How to Start a Vacation Fund in Six Easy Steps
Do you dream of visiting the historic castles of Japan? What about visiting the quaint beaches on the French side of Saint Martin?
The team at TravNow™ knows that the experiences you create while traveling are priceless - but getting there isn’t. Use the below six step process to help you save money and turn your travel dreams into a reality.
1.) Set a Goal
When do you want to travel? Do you have an ideal destination in mind? Who will you be traveling with? You will need the answer to these questions in order to determine how much to save and how quickly you need to come up with that monetary amount to make your travel dreams a reality.
2.) Create a Designated Travel Savings Account
Once you have your goal set, it is crucial that you create a travel-specific bank account in which you can watch your savings grow. Separating your travel fund from your emergency savings or bills allows you to avoid skimming into the amount you have budgeted for travel. This also assists in your ability to prevent overspending in other areas of your finances.
3.) Use Money Saving Apps
There are various apps that can help you save money without even realizing it, such as Digit. When using Digit, you are able to define a savings goal and the app does the rest of the work. It analyzes your spending habits and moves small increments of money (determined by your goal) into an account that you can withdraw from at any time. Before you know it, you’ll be booking that
plane ticket to Fiji!
4. ) Maximize Loyalty Programs
Find out if your organization offers a Loyalty Program that offer discounts on your hotel, flight or restaurants. These loyalty programs will allow you to save a significant amount of money and collect perks for the next time you travel.
5.) Set Aside Money from Your Tax Return
Everyone loves getting their tax return, but do you remember what you did with yours last year? People spend little amounts of it here and there, and before you know it, the whole amount is gone. This year, take half of the amount and put it into your travel-specific savings. You didn’t even have to make any budget cuts for this!
6.) Pick Up a Side Job
If you want to make your vacation happen sooner, pick up another source of income or ask your current employer if you can work additional shifts. Even if your employer doesn’t approve overtime now, they will have you in mind the next time they are scrambling to fill shifts.
Use These Steps To Create Your Own Savings Plan
While these six steps won’t apply to everyone’s financial situation, you can use bits and pieces to find the plan that works for you. The most important thing when starting your vacation savings fund is sticking to your plan and having something to look forward to. The more you dream about visiting the rolling beaches of Cancun, the easier it will be to work through that extra shift!
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