How to resist the temptation to spend too much on vacation

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Instead of debiting everything from a credit card, consider opening a checking account for your vacation spending and paying those charges by debit or cash.

“Just transfer the money you have planned for the vacation to that new account,” Baggerly said. “When you agree to only use this account for your vacation spending, it’s easy to see how much you’ve spent as well as how much money you have left to spend. Make sure to withdraw from overdraft options or options to withdraw money from your savings. This ready-to-use method will keep you on budget this year! “

Bola Sokunbi, Founder and CEO of Clever Girl Finance, also recommends having a dedicated vacation spending account.

“One way to resist the temptation to overspend while on vacation is to create an account dedicated to your vacation spending, such as gifts, travel, events, etc.,” she said. “That way you can plan exactly how much you can afford to spend without affecting your other goals, and you can track your vacation spending against that account to stay on track. “

Give this account a name so you know exactly what it’s used for.

“I like to create dedicated titled accounts for my various spending goals,” said personal finance expert Marcus Garrett. “It’s surprisingly easy to do. In fact, most banks already allow you to nickname accounts you already have access to by category directly online or on their app. Seeing an account listed as “vacation,” “vacation,” or, unfortunately, “taxes,” helps me stay disciplined year round and even through the temptations of spending the vacation season. “

Read: Where to get unique holiday gifts without leaving your home


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