Managing Your Green to Avoid the Summer Vacation Blues

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Managing Your Green to Avoid the Summer Vacation Blues

2nd May, 2008

Does the uncertain economy have you wondering if you can afford a vacation this summer? By taking certain measures, it's still possible, says the American Financial Services Association Education Foundation (AFSAEF).

"A realistic spending plan, responsible credit use and bargain hunting all can go a long way toward allowing you to enjoy your time off without adding unmanageable debt," said Susie Irvine, president and CEO of AFSAEF. The Foundation offers the following recommendations:

Before your vacation:

-- Set a budget. This may be a good year to consider shorter trips or exploring the tourist spots where you live.
-- Research, research, research. Check the Internet for lower-priced airfares and hotel accommodations, and read the offers carefully. Search for discount codes online and/or ask about discounts when booking.
-- Determine a realistic gas allowance if you plan to drive, as industry experts expect gas to exceed $4 per gallon this summer in many areas. Check the Internet for average gas prices where you're headed.
-- Know the line of credit on your credit cards and the daily withdrawal amounts allowed for your debit and ATM cards. Find out if your ATM card is accepted in your destination without additional fees.
-- Know the refund policies for your airline, hotel, booking site, travel agent, etc. in case you have to cancel your trip. If they do not have a refund policy, consider purchasing travel insurance.
-- Check the condition of your vehicle's tires, belts, battery and spark plugs a week or two before hitting the road. Maintenance is less expensive than emergency road service and helps maximize your gas mileage.
-- Organize your packing, to avoid paying high prices at the hotel gift shop to replace forgotten items.

During your vacation:

-- Cut back on activities. Rather than trying to see every attraction -- and exhausting yourself in the process -- spend more time relaxing.
-- Keep track of how much you're spending each day to help you stay within your budget.
-- Limit the number of credit cards that you carry. Bring only those that you actually plan to use.
-- Be aware that cash advances have a higher interest rate than regular charges on a credit card and carry no grace period.
-- Use the same card that held your reservation to pay your bill so you are not mistakenly charged twice.

After your vacation:

-- Compare credit and debit card receipts from your trip to the charges on your statement to ensure they were recorded correctly.
-- Start planning and saving now for your next vacation to ensure an enjoyable and affordable experience.

Founded in 1990 and based in Washington, D.C., the AFSA Education Foundation's (http://www.afsaef.org) mission is to help consumers realize the benefits of responsible money management, understand the credit process and seek help if credit problems occur.

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