With the Holidays Around the Corner, It’s Time to Learn How to Save Money for a Trip

Learn how to save money for a trip and go exploring.

How to Save Money for a TripDiscover how to save money for a trip now, and enjoy the health and personality-boosting effects of a vacation. According to Lifehacker, studies prove that travel leads to increased happiness, better physical health and greater creativity. Tap into the benefits by reshaping your budget to fit a wanderer’s lifestyle.

Decide on a Destination

Studies show that people are happiest when we’re planning vacations, so don’t worry about getting excited too early in the process. Check out various locations to see where you’ll get the most bang for your buck. Fall in love with your vacation before you start planning, down to the nitty gritty details. The more excited you get about your trip, the easier it is to save!

Estimate Your Expenses

Keep focused on your goals by getting them down on paper. Figure out the costs of traveling to your destination, finding a safe and comfortable place to stay and investing in activities. Create a goal amount for your trip that you’re sure will pay for all of your expenses. Once this amount is written down, you’ll have more motivation for socking money away. Making it official helps you hold yourself accountable and helps you gauge your progress. Most importantly, it ensures you’ll really put that money toward travel expenses and not whittle it away on random purchases.

Coordinate Your Plan With Friends

Whether you’re going away for your anniversary or taking a Spring Break trip with your buds, it’s important to be on the same page as your travel companions. If you’re saving for luxury digs, you’ll be disappointed if you arrive and your friends can only afford budget lodging. Vacationing as a group takes compromise, with certain activities fun for the group while others are aimed at individual tastes. Be sure no one is left out during planning, or disgruntled parties may bail at the last minute and spoil the trip. Once you’ve finalized your itinerary and estimated your expenses, you’ll know roughly how much you’ll need to save.

Set up a Travel Savings Account

How to Save Money for a TripWhen working toward a specific savings goal, it’s also helpful to establish a special savings account just for your trip budget. You can set up automatic transfers from your checking account each payday to make sure you keep your travel a financial priority. Make it official and ask your banking institution about creating multiple savings accounts based on specific goals.

Discover Big Savings

Many service-based expenses you pay every month can be postponed for a month or two while you save for an important trip. People put holds on their cable or internet plans when they’ll be gone for extended periods. The company simply extends your contract to make up for the missed time.

Change Your Spending Mindset

Tracking your expenses with a small notebook forces you to pause before making a purchase. Don’t be surprised to find a jaw-dropping number of “incidental” expenses. It’s so easy these days to swipe a card or tap a phone, and an endless number of companies are offering easy financing (at high interest rates). Instead of driving up your debt for the sake of purchases you don’t really want, change your habits. Avoid places you usually spend money without reason, and challenge yourself to wait on big buys. Preparing to spend over $50? Write the purchase down and wait a night. The next morning, the expense may not seem worth it. Instead, shift those savings to your travel fund where they can make a real impact on your life and your health.

It can take time and practice to learn how to save money for a trip. If you need a bit of wiggle room, a title pawn can help. Call or visit your nearest Title Tree store to find out whether you qualify.