Financial Experts Teach Consumers How to Save for Travel

Financial Experts Teach Consumers How to Save for Travel

Dream Vacation

The following tips can assist you in adding to your travel fund and saving for a dream vacation.

Set Up a Special Savings Account

Experts recommend setting up a special savings account and having automatic deductions taken from each paycheck. They suggest choosing the highest amount of money you won’t miss – such as $20 or $50 from each paycheck.

Cut Back on Current Costs

Another way to save extra cash is to cut back on some of your regular expenses. For example, establishing a budget to see where your money is allocated is what you want to do first. Next, set up an account on an online budgeting site, such as Mint. This kind of site will divide your spending into various categories so you can see where your money is going. For instance, the $4.00 per day you are spending on vending machine food is money that could go to travel.

Save Your Loose Change

It also helps to pay with cash as it assists you in keeping closer track of your money. Doing so also allows you to save your loose change and empty it into a jar at the end of the day. You might be surprised by the amount you accumulate over several months’ time.

Sell Some Stuff

If you have some extra stuff you don’t need, use eBay or Craigslist as selling platforms to sell the items and add to your bank account. Use the money for your “dream vacation” fund.
Find a Side Gig

You can also earn extra travel money by advertising to clean or organize homes and apartments, run errands or provide tutoring.

A Popular Vacation Destination

According to research, one of the most popular places to spend a vacation today is the Caribbean. Therefore, using any of the above savings approaches will enable you to take a dream cruise or visit a tropical island, for instance, in a reasonably short amount of time. According to USA today, a cabin on a cruise ship without a view costs around $499 while a cabin with a balcony is about $999.

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