fun

How To Get Your Spring Break On

/ destinationscreditunion / Leave a comment


Spring break isn’t just for party-hearty college students anymore. These days, families are also taking a break from winter and jetting off to sun-drenched climates to frolic on warm beaches. 

Spring break for college students spans the first few weeks of March, while families are more inclined to take their spring vacation to coincide with the long Easter weekend, which runs from April 3-5 this year, orPassover, which is April 22-30 this year. The fact that college and public school holidays don’t overlap should ensure that PG-rated co-eds don’t intrude on a G-rated family vacation. 

Although toasting spring’s arrival goes back to Greek and Roman celebrations, its modern incarnation is blamed on a Colgate University swimming coach bringing his team to Fort Lauderdale, Florida for training back in 1934. 

Sensing a marketing opportunity, Fort Lauderdale organized an annual swim meet, and the rest is history. Buoyed by the 1961 movie “Where the Boys Are,” starring George Hamilton; and the 1983 “Spring Break” with Tom Cruise and Shelley Long, the annual ritual has exploded. The 1986 arrival of the annual “MTV Spring Break” hasn’t hurt either. 

South Florida is still the center of the college spring break universe. So, if you can find a cheap flight and some friends to share in the cost of a hotel room, grab your bathing suit and beach towel and you’re in. Beaches in Florida cities such as Fort Lauderdale and Daytona Beach quickly become oceans of tanned bodies once spring break hits, with crowds as large as 400,000 people. 

While large crowds are considered a plus for college spring break celebrants, they can lead to frustration and annoyance if you’re a family seeking relaxation while having a few young kids in tow. 

Orlando, home of Disney World and other resorts, is a surefire hit with both kids and budget-conscious parents. But spring break is also the second-busiest time of year, behind Christmas and New Year’s. Granted, you cansurvive long lines by arriving early and packing your own snacks. But if you go to Orlando for spring break, be prepared for company. 

One popular strategy for guaranteeing family fun without blowing the budget is vacationing in an all-inclusive resort. Familyvacationcritic.comhas a list of the top 50 all-inclusive resorts for families in the Dominican Republic, Mexico, the Cayman Islands and other exotic Caribbean locales. Rates during peak times start at about $300 per person for a five-day stay. Resorts typically feature pools, beaches, fun-filled activities, and meals-all in a safe family-friendly environment. 

Cruises are another popular option, offering activities and services for the whole family, including movies, swimming, waterslides, varied dining options and more. 

But spring break doesn’t have to be all about the beach, especially for families. Visiting a budget-friendly city with inexpensive airline flights can be both entertaining and an educational option for the entire family. 

Los Angeles was the Fiscal Times’ top family spring break destination due to the number of attractions and places to visit. In addition, airfare prices to the city generally don’t experience a spring break surge due to the high volume of flights. Five new hotels, a strong U.S. dollar and a nearby adventure park helped make Puerto Vallarta, Mexico, the second most popular spring break family destination. 

Las Vegas, Quebec City, Phoenix and New York are other great destination cities for family vacations. Norway also landed on the list due to competition among air carriers that has driven airfares below $200, and Spain was suggested because airfares to Barcelona are on par with flights to South Florida this time of year. 

For college students, eight of Kayak’s top 10 spring break destinations for 2015 are within the continental United States and four of those are in Florida. 

Home to the annual SXSW Festival, down-home rib joints, great Mexican food and walkable avenues lined with jumping live-music venues, Austin, Texas topped the list. It was followed by Fort Lauderdale, with its beaches, beachside bars, warm weather and manatees. 

Los Angeles was No. 3 on the list, with median airfare at just $352 in late April. Southern California is home to magnificent beaches such as Malibu, Santa Monica and Venice. In addition, plenty of culture can be found in downtown Los Angeles. But be advised that spring is the wet season, and a powerful El Nino is in the forecast this year, so your chances of rain falling on your spring break parade are fairly high. 

Miami, or SoBe for South Beach, has a lot going for it as a spring break destination. Its chic Art Deco hotels, fun atmosphere, packed beaches and club culture helped it reach No. 4 on Kayak’s 2015 list. But timing is everything. Median airfares reach a high of nearly $600 in early April, but fall to below $400 later in the month. Try to avoid the Winter Music Conference, scheduled for March 21-24 this year. South Beach hotel rooms will fill up and airfares soar during that time. 

Three other Florida beach towns also made Kayak’s top 10, including West Palm Beach (No. 5); Fort Myers (No. 6), and the family-friendly Tampa (No. 10). 

The two top spring break destinations outside the continental United States were Los Cabos, Mexico, with beaches, bars, and ocean activities; and San Juan, Puerto Rico, which boasts beaches and rainforests. 

Although the typical beach party spring break remains a popular rite of passage for many college students, some are craving alternatives. A group called Break Awayoffers active citizenship and leadership conferences for college students during spring break. Similarly,Projects Abroad promises an opportunity to make a difference by participating in volunteer projects such as rebuilding homes for the poor in Jamaica, protecting endangered turtles in Mexico  or providing educational support for underprivileged children in Costa Rica, Belize, or Fiji. 

One thing is certain: Whatever your preference for marking the arrival of spring, there’s something fun and affordable you can try, alone or as a family.

Financially Productive Summer

/ destinationscreditunion / Leave a comment

Summer vacation is a quintessentially American innovation. Nowhere else in the world do kids have months on end free from school or any other responsibility. On one hand, it’s great to spend more time with them. On the other, how do you keep them entertained without breaking the bank?

Fortunately, there are a few ways to have the kind of summer break that builds memories without building debt. You can use these months to teach your children valuable lessons about financial responsibility, spend quality time together as a family, and save (or make!) a little money along the way. Try activities like these 5 for a fun, financially responsible summer! 

1) Have a yard sale! 

If there’s one lesson to impart to children about saving, it’s that less is more. It can be hard to impart that lesson with toys from birthdays and Christmases past crowding the closet, collecting dust. Encourage them to find one or two things per day that they could contribute to a yard sale, then have it at the end of the month.

Involve your kids in as many aspects of the plan as possible. Ask them to help you advertise on Craigslist and other social media. Have them tell their friends or their friends’ parents about it. Show them how to do research to price items, and have them work the cash box. All of these are valuable skills that can help them with summer jobs in the future!

When the sale is done, have a conversation about what you can do with the money. It could go toward a family vacation, or into a savings account or college fund. Let them contribute ideas for fun things the family can do with the yard sale proceeds. This can be a chance to teach kids about budgeting while encouraging them not to hold on to things that don’t bring them joy. 

2) Start a (very) small business! 

One way children learn the value of hard work is to earn a wage for doing a job. Paying your kids an allowance to do a job is one way to do that, but certainly not the only one. Getting your kids to help with a very small business is a great way to let them see the rewards of hard work while making a little money on the side.

Business services will vary, but demand for many services is higher in the summer. Businesses need window washers. Elderly neighbors may need help with weeding, mowing, planting, or other landscaping projects. Many people clean house in the summer and list old furniture for sale, which can be rehabilitated and resold for a profit. Any of these small projects would make a fun way to spend some time together this summer.

The business doesn’t need to make a lot of money to be valuable. In addition to quality time, your children can gain an appreciation for the hard work that goes into making a successful business. This could be a great addition to a college application essay or a resume for a first job. 

3) Fix up the house! 

There are tons of great, simple projects that you can tackle as a family to improve the efficiency of your home. Some of the easiest, like installing a new front door, can be done in an afternoon and improve the aesthetic appeal and insulation of your house. These are great projects to tackle as a family.

Any repair or upgrade that you’ve been putting off can be a great summer project. Kids can earn a wage for their labor, or they can work in exchange for some privilege, like going to a sleepover at a friend’s house. Doing this kind of work can help them understand how much hard work goes into home ownership.

These little improvements can add up to significant savings. You’ll start feeling the benefits in lower electricity bills in the summer, and continue to feel them all year round. When you sell your house, these improvements will reflect in the higher value of your home. 

4) Plant a garden! 

Believe it or not, planting a garden is one of the most cost-effective things families can do together. For every dollar you spend in green bean seeds, you’ll get up to $75 back in fresh produce! You can pickle, dry, preserve or can the extras and sell them to friends and neighbors for an even better return!

There are many ways to squeeze additional savings out of a garden. Instead of costly fertilizers, you can compost kitchen waste. You can find reclaimed wood, especially from pallets and shipping containers, to make raised beds. Save seeds from produce, and water with rain collectors.

Planting a garden doesn’t just save money. It can also be a way to encourage your family to eat more vegetables. Tending and caring for a patch of vegetables can be a great way to build responsibility and have fun outdoors this summer! 

5) Plan a stay-cation! 

The average cost of a family vacation is creeping up. For a family of 4, a week of vacation, excluding travel, costs $1,700! Even if you’re taking a road trip in a reasonably efficient family vehicle, that could easily amount to $2,000 or more.

The best parts of a vacation are the shared experiences, and there’s no need to go too far to get those. Find a local festival or cultural event, and plan a vacation in your home town! Check out local historical sites and museums, eat out at nice restaurants, and come home to your own beds at night.

What’s more, a stay-cation can show your kids the rich culture of their surroundings. Use your stay-cation as a time to visit sites of personal interest, like where you and your partner met, or where their great grandparents went to school. They’ll appreciate the deeper knowledge of where they come from, and you can appreciate the togetherness… and the savings! 

SOURCES:

Finance In The Classroom: Tools For Talking To Kids About Money

/ destinationscreditunion / Leave a comment

Getting kids interested and involved in finance can be a real challenge. There’s a gap between what they may want to know and what they have the experience to understand. Finding age-appropriate reading materials, activities, and discussion topics to keep them engaged is a complex problem. Whether you’re a teacher, a church leader, a baby-sitter, aunt, uncle or a parent, being able to engage kids in these conversations is an important skill.
  
Fortunately, the Utah Department of Education has created a set of resources for all of these groups. The website, Finance in the Classroom, can be found at financeintheclassroom.org. It’s a solid collection of resources for kids of all ages.
  
For younger children, the site features a wide range of fun flash games that help them get used to counting money, saving and budgeting. Most of them will respond well to mobile devices and touch screens, meaning that kids can learn valuable lessons on their devices instead of playing mindless games that teach very little in the process. Some games are slightly more advanced and tackle topics like credit card management, investing and even macro-economic policy making! The interactivity is a great way to keep kids entertained and serves as a starting point for financial conversations.
  
Older children may be interested in the various calculators on the site. These include applets that help kids see how much college might cost, how much they should save, and how inflation might affect them in the future. There are also a list of book recommendations for further reading and education.
  
The site also features some tools for adults, like mortgage calculators and credit checklists. There are also quizzes and other tools designed to test adult financial literacy. More than that, though, the site offers discussion-starters and in-home activities designed for parents and children to undertake together. The activities are broken down by grade level and organized around themes like “scarcity” and “supply and demand.” Most of the activities don’t need much in the way of supplies or planning and can help solve the rainy Saturday afternoon problem of what to do.
  
This site is not without its flaws, though. The amount of information can be overwhelming and it doesn’t appear to get regular updates. Some of the information is specific to Utah laws, like specific college savings programs. Still, as a collection of free tools and games, Finance in the Classroom is a great place to start.  

For teens and young adults, Destinations Credit Union offers “On Your Way” – a social network for those interested in learning how to manage their money.  There are interesting blog posts, contests and videos to help this group better cope with new financial responsibilities.

FOMO: Do You Live For Now Or For The Future?

/ destinationscreditunion / Leave a comment
Do you suffer from FOMO? It’s a generational phenomenon, like absinthe was for the Greatest Generation. For those not in the know, FOMO is an acronym that stands for Fear Of Missing Out. It’s that sensation in the back of your mind that makes you go out even when you’re tired. It’s the reason you go to the concert featuring that band you don’t even like that much because your friends are going. An adventure can happen anywhere, and if you’re not there, you’ll be the one person in the world who missed it.

How much influence does this fear have on today’s millennials? A recent Eventbrite survey found that 78 percent of 18- to 34-year-olds prefer to “invest in experiences instead of things.”  Seventy percent cited FOMO by name as a motivator for their financial decisions. But seeking out adventures, rather than investing in your future, has consequences. Its fine to live a low-maintenance lifestyle, and no one should criticize the decision to not have more stuff than you need. But that’s not always what’s happening in these decisions.

It’s not a coincidence that this same group is suffering financial hardship. Millennials have the highest debt percentage and lowest credit scores, according to Experian. The same study also finds that half of millennials were late on at least one payment last year.

Fighting FOMO is a serious challenge. It may be best to fight fire with fire and think about what you might be missing out on in the future. Let’s look at three ways you can use the Fear Of Missing Out to feed your financial future — rather than your financial fears.

1.) FOMO on retirement

Road tripping with friends across the country could produce some priceless memories. What could be even more priceless, though, is getting to take that trip with your spouse and family once you’ve retired. Cutting your travel budget now and putting the extra into an IRA is the difference between a life of leisure and dying at your desk.

Don’t think of it as not having wonderful experiences. Think of it as investing in future adventures. Consider opening a vacation club account to save for one great excursion a little bit at a time. You’re not missing out on anything; you’re saving for better experiences later in life. Besides, with your savings, you can make arrangements that don’t include 16 hours in the seat of a sedan.

This savings emphasis doesn’t mean giving up on travel or other fantastic events. It does mean you should save and plan for events that really matter. That round-the-world cruise you take with your family later on in life surely outweighs the weekend trip to the mountains right now. Also, consider opening a vacation club account to save for one great excursion a little bit at a time.

2.) FOMO on home ownership

The biggest difference in wealth for older generations is time in home ownership. If you’re renting, your housing money goes out the window each month. You don’t build equity and you have to keep making that payment as long as you live there. With a mortgage, the money you pay each month stays with you as you build equity. Once you pay the mortgage off, your housing costs plummet.

Those opportunities may seem distant if you’re burdened by student loans and credit card debt. Getting out of debt is the best way to ensure you can qualify for and pay a mortgage. That means cutting spending now and committing to paying off loans and credit cards with any extra money.

Don’t think of the nights out that you won’t have. Instead, focus on the wonderful experiences you’ll have in your new home. Think of having a holiday meal at your kitchen table surrounded by family and friends. That’s the experience you’re investing in when you position yourself for homeownership.

3.) FOMO on financial security

Fifty-eight percent of millennials live paycheck-to-paycheck. That’s a stressful life. The constant worry over making rent and paying for basics can contribute to stress and lower quality of life. It’s an experience, frankly, that’s not much fun. Many millennials see this constant scramble as emblematic of their generation’s lifestyle, but it doesn’t have to be that way.

Setting aside money in an emergency fund can help you escape that cycle. A few hundred dollars in a savings account can provide a great deal of peace of mind. It’s a tremendous comfort to know that, even if an unexpected expense crops up, you’ve got rent and other basics covered.

Financial security is an experience just like going to a live show or a craft beer festival. The difference is that it’s an ongoing, long-lasting one. There is no closing time, and there is no last call. Being secure in your finances will never leave you with a hangover or ringing ears the next morning. It will make it easier to have the kind of experiences you want.

Fighting Fear Of Missing Out is a challenge. You only live once, as another generational acronym (YOLO) reminds us. Don’t use that as an excuse to not think about the future. You only get one life to have the kind of experiences you want to have, but that doesn’t mean you have to have them all right now. You can’t go back and study harder or save more for retirement. Live an enthusiastic, out-loud life in a financially responsible way.

If you’re interested in your financial future, get in touch with Destinations Credit Union.  The friendly, knowledgeable staff can help you plan for home ownership or retirement. Any great experience, whether it’s living debt-free or retiring early, can be a little easier when you get help. Call, click, or stop by Destinations Credit Union today, and get help overcoming FOMO.

 

SOURCES:

Q&A: Cruise Line Vacation: Planning For A High Seas Getaway

/ destinationscreditunion / Leave a comment


Q: My friends just got back from a relaxing 2-week cruise. Swimming, sun, and relaxation for a single price sounds like a great deal. Are there any hidden costs or other things to take into account when designing a budget for a cruise vacation of my own?
A: It sounds so simple. Instead of paying for your hotel, your travel, food and fun extras separately, you pay one bill. Your hotel IS your destination! Many of these cruise lines even advertise themselves as “all-inclusive.” It’s tempting to look at that price and think that’s all you have to pay.
Unfortunately, it’s a little more complicated than that. Cruise fares typically include your room and meals in a buffet-style dining hall. If you want more than that, you’ll need to budget a little bit more than the quoted price. Let’s take a look at a few extras you might have forgotten about and how to budget for them.
1.) Tipping: You’re surrounded by a virtual army of service workers, most of whom depend on gratuities to make a living wage. Most cruise lines know this. Carnival, Royal Caribbean, and Norwegian all include a $12 per person per day automatic gratuity. Most other cruise lines charge a similar fee. You pay these charges at the end of the cruise, and they can be quite frustrating if you’re not expecting them.
The cruise lines add the same automatic gratuity to optional services. If you and your partner get cocktails each at a poolside bar, you can expect to see an 18% gratuity added to the bill. The same is true if you get a massage or attend a yoga class. This extra charge is on top of any tip you add to ensure prompt service or reward personnel who go above and beyond their job descriptions.
How much you should budget for tips on your cruise will depend upon how much you rely on the service workers on the cruise line. At the lowest, you should expect to pay $200 per person for a week-long cruise.
2.) Internet access: We’ve become accustomed to constant access to our e-mail and social media profiles. Many people experience a sense of anxiety if they’re cut off for any length of time. If you actively manage your investments or have a high-pressure job, being out of touch can cost you quite a bit of money. 4G access isn’t available on the open ocean and cruise lines charge a hefty premium for onboard Internet usage.
Expect to pay $0.75 per minute for data usage. If you know beforehand that you’ll need some e-mail and web-surfing time, bulk packages can drop the price to $0.55 per minute. If you want 20 minutes every morning to check your e-mail and flip through your news sites, expect to pay $100 for a 7-day cruise.
You can cut down on this price somewhat by using Internet cafes during port excursions. The trade-off is that you’ll spend your tropical island time in front of a screen rather than in the sand.
3.) Shore excursions: Cruise lines take advantage of the fact that their audience is usually unfamiliar with the locations the ship visits. They charge inflated prices for tours and other shore trips. You can save money by booking these trips on your own with local tour services. You can even save by taking self-guided tours or just wandering the port. Even so, you can expect to spend between $50 and $100 per excursion. Be sure to include the price of souvenirs, meals, and drinks in tropical locations.
If all this seems overwhelming, bear in mind that it’s still worth it. A cruise is a fantastic way to get away from it all and see many different locations in a quick vacation. These are costs you’d have to pay with any other vacation; they’re just hidden a little bit behind the price tag for the cruise.
Now that you have an idea of what your fantasy cruise vacation will cost, you might want to explore savings options. Destinations Credit Union offers a Vacation Club SavingsAccount. You can take your vacation budget, divide that by the number of weeks you have to save, and auto-withdraw the amount from your paycheck or checking account every week or pay period. You’ll even earn some dividends on your savings.
So make a plan, do some math, and then call Destinations Credit Union. The adventure of your dreams is waiting!
SOURCES:

Kids’ Summer Fun on a Budget

/ destinationscreditunion / 1 Comment

Keeping the kids entertained while on summer break can be an expensive endeavor. Registrations for summer camps, day care and recreation programs are only the tip of the iceberg. You also need to consider transportation costs to and from these programs that you don’t normally attend during the school year.


But summer break doesn’t have to break your budget. You can still afford to take some quality family time-and you can do it all on a dime. Here are some great ideas to keep your children entertained while you are at work, and some fun family activities, all of which we consider cheap or free!
  1. Have a camp out in your yard.If you can’t take time off work this summer, take advantage of the great weather and go camping in your own backyard. Put away the electronics and enjoy nature with the convenience of your own bathroom being just a few feet away.
  2. Enjoy free movies. Many movie theaters today host free movies on weekday mornings. Ask your local theater for a schedule and get there early. Seats fill quickly!
  3. Go to a movie or concert in the park. Local resorts, ballparks, and recreation departments offer movies and concerts featuring local musicians. Check the local or neighborhood sections of your newspaper for more information. (Parkville has a free concert series in May and June)
  4. Be a tourist in your hometown.Get to know your town a little bit more by visiting the local (free!) museums and other attractions. You might be surprised by what you find.
  5. Have a family boot camp. Exercise isn’t just good for your body, it’s good for your soul too. Agree on an exercise as a family-whether it’s karate, yoga, or strength training-and find instructional videos on YouTube. Participating as a family can help build self-esteem and make your family closer.
  6. Send the kids to church camp.Many churches offer free or cheap day camps for working parents. Even if you don’t attend the church, this is a great opportunity to broaden your children’s horizons and introduce them to different ways of thinking in addition to giving them an opportunity to meet new friends.
  7. Trade kids for a craft day.Work out an arrangement with another parent or two. Each household sponsors a craft day once a week for a month. One week, all the children visit your house and complete a craft you developed. The next week, it’s another parent’s turn.
  8. Visit the library. Free to residents, the library offers numerous programs to help keep kids busy. And even if you don’t find a program that interests your child or your family, you just might find a few books you’ll like!
  9. Redeem report card rewards.Bowling alleys, pizza joints, movie theaters and more offer free or discounted admissions for students who earned a high grade point average on their report card. Do some research and then redeem those rewards!
  10. Make your own water park. If you have grass available to you, set up sprinklers, fill up some squirt bottles and water balloons, lay out the camping tarp, and get the hose ready. Let your kids of all ages loose on a homemade water day.
Summer doesn’t have to take a lot out of your pocketbook. It just takes a little bit of creativity and a little effort to find activities that the whole family can enjoy, while mom and dad enjoy a little budget relief. Have a great summer!