One of the most challenging parts about planning a vacation is being able to pay for it. I used to just spend whatever money I had without planning for it. And if I didn’t have enough I swiped my credit card. This didn’t help me because it just put me more in debt and limited my ability to travel more.
I realized if I planned ahead and saved I would be able to have all the money up front when it came time to book my next trip. When it comes to saving there isn’t just one way of doing it; depending on your lifestyle, patience, and discipline you might want to use a different method of saving.
Here are 3 ways to save for your next trip:
This might sound old fashioned but it’s basic and easy to do. Saving any loose change as well as intentionally taking cash and placing into this “still bank” keeps your money separate from your bank account where it can sometimes be tempted to spend. If you have a set goal record and track how much money is being placed inside the bank each time.
You can grab a piggy bank at your local Walmart or Target for as little as $9.99. An alternative to a piggy bank is a empty mason jar, label it with the destination you are saving for as motivation and start dropping your coins inside!
Separate Savings Account
Another way to save for your next vacation is to open another savings account with your bank. At one point I had 3 different accounts for my savings: Emergency Fund, Travel Savings, and Dream Savings (big purchases - buying a home, car, etc).
Each account can be given it's own unique nickname to clearly identify its use. Check with your bank to see if this is an option and if it’s free. I set mine up online for free without having to go to the bank; then put a recurring transfer each time I got paid to that account. I was able to have a steady amount of money in my travel savings for when I wanted to buy a plane ticket, book an airbnb, or any other travel related needs.
Use an App
There are tons of new apps popping up everyday with the advancement of technology. Including those made specifically for saving money. One example being Qapital, a mobile application that allows users to create savings goals and automatically transfer the money from their bank account to a separate savings account. Once the goal has been reached you can use that money towards your trip! In addition to the savings account Qapital now offers a VISA debit card.
How it works:
Download the app for iOS or Android
Sign up for an account
Create a savings goal
Make the title that captures what it is your saving for
Decide how to save for it
The applicaiton gives you different "rules" for saving your money; such as "set it and forget it" where you pick a specific day, time and amount to be deposited into the account.
Link your bank to start saving
This last steps allows the app to execute the rule you have selected.
Watch you savings go up!
Once your goal is complete you can either transfer out the money back to your account or use the Qapital Debit Card that's linked to your account!
Want a free $5 with your first deposit with Qapital? Use my link to get started: https://get.qapital.com/LYup3PVAsP
Now let’s get to saving! Every penny will get you closer to that trip you’ve always wanted to take.