In today's economy, many people assume a vacation is out of the picture - but it doesn't have to be. "As with any financial goal, it's important to save for a vacation by developing a plan and sticking with it," says Kari Wilson, a financial center manager at Fifth Third Bank.

To build a vacation fund, Wilson encourages her customers to begin saving gradually months or even years before the expected trip. "People can save in many ways," she explains. "Perhaps they can look for special deals on entertainment and transfer those savings into a special fund. They can also save a portion of their tax refunds, clip coupons, use cash-back rewards from credit cards, save loose change or even work a part-time job."

What's most important, Wilson says, is to regularly transfer those savings into a special savings account. "With patience and perseverance, people can watch their savings accumulate," she says. By saving as little as $10 a week, an individual can accumulate more than $500 a year. If two family members do this, they can save more than $1,000. She encourages her customers to monitor the growth of these accounts online.

Ensuring success
When saving for special occasions, Wilson recommends the Fifth Third Goal Setter Savings Account. "Money is automatically withdrawn from a savings or checking account and deposited into the Goal Setter account on a regular basis," she explains.

Before setting up these accounts, Wilson asks customers to define their goals: How much do they want to save? How much can they afford to set aside each month? And, how many months do they need to save to reach their goal? Customers can calculate various scenarios by using the Goal Setter Savings Calculator. Final goals can be as low as $500.

After making an initial $50 deposit, Goal Setter accounts earn interest every month. "Once customers reach their goals, we reward them by doubling their earned interest," Wilson continues. "With the added bonus, the interest earned on these accounts is actually higher than it is with most savings accounts." For details, read the disclosures section or visit your nearest Fifth Third branch.

"Considering today's economy, it's important to have a specific plan for reaching any financial goal, whether it's saving for a car, a home, a college education or even an emergency fund," Wilson continues. To learn more about saving for special goals - and devising a plan to reach those goals - she encourages people to talk with a financial center manager or their financial professional.

To learn more about saving for a vacation, contact Fifth Third at (866) 475-4201 or visit 53.com.