How to Save Up For a Trip
Most people think you have to have a high paying job to be able to experience the luxuries of traveling. However, that is not true at all as anyone from any tax bracket can travel. The question is, are you willing to sacrifice a little more in exchange for a trip?
Before we get into how to save, let’s go ahead and pick a destination. Where is it that you want to go? Remember, you don’t have to go far to have fun. Staycations and flights within the state are just as great as an international trip, and are ideal if you’re tight on vacation time or budget.
Once you’ve settled on where you want to go, start planning your budget. How much is the average cost for flights or a rental car (if needed)? What’s the going rate for accommodations during the time you’re planning to go? Remember, it’s always cheaper to book a trip during week days versus weekends, and during off-seasons. A simple Google search can help you find out when the busiest times of the year are for each city.
Below are a few websites I like to check for the best deals (for flights and hotels):
Be realistic about your budget when it comes to booking flights, accommodations, and activities. Budget for food and transportation, check-in bag fees, and/or other miscellaneous expenses. The key is to make sure you never get caught off-guard and end up spending more than you planned for.
Once you have an idea of the overall cost of your trip will be, start a travel fund and put 5% (or more) of your paycheck into it. The amount you put towards your travel fund is completely up to you and when you plan on going. Obviously, the sooner the trip is, the more you want to stash away.
Analyze your spending closely. Where is your money currently going and if you’re living from paycheck to paycheck, read this to help you budget better.
Suggestions: Pack your lunch everyday for work, cut down on unnecessary expenses or opt for cheaper versions/non-branded versions of things, walk or bike to work (if possible), carpool with a friend or take public transportation. If needed/wanted, pick up a side hustle or sell stuff on eBay.
Sacrificing things here and there for your trip is a temporary phase, so don’t worry if things get a little tight. It’ll be worth it once you’re on your vacation!
Originally written by Sho with editing by Lisa Linh.
About Shoshanna: Sho is a DIY financial guru, known for her money tips and advise on credit card debt and is an expert on budgeting. She's helped several people raise their credit score, pay off their credit card debt, and also assists those in their taxes. She is currently focused on her medical career, but offers financial tips on ByLisaLinh.com during her free time.