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While traveling can be an exciting adventure, it comes at a cost. As you plan your next vacation, don’t let the high price tag keep you from booking. One strategy that can make the cost less frightening is to save up for your vacation before you firm up your plans. There are many ways to save up for your next trip, and reaching your savings goal could be easier than you realize.
1. Collect your extra change and put it in the bank
If you frequently pay with cash, this could be a great money move for you. Every time you use cash and receive change, stash your spare change in a jar. Let your spare change collect for a few months and when you’re ready, tally up your savings and deposit it into your bank account. You may be surprised at how much extra money you can save this way.
Need help cashing in your change? One option is to cash in your change using a service like Coinstar and then deposit the cash into your savings account. But these services charge fees, so you won’t get to keep all of your money. To save on fees, it’s a good idea to take your change directly to your bank. Check to see how your bank handles change before you go. You might be required to roll your coins before depositing your money — but some banks have counting machines.
2. Cut out one expense and save what you’d spend
Are you paying for expenses that you’re not using? Many people are. For example, you may be paying a monthly subscription fee for a streaming service you forget to use. You could free up some money for travel by cutting out one expense like this. Get rid of the expense and then put the money you would have spent into your savings account. If you continue to save what you would have paid, you may be able to reach your savings goals sooner.
3. Automate your savings to make regular savings a breeze
Another way to save up for your next vacation faster is by automating your savings. Many people hope to save more money, but they get forgetful and fall behind. By setting up automatic transfers from your checking account to your savings account, you can ensure you’re setting aside money regularly. Doing this will save you time and keep you on track to achieve your goals.
4. Redeem credit card rewards for travel
Paying for everyday purchases with rewards credit cards is an excellent way to earn rewards. You can earn cash back, points, or miles, and redeem them for travel. Many of the best travel rewards credit cards allow users to redeem their rewards for nearly-free flights and hotel stays. This strategy could make your next vacation much more affordable.
5. Get a side hustle to boost your income
It can be difficult to save when your income is limited. If you want to save more money, you may want to consider getting a side hustle. Working a gig a few hours a week could help you boost your income, so you have more money to contribute toward your vacation fund.
Don’t give up on your travel goals
Yes, travel can be expensive. But that doesn’t mean you can’t make travel a priority. If the cost is a big concern, starting with a more manageable trip, like a weekend getaway, could be a good idea. Figure out where you want to explore, outline a vacation budget, and start saving. You can prioritize your personal finance goals while making your travel goals a reality.
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This article was written by Natasha Gabrielle from The Motley Fool and was legally licensed through the Industry Dive Content Marketplace. Please direct all licensing questions to legal@industrydive.com.
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