Your summer guide to stress-free summer travel

Budgeting for summer travel without the stress
Summer is synonymous with adventure, relaxation, and new experiences. Whether you dream of a cross-country road trip, a serene beach getaway, or exploring a vibrant new city, the key to a stress-free summer vacation lies in smart financial planning. At University Credit Union (UCU), we believe your financial well-being should support your life's adventures. Here's how you can budget for your summer travel without the stress, focusing on smart money management and how financial tools can help.
Smart money management and planning
Before you even book your first flight or hotel, take time to assess your financial situation.
Set a realistic budget: Determine how much you can comfortably spend on your trip without compromising your financial stability. Consider all potential expenses: transportation, accommodation, food, activities, souvenirs, and a buffer for unexpected costs. Be honest with yourself about what you can afford.
Track your spending: Use budgeting apps or spreadsheets to monitor your income and expenses. This will help you identify areas where you can save more for your travel fund. Understanding where your money goes daily is the first step to finding extra cash for your trip.
Set savings goals: Once you have a budget, set clear savings goals. Automate transfers from your checking account to a dedicated savings account to consistently grow your travel fund. Even small, regular contributions add up quickly.
For more comprehensive resources and tools to help you develop strong financial habits, visit MyMoney.gov, a U.S. government website dedicated to financial education.

Your checking account: The core of your travel fund
Your checking account is the foundation of your financial planning. It's where your income typically lands, and from which most of your bills are paid. When it comes to travel, your checking account serves as the central hub for your dedicated travel savings.
Dedicated savings: Consider setting up a separate savings goal or even a distinct savings account linked to your primary checking account. This keeps your travel funds separate from your everyday spending, making it easier to track your progress and avoid accidentally dipping into your vacation money.
Access and management: Modern banking, often accessible through digital platforms, allows you to manage your travel budget on the go, transfer funds, and keep an eye on your spending, no matter where your adventures take you. Many financial institutions, like UCU, offer checking accounts with features designed to help you manage your money efficiently.
Credit cards: A tool for smart spending and rewards
Credit cards can be a valuable tool for travel, offering convenience, security, and rewards. However, responsible use is crucial to avoid debt that can quickly overshadow your vacation memories.
Leverage rewards: UCU's Rewards or Cash Back Credit Cards offer great benefits to help you save for travel or benefit on travel purchases. Strategically using a card that aligns with your spending habits can help you accrue benefits that can significantly offset travel costs, such as flights or hotel stays.
Security and convenience: Credit cards offer a layer of fraud protection that debit cards might not, making them safer for travel purchases. They also provide a convenient way to pay for expenses abroad.
Pay in full: To truly benefit from credit card rewards and avoid costly interest charges, always aim to pay your balance in full each month. Carrying a balance negates any rewards earned and can lead to financial stress long after your trip ends. Explore options for credit cards that offer competitive rates and benefits that fit your spending style.

Personal loans: Bridging the gap for summer travel
Sometimes, even with careful planning, you might need a little extra financial flexibility to make your summer travel dreams a reality, especially for bigger, once-in-a-lifetime trips.
Consider a travel-specific loan: UCU's Summer Loan is a personal loan designed to help you maximize your summer fun. This loan provides a lump sum of funds to cover larger travel costs.
Evaluate the terms: Before taking out any loan, understand the interest rates, repayment terms, and any associated fees. Ensure the monthly payments fit comfortably within your post-vacation budget. A loan should be a thoughtful decision to enhance your experience, not create future financial strain.
Flexible loan management: Options for existing commitments
If you have existing loan commitments, managing them strategically can free up funds for your summer travels.
"Skip a pay" options: Some financial institutions may offer a "skip a pay" option for eligible loans, allowing you to defer a payment for a month. This can provide temporary financial relief, freeing up funds that can be reallocated to your vacation budget.
Understand the impact: While "skip a pay" can offer immediate flexibility, understand that interest may still accrue during the skipped period, and your loan term might be extended. Always check with your credit union or lender to see if this option is available for your specific loan products and to understand any associated terms and conditions.
By combining smart money management practices with the beneficial financial tools available, you can enjoy a fantastic, stress-free summer vacation without compromising your financial peace of mind. Start planning your budget today and make this summer one to remember!
Leaving University Credit Union Website
Giving our University Communities a financial advantage
University Credit Union offers membership to employees, students and alumni of UCLA, Pepperdine University, Loyola Marymount University, Santa Clara University, Saint Mary's College, UC Irvine, UC Davis, UC San Diego, Georgia Tech, University of Texas at Arlington, Abilene Christian University, Mount St. Mary's University, Chabot College and Las Positas College, West Coast Conference Universities, Western Athletic Conference Universities, and other universities throughout California. UCU offers a variety of products and services including checking accounts, credit cards, home mortgages, auto loans, personal loans, commercial loans, insurance, investments, as well as digital banking.