As summer rapidly approaches, consumers all over are looking to get away and enjoy a nice vacation. But with inflation sticking around — having a staycation of its own — is it possible to save up enough to travel while avoiding debt?
Yahoo money management Contributor and Maconomics Founder Ross Mac joins Wealth! explains how Americans can build a vacation fund, including moving your money into a high-yield savings account.
“Start putting intervals of investments into a separate account so that once that vacation comes, guess what? You’re not going into debt, right? And so when it’s all said and done, maybe set up another account, right? Maybe a high yield account, which I always love because you’re getting a great return on your money,” Mac explains. “But now the best part about it is let’s actually work backwards, right? Say that this vacation is going to cost you, I don’t know, $4,000 all-in in terms of travel and hotel. And maybe you want another thousand dollars for spending money, right? And say that’s 20 weeks from now. Well, guess what? You got $5,000 divided by 20 weeks.”
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