March 12, 2021
The coronavirus might have put a halt to your travel plans, but there are a few ways you can choose to spend the money you might have saved up for a travel vacation. From saving it for a rainy day to gifting it as donations, here are a few things you can do with your summer travel fund.
There is no shame in deciding to forego a summer vacation this year. With potential restrictions making it difficult to travel, you can still spend time and bond with your family in the comfort of your own home. Opt to put the travel money into your emergency fund and save for a rainy day. If 2020 has taught us anything, it’s that anything can happen, and it’s better to be prepared financially.
If you are sick of spending time in your home (alone or otherwise), you can choose to spend your money on experiences that help reduce stress and create memories. After all, that is one of the perks of traveling. Instead of jet-setting across the world, you can use the money to start a side hustle, take online art classes, or do some gardening. Spending your money on experiences that improve your mental health is worth every penny.
If you feel like you are in a financially stable place in your life and are looking to give back to your community, donate some of your summer travel money to an organization or cause you are passionate about. Many non-profit and community organizations have taken a financial hit because of the pandemic. Donating money is an important way to help aid these charities and organizations. Since social distancing efforts have limited volunteering opportunities, this is also a great way to give back to the community.
Whether you made the decision to save or spend your summer travel budget, these are only some of the many ways you can use your money wisely. If you have questions about financial planning, speak to a Personal Banker at your local branch.