EmmanuelDo you love your hobbies and recreational activities, vantage is the best way to get started. Whether you’re into expensive hobbies like boating or RVing, or you just want to take an amazing vacation every year, managing the money side of fun can be tricky.
The good news is, with some smart strategies you can keep doing what you love without breaking the bank.
This guide will show you the best ways to budget, save, and finance your recreational passions so you can maximize your enjoyment while avoiding debt or financial hardship.
How Vantage Help To Set Aside Funds for Recreation
Here are some tips to budget for leisure spending:
1. Allocate a Percentage of Your Income
Decide on an amount, like 5-10% of your take-home pay, to put towards recreation each month. Have that amount automatically transferred to a separate savings account for easy tracking. This makes recreational spending a priority in your budget.
2. Set a Cap
Determine a maximum you want to spend on hobbies, entertainment, vacations, etc. each month. For example, $200-$500 per person in the household. Then spend within that limit, using the funds in your recreation account. This prevents overspending, while still leaving room for fun.
3. Save for Big-Ticket Items
Do you have an expensive hobby or dream vacation? Set a savings goal and automatically transfer money each month to a dedicated fund. This allows you to pay in full when ready, without incurring debt. For vacations, aim to save the total cost for your trip before booking.
4. Look for Free or Low-Cost Activities Too
Not all recreation has to be expensive. Take advantage of free or low-cost opportunities in your area like parks, museums, festivals, meetups, and more. Mixing costly and budget-friendly leisure pursuits allows your recreation funds to go further.
5. Review and Revise
Check in on your recreational budget and spending each month. See if you need to increase or decrease your allocation or caps based on your usage and priorities. Make adjustments as needed to keep things balanced, so you have enough set aside for fun without tying up funds that could be used elsewhere.
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Financing Your Play: Loans and Credit Options for Big Purchases
When it comes to financing recreational activities, you have options beyond just saving up or paying in cash. Loans and credit cards can help make your playtime pursuits more affordable and accessible.
1. Personal Loans
If you have good credit, a personal loan is a straightforward way to finance larger recreational purchases like an RV, boat, or vacation home. You borrow a fixed amount and pay it back over 3 to 7 years with interest. Since recreational vehicles and properties typically hold their value well over time, the loan-to-value ratio is often favorable. Shop around at banks and credit unions for the best rates.
2. Credit Cards
For smaller purchases, rewards credit cards are a popular choice. Look for cards that offer bonus points or cash back in categories like travel, dining, and entertainment. As long as you pay the balance in full each month, you can earn rewards on the things you enjoy with no interest charges. If needed, many cards also offer 0% APR introductory periods for balance transfers and new purchases.
3. Crowdfunding
If you have an exciting recreational pursuit in mind but need help raising funds, consider a crowdfunding campaign. Websites like Kickstarter, Indiegogo, and GoFundMe make it easy to create a campaign to raise money from friends, family, and strangers.
4. Payment Plans
For very large purchases, an extended payment plan is another option to make financing more affordable. Work with the seller or lender to determine a payment schedule over several months or years with either simple interest or no interest charges if paid on time. Make sure any contract stipulates that the item belongs to you once a certain percentage, like 50-70%, of the total cost has been paid.
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Vantage recreational finance reviews
When it comes to financing recreational activities, Vantage offers some helpful options to make your hobbies more affordable.
1. Flexible loan terms
Vantage recreational loans come with flexible repayment terms from 2 to 7 years. This allows you to choose a monthly payment and loan length that fits your budget.
2. Competitive interest rates
Vantage aims to offer very competitive interest rates on recreational loans. Rates will depend on your credit score and history, but Vantage works to keep rates as low as possible.
3. Easy application process
Applying for a Vantage recreational loan is simple and straightforward. You can apply on their website or at a local branch. All you need is basic information like your income, employment details, and the recreational item you want to finance.
4. Prepayment allowed without penalty
If you wish to pay off your Vantage recreational loan early, you can do so without incurring any prepayment penalties. Making extra payments when you’re able or paying the balance in full before the end of the loan term will save you money on interest charges. There are no prepayment penalties or fees for paying your loan off ahead of schedule.
5. Loan amounts from $5,000 to $100,000
Vantage offers recreational loans from $5,000 up to $100,000. So whether you need to finance a modest recreational vehicle, boat, or other hobby item or have your eye on something bigger, Vantage likely has you covered. Their recreational lending specialists can help determine the appropriate loan amount based on the item you want to finance and your ability to repay.
Conclusion
Following these tips will help ensure you have sufficient money allocated for recreational enjoyment each month, without worry or remorse. Your budget will thank you, and so will your sense of fun and adventure.
Nichole
Angela M.
