Top 3 Ways to Amp Up Your Travel Savings
As desirable as it is, travel can be expensive if you’re not careful. So what are the best ways to get the most out of each dollar? Here are my Top 3 Ways to Amp Up Your Travel Savings! We’ll take a look at some of the most popular ways to save for your next vacation to see which makes the most sense for you to get you traveling faster.
1. Use a Travel Money Jar
Ask most financial experts, and they’ll generally agree that having some form of a “jar system” is important for managing your finances. Whether it’s physical jars in your home or not, the idea is the same: create a few buckets of spending to manage where your money goes, and to prioritize everything that’s important to you.
As an example, you may have 5 jars labelled as Transportation, Groceries, Entertainment, Savings, and Travel. Each week you will have allocated a certain percentage of your income to each jar. The idea is that you do not overspend from any of the jars. It’s great for budgeting, especially if you have any debt you need to repay. For more details on this method check out Elisabeth Donati’s book, The Money Jars: Your Magical Money Management System.
I find that these systems require a lot of discipline and are very tempting to bypass. I mean, if you have a vacation opportunity coming up would you be able to resist taking a few dollars from your savings jar to make up the shortfall in your travel jar? Or even worse, stealing from your travel jar to order pizza for dinner … with good intentions to repay it later I’m sure!
If you are able to stay on task, this method could be a great option for you. Just be prepared to pass on travel opportunities until your travel money jar reaches an adequate level.
2. Open a Travel Savings Account
Opening a bank account specifically meant for travel expenses is a great way to take the idea of the “jar system” and remove much of the temptation. You will no longer physically see the money sitting there, so you won’t have the daily option of spending it.
Unfortunately, most bank accounts today come with some fees attached to them. This has the huge downside of costing us some of those hard-earned travel dollars with nothing to show for it. If you go this route, definitely take the time to find a low or no-fee account with a decent interest rate. If you are located in Canada a great option is opening a no-fee account with Tangerine (you can use my Orange Key 14903847S1 to get a $50 bonus!).
3. Join a Travel Club
In my opinion the best option to really amp up your travel savings is to join a reputable travel club. There are many travel clubs out there, so make sure the one you join best fits you and your travel style. The best ones allow you to convert everything you pay at enrollment and through monthly dues into travel dollars. This way you truly will have an untouchable travel savings account!
When comparing travel clubs be sure to compare the variety of trip offerings and locations. Do they allow travel outside of canned trips? What about 24 hour concierge service? Are there price guarantees? Do you get extra perks at your destination just for being a member?
So there you have it; the Top 3 Ways to Amp up Your Travel Savings! All that remains is to choose the method that works best for you, and the speed you want your travel savings to grow. See you on the runway!!
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