Here in Colorado the snow has started to fly and many people are planning their winter escapes or ski vacations. As you are planning for some winter fun in the next few months, we suggest taking a look at your finances and creating a savings plan to keep the stress meter low and the fun meter high.

Here are 7 tips to save for your winter vacation while saving some additional money along the way:

Calculate the Cost
Start by figuring out how much your trip will cost. Be sure to include flights, transportation, lodging, meals, activities or excursions and souvenirs. If you have dates in mind for your trip, divide the total cost over the number of months you have before your travel. (Cost of Trip / Months Before Travel = Monthly Savings Rate) If the monthly savings goal is too much, consider pushing back your travel dates.

Create a Vacation Account
To keep from dipping into your vacation savings before the big trip, create a separate vacation savings account. Put your vacation savings directly into the account and don’t touch it until it’s time to buy airfare, put down a deposit, etc. Continue reading →