How does a vacation fund work?

A travel fund is an account that helps you save the amount needed to take a trip. Typically, you add to it regularly (manually or by automatically depositing some of your paycheck) until you reach your goal amount. Having the money in an interest-bearing account can help you grow your money more quickly.

Where should I put vacation money?

If you want to grow your trip fund money, it’s wise to put it in a savings account where it’s liquid but earning interest. Look for a secure bank that offers a healthy annual percentage yield (APY). These high-interest or high-yield accounts are often found with no fees and low or no minimum balance requirements at online banks. Because these banks don’t have bricks-and-mortar locations, they can pass the savings onto customers.

What is a reasonable vacation budget?

A reasonable vacation budget will depend on your particular plans. Are you going to a lavish resort in the Mediterranean for two weeks or to a cabin at a local park for the weekend? Whatever your travel style may be, making a budget is critical. By researching transportation, lodging, food, entertainment, and excursion costs in advance, you can likely figure out your savings goal.

Dream Kitchen Ideas

How to Save for a Vacation: Creating a Travel Fund

https://www.sofi.com/learn/content/creating-a-travel-fund/

Whether your travel dreams have you strolling through Paris, eating dozens of flaky croissants, or cozied up in a cabin at a stunning state park, saving for vacation is an important step. To create a travel fund, you may need to determine how much cash you need to accrue; how to automate the process; and […]

33 Inexpensive Ways to Refresh Your Home Room by Room

https://www.sofi.com/learn/content/ways-to-refresh-your-home/

The change of seasons often brings on a flurry of cleaning and a home refresh. If you’re looking for some budget-friendly changes that will bring new life to your rooms, we have those for you. Before you start, try to clear any clutter you may have. If you tend to hoard, begin your refresh by […]

Typical Landscaping Costs You Can Expect

https://www.sofi.com/learn/content/typical-landscaping-costs/

Creating a beautifully landscaped home can improve your day-to-day life and also increase the resale value of your home, making it well worth the investment. The question is, how much will it cost? Landscaping costs range widely depending on the size, design, and scope of the project, and whether you plan to do it yourself […]

Benefits of Buying vs Renting a Home

https://www.sofi.com/learn/content/renting-vs-buying-a-home/

It can feel as if paying rent every month is akin to throwing money away. You don’t grow equity in a home, nor do you have a place to call your own or customize as you see fit (farmhouse kitchen sink, anyone?). Perhaps you’re wondering if the time is right to buy a home or […]

How Much Does It Cost to Build a House? A Guide to Home Building Costs

https://www.sofi.com/learn/content/how-much-does-it-cost-to-build-a-house/

If you’re in the market for a home, the thought of building your own house may have crossed your mind. Not only does building your own home take you out of the rat race of bidding for a home in a seller’s market, but you get the luxury of building your dream house to spec. […]

“Dream Kitchen Ideas”

How to Save for a Vacation: Creating a Travel Fund

33 Inexpensive Ways to Refresh Your Home Room by Room

Typical Landscaping Costs You Can Expect

Benefits of Buying vs Renting a Home

How Much Does It Cost to Build a House? A Guide to Home Building Costs

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