For many people, money is tight. If you're living paycheck to paycheck, the thought of going away on a vacation doesn’t quite fit into the budget.
Good news! There's things you could be doing that may help save money for that vacation you've been dreaming about for months or years.
Ways to save money for vacations include:
- Use Apps like Digit and Qapital – These apps skim money from your accounts without you even realizing it to put to the side for future purchases, like vacation. For example Qapital rounds debit spending to the nearest $5, and can put the extra money into an account for travel.
- Set aside money each month in a designated travel account – If possible, try putting a small percentage of your monthly income aside specifically into an account for travel. One expert traveler adds that they set aside any extra singles or change and keep it just for vacatons. Another person adds $2 for every meal they cook at home into an account for travel.
- Borrow clothes you need for an upcoming trip – A lot of the money spent on a vacation goes to buying new clothes for that trip, but one expert traveler looks to friends and family to borrow what they’ll need instead of spending extra dough.
- Dine out less at home so you can dine out more on vaca – Try cutting back on simple expenses, like that daily Starbucks coffee, or starting bringing lunch to save you money. Or limit the nights you eat out during the week and put that money towards a trip.
- Designate certain income streams for “travel only” – If you have a side hustle, or maybe rent out your place on AirBNB, set aside that money just for your upcoming travel needs. Of if you get a year-end bonus, you can hold that for a vacation as well.
- Save up miles and use them wisely – Getting a credit card that gives you miles for purchases can help you get free flights, as long as you’re good about paying those cards off.
- Put travel experiences higher on your list – If travel is really that important to you, make it a priority, and think about that before you spend your money on other things like clothes or shoes. You can even look into selling some stuff that’s not as important to you and put it towards your travel.