’s enough and a bit extra for the surprises :)
Yes we do, tax free saving account and GIC are the way to go!
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.
I always pay with dollar bills and save all my change for something special.
Been doing something similar for years — so easy to save when you pay yourself first.
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
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.
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.
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.
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!
I have a special vacation funds account.
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!
I always save for my vacation and use vacation pay for vacation.
When we know where we are going & seson every thing is planed to last minute
I’m a saver, and I overdo it sometimes and end up with vacation monies!
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!
I start saving for our trip once we decide where we will go.
We try to – especially because we have family elsewhere that we try to visit at least every other year!
Every year I start saving for our vacation. I save a certain amount every month.
We set aside an amount each paycheque for our vacation fund. Its very important for us to get away at least once a year.
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
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!
I use a separate bank with no card to save everymonth
I am starting a new job in a week with a goal of saving towards vacations, I haven’t done near enough traveling!
I haven’t made saving for family vacations a priority in the past but will definitely start!
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.
We set aside money every month for our vacation.
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.
We haven’t saved for a vacation yet, but will have to start so we can go away next year around Christmas
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.
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!
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
No separate fund. I kust don’t spend on wants bery much. I always have money for vacations.
This is a great idea and ensures you have the money for your family vacation!
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.
Sorry about the typos I should have done this on my computer and not my goofy ole phone !
i do not but i do save and ifi find a good deal on a vacation we go.
I do prioritize putting away money for vacations using a savings account.
Yes by planning ahead and starting early!
In the past I used to use my Canada Savings Bond for any vacations, now I use GIC’s.
Make sure that I calculate what my expenses are and what I’ll need while away. Keeping a budget not to over spend.
We put all of our change into a bottle and usually have enough for our trip each time.
We have a vacation savings account because travelling is very important to me.
We have vacation money built into our budget and it goes into a separate high interest savings account
I set aside a little each cheque into an account that doesn’t allow me to withdraw money at the ATM.
Love the article!! So informative and fun to read!! Thanks for the information and well-written and researched!!!
We route money biweekly to a high interest savings account.
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.
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.
We have a separate savings account for our vacations
I have a separate vacation fund account that I put money aside to
It’s included in my yearly budget. It more making the time & coordination for a group vacation.
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.
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.
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.
I haven’t set aside for vacations, but you’ve given some great ideas. Love the GIC idea…perfect for planning ahead…way ahead!
I have a special vacation fund and also save all my toonies to deposit.
I am going to make it a priority now.
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!
Just created a separate savings account for vacations last month and set it up for automated payments to be withdrawn from each paycheque.
We do put money away every month for our yearly vacation.
We do EVERY single year!!
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.
I have always believed in saving for what I might wish to do in the future. Believe it!!
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.
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
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.
we save regularly for travel & leisure needs
Would be nice to prioritize a vacation…schedules are too busy but hopefully one day soon!
I used to use Canada Savings Bonds, but now I use my savings account.
Yes we prioritize savings for vacation with auto deposits so we don’t spend it. It’s gives us something to look forward to
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
We are saving up for a Disney trip and these are some great ideas
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.
We do save up all year for our summer camping trips.
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.
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.
With the cost of living definitely not unfortunately
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
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
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.
honestly, I am not that great with saving. We usually use our income tax rebate for a trip away.
We would love to, unfortunately one income family doesn’t allow for such luxuries
I always have good plans to start saving but the money always gets spent on something else.
I do prioritize vacations. I have a separate account for vacation savings.
I pay my vacation fund first and save it up until it’s truly vacation time.
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.
Have a regular saving plan and stay with it.
I have a separate “vacation account” that I deposit into on a regular basis..amazing how quickly it adds up!
I have a separate account and put funds biweekly
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!
We save in advance for all of the big expenses incurred on vacation.
I transfer money once a money to a special vacation savings account. Out of sight, out of mind!
We put a little money aside each month for vacay! :)
I set aside a little out of each pay for vacation, emergencies, etc.
We set aside a little money from each pay for our vacation fund.
We just use our “house” saving account for as often as we travel.
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.
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 :)
We save each month and treat ourselves to a great vacation when we have saved enough.
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 :)
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!
I always save up for something. Just not sure what. I’ll need to take a vacation soon.
We went to Disney last year, so definitely prioritized that trip!
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
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.
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!
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!
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.
My favourite past time is taking vacations. I think it is worth it to eat at home in order to save for a vacation.
I try pay myself first.
I put money aside every paycheque for vacations
I use my tax return for vacations
We live in BC. After childcare, RRSP, RESP, mortgage, and general cost of living too high. Trying to win a vacation.
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….
We put the same amount aside each month.
We try to save when we can. Unfortunately that is getting harder and harder to do
We make sure to save up for a vacation at least once a year.
We don’t put away any money for vacations, but we do save our points for flights and hotels.
Currently have a vacation jar that me and my daughter have been contributing to.
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.
I prioritize saving for vacations. I make sure that I keep a plan in place and that funds put away on a biweekly basis.
work bonus is saved for vacations
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.
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!