Saving Up for Hawaii – Making Smart Money Moves
Just last week, I was reflecting on my personal finance habits. I wasn’t really in the mood to think about money, but I poured all my energy into that chimichanga instead – I’m not perfect either! However, I did pass up on some drinks and new clothes. So you could say it’s either a small victory or a big fail, you decide.
I then remembered how frugality used to motivate me back when I was repaying my student loans. It’s always a thrill to learn a new money-saving trick or pick up a frugal skill. Keeping on top of my finances this way really kept me engaged.
Now, let’s talk about my upcoming trip to Hawaii with my best friend, who’s not known for being frugal. My initial budget is $3,500, but I can stretch it to $4,000 if necessary. However, the real challenge is to see how much I can cut costs while still having the high-quality vacation you’d expect for that price!
As we’re just figuring out our plans, I started considering using some travel hacks. I know I have around $2,000 of expenses for the next few months. Why not use gift cards to pay for these?
Here’s my ambitious plan. I have a Chase Sapphire Credit Card, which gives me a $625 travel credit if I spend $4,000 within three months. Firstly, I plan to pay for my car insurance for the year, which costs $1,100. Then, I hope to cover as many wedding expenses as possible for my friend’s wedding, costing between $400-$900.
I recently got a speed ticket that cost me $250. As luck would have it, this unplanned expense can contribute towards my spending target. I’m choosing to look on the bright side here!
Next, I opened a PNC Virtual Wallet account with a $2,000 deposit from my card. Reading up on it, everyone seems to say that this won’t be billed as a cash advance but as a purchase. Plus, I get a $200 bonus just for opening it! The catch? I have to keep $2,000 in there for at least 6 months.
So my plan is, for the next half a year, I’ll keep my down payment savings in this PNC account. Meanwhile, I’ll use the $2,000 already in my savings account with another bank to settle the credit card debt.
If everything goes according to plan in the first few weeks, I even might get another smaller rewards card with a $1,000 spend.
The coolest part about this whole thing? This plan gives me the opportunity to save at least $600 on this trip.
But now the question remains – will my money planning skills prove to be top-notch or will everything go south?
Anyone out there got any tips to lower my Hawaiian vacation costs? What are the pitfalls to avoid? Suggestions on which islands to visit? I’ve got my mind set on seeing a volcano and attending a luau. Oh, and FYI, Hawaii is huge! There’s no way we could see it all in one week.