5 Ways to Build Up Your Travel Fund

You go on a vacation to travel the world and relax with your favorite people. However, if you’re constantly worried about money and how you can afford your trip, it won’t end up being enjoyable.

Before we know it, summer will approach and road trips and camping season begin. All of these require money. That is why it’s a good idea to start bulking up your travel fund right now.

Below are five methods to help you save up for your next holiday.

Open a Vacation Savings Account

Having a separate account that is strictly for your travel fund will help you in two ways. To start, it gives you a better idea as to how much money you have for your trips. Not only that, a separate account prevents you from spending all of your vacation money.

Compare account options with different banks. Find one that has minimal fees with a decent interest rate. That way, your money can keep growing.

Make Weekly or Monthly Vacation Fund Donations

For your vacation fund to grow, you need to put money in it. Instead of spending $10 a week on coffee every morning, put that money into your vacation account.

Try setting up a system in which you start depositing money into your vacation account regularly. Start with a small amount until you’re comfortable to increase it a bit. Every dollar counts.

Make a Budget

A budget is one of the best ways to not only show you where your money goes, but it also helps you make cuts too. If you’re struggling to come up with enough money to put into your vacation fund, a budget will show you where you could afford to spend less, and then put that money into your travel fund.

Start by adding your total monthly income, so you know how much you have to work with. Divide the income into your expenses, starting with the fixed expenses that are consistent. Pay attention each month to see where you overspend, and how you can make adjustments.

Pick Up a Side Gig

A side gig is a popular way to bring in a bit of extra income that can go right into your vacation fund. It can be anything from teaching guitar lessons to selling crafts from a hobby. There are many options available as to what you can do in your spare time to make a bit of extra cash.

Start Selling Belongings

Do you have a few shirts that you wear maybe once a year? It’s likely time to part with them. Selling items is additional money you can deposit right into your vacation fund. Go through your home and see what you can afford to part with. Put it up for sale at a fair value, and watch the money start to roll in.

Saving for a vacation doesn’t have to be hard, as long as you have a plan. Make sure though that you can afford the holiday before you go on it. You wouldn’t want to come home to a pile of debt.

Remember, if that unexpected bill has arrived and you’re in need of an urgent cash boost, there are payday loan options out there to help cover the expense (although before taking any sort of credit you should ensure you are in a position to repay).

Categories: Travel

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April 9, 2019 5 Ways to Build Up Your Travel Fund