5 Creative Ways to Save Money for Travel
May 10, 2022
We’re all on different financial journeys and not all travelers have unlimited resources to venture off on a no expenses spared vacation. Whether you’re looking to fill your passport with international stamps or take a family road trip to a destination nearby – small changes in your mindset and lifestyle can turn your travel dreams into bucket-list vacation experiences.
If you want to make travel a priority in 2022, but don’t know where to start – a dream vacation is motivation to reconsider your spending habits and bulk up your bank account.
We’ve put together 5 creative, easy, and practical ways to start saving money for travel and invest in life-changing experiences and lifelong memories in the destination of your dreams.
Make a Travel Budget & Commit
Make a travel budget for your vacation and stick to it! The first step is to create a vacation itinerary and an educated estimate of the costs including round-trip travel costs (gas or flights), accommodation expenses, local transportation, meals and groceries, incidentals, shopping for souvenirs, sightseeing, and activities.
Be realistic with your vacation itinerary and costs and figure out what you can comfortably (and realistically) afford. Will you be flying or driving, traveling in peak season or saving in shoulder season, eating out in restaurants or preparing meals at home, renting a car or using local transportation, visiting big-ticket attractions, or taking advantage of free activities? There are plenty of ways to spend your time (and save money!) on vacation without breaking the bank.
Finalize your travel budget – total all your costs, add a 10-15% padding for the unexpected and set a firm budget for your vacation. If your travel dates are flexible, use your budget to see when you can afford your vacation, or divide your costs by the time you have to save to determine a realistic weekly or monthly travel savings goal.
Set Realistic Travel Savings Goals
The earlier you start planning your vacation, the easier it will be to meet your savings goals. The next step is to review your household budget, analyze spending habits, and determine if you can meet your travel savings goal. If it seems too far out of reach, what are you prepared to sacrifice for your dream vacation, and how much you can realistically save.
Spending money is easier than saving money but having a dream, vision and end goal is a grand start! It’s now time to pump the brakes on impulse spending, cut out conveniences, exchange tangible possessions for experiences, and develop a mindset and spending habits that save money.
- Say no to fancy lattes and start your day with freshly roasted coffee and virtual travels of your vacation destination at home.
- Trade your book purchases for a trip to the local library.
- Cancel your non-essential online subscriptions.
- Save the dining out for your vacation and socialize at home.
- Trim your grocery budget, pack lunch for work, and cut-out the take outs.
- Host a yard sale and convert your clutter to cash.
- Work extra shifts if required.
Budgeting apps are the best budgeting tool to track your expenses, visualize your spending habits, and stay on schedule with your travel savings goals. From free and easy-to-use budgeting apps to innovative travel savings solutions for large group travel, there’s a tech-savvy budgeting app to suit every traveling type.
Open a Vacation Savings Account
With a well-researched travel budget and realistic savings goal, the next smart move is to open a high-yield savings account for the sole purpose of saving for your vacation. Be disciplined and set up automatic transfers (weekly, biweekly or monthly) from your primary bank account. A goal-oriented savings account helps to track your savings, removes the temptation to spend, and keeps you motivated as you make sacrifices and take baby steps towards your dream vacation.
Create a travel jar for coins (they add up fast!) and if you make a sacrifice over and above your savings goals (skipping a spa day to save), add it to your travel savings account and create a splurge fund for the bucket-list items on your vacation itinerary!
Take Advantage of Travel Credit Cards
One of the best travel budget tips is to take advantage of credit cards with travel incentives and cash back rewards or points earned on all your day-to-day spending. A solid credit score and financial discipline is required to pay off balances in full each month, avoid interest payments and earn travel rewards to contribute to your vacation plans.
Travel credit cards vary from basic no annual fee options to platinum cards with higher annual fees, luxury travel perks, and free travel insurance benefits to cover the cost of trip delay or cancellation. A little research goes a long way in finding a travel rewards platform that suits your budget and plans.
Stay & Play Packages
Xplorie is the leading guest experience platform in the travel industry, partnering with 100+ lodging partners in over 100 US destinations. Our selection of vacation rentals range from budget-friendly condos to luxury, exclusive vacation homes – all including free tours, activities, and attraction tickets for every day of your vacation.
Stay with Xplorie and there’s no need to search for free days at museums and tourist attractions that don’t cost money – our guests get to experience the best of a vacation destination without putting a dent in the travel budget. Every sacrifice made in saving for your vacation is worth the travel experience that awaits with Xplorie!
“Travel is the only thing you can buy that makes you richer”
