With summer finally on the way you’re probably dreaming about a warm and sunny vacation. But vacations cost money.  TD Bank wants you to enjoy your vacation without the unnecessary hassle of worrying about finances. From planning to saving, these Vacation Financial Tips will be sure to ease the preparation process and allow for smooth sailing throughout the summer months.

“Whether you’re taking a vacation in a few months or next year, now is the time to start planning for your trip,” said Matt Chevalier, TD Bank’s Senior Vice President, Retail Sales Strategy Group.

Chevalier has a few tips to get you financially ready for your upcoming vacation.

Plan your trip

Before you know how much you need, you need to know how much your trip will cost. Add up all travel expenses including plane tickets or gas money, parking, hotels, food and all activities. Don’t forget about things at home such as boarding your pets or hiring a house sitter.

“It’s also good to have a cushion of extra savings for unexpected expenses,” Chevalier said. “I like to add a few extra dollars for spur of the moment ice cream sundaes or that perfect souvenir to bring home.”

Create a dedicated savings account

Once you know how much it will take to pay for your vacation, start saving. Consider opening an account that encourages you to save through recurring transfers into it such as TD Bank’s Simple Savings account. This account makes it easy to save using recurring transfers and helps you avoid maintenance fees during the first year.  And you can continue to save even after your vacation by regularly contributing to your savings – keep up the good habit of saving regularly and watch your savings grow. If you are saving towards several goals, you may choose to have separate accounts for each goal.

Pay for everything with your rewards credit card

Many credit cards have cash-back or reward points that can quickly add up to big savings. Let your cash-back points accumulate, then put the money into your vacation savings account.

If you don’t have any upcoming travel plans, check with your credit card company to see if you can trade in your miles for a statement credit, to save you money.

Pre-purchase vacation activities

Some activities that require tickets such as amusement parks or cruise excursions can be pre-purchased, saving you valuable time in line. Many of them even offer a discount if you purchase them through their website or a local retail partner. This allows you to be prepared in advance, while also saving you money.

A pre-paid debit card is also a great option to keep your budget in check. Load the card with the amount of money you want to spend on your trip and be sure to use only that card to pay for your expenses. This is a great option if you want to make sure you don’t overspend!

Don’t forget to relax!

You are on vacation so go ahead and spend the money you worked so hard to save. If you need to check your accounts, using your bank’s mobile app is a great way to quickly check your balance, allowing you to relax knowing that you are staying within your budget.

Continue these saving habits when you return from your vacation, and you’ll have a jump start on your next trip. It’s never too early to start saving.

For more information visit www.tdbank.com