How to Start a Vacation Fund: 10 Clever Ways to Make Travel Affordable
Learn how to start and build a vacation fund without stressing about everyday finances. Plus, get clever travel and funding tips to have an amazing adventure!
In 2016, US domestic and international travelers spent $990.32 billion on travel-related expenses. By 2017, the figure had risen to $1,035.75 billion. As the years go by, experts forecast that Americans will continue to travel and spend more.
Taking a vacation is supposed to be relaxing. It is time for you to unwind and spend time with your family. Problem is, we stress ourselves about how we are going to pay for that vacation to Costa Rica, Dubai or Santorini.
Whether you are planning a cruise or a road trip, having a vacation fund helps you achieve your goals.
Want to know how to save for a vacation?
Read on and learn 10 clever ways to make travel affordable.
- Set a Budget
Where are you planning to go for your vacation? Dubai, Singapore, Santorini or an African Safari. With a budget, you can vacation where you want.
When planning your budget, there are a few things to factor in:
- Accommodation
- Air tickets
- Activities
- Travel insurance
- Shopping
- Meals and local transportation
Taking these into account allows you to come up with an educated estimate. Also, it doesn’t hurt to do a little research on the vacation spot you are planning to visit.
- Tracking Your Spending Habits
To have money for your vacation fund, you must track your spending. Are you eating out or ordering in? Are you shopping for stuff you don’t need such as clothes, shoes, and electronics?
Well then, it’s time to change your spending habits. Instead of eating out or ordering in, prepare home cooked meals.
- Boost Your Vacation Fund with Freelance Jobs
If you have no expenses to trim, then boost your travel funding with freelance jobs. Are you a good writer, coder, web designer or graphics designer? There are tons of gigs online that you can work on and earn extra cash.
- Don’t Tap into Your Tax Refund
If you are in line for a tax refund, it is wise to avoid tapping into the fund. Instead, set part of the money for your vacation. You will need to set up a dedicated travel fund account where you will deposit these funds.
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- Hold a Garage Sale
Want to declutter your attic or basement? Hold a yard sale to get rid of your old stuff. For instance, you can sell your clothes, electronics, kitchen appliances, books, and memorabilia. The money from the yard sale should be deposited in your dedicated travel fund.
- Use a Credit Card That Accumulates Airline Miles
If you go for a credit card that accumulates airline miles, come vacation time, you may end up flying to your vacation spot for free. Also, go for credit cards that offer sign up bonuses.
- Consider Working out at Home
Instead of paying for that expensive gym membership, try working out at home. You also have the choice of joining fitness stations at public parks. By doing so, you get to save money which goes towards your travel fund.
- Airbnb Your Spare Bedroom
A spare bedroom is more useful occupied than when empty. By renting out your spare bedroom on Airbnb, the rental income will be used as travel funds. Before renting out, you might want to prepare the room.
- Save Your Quarterly or Annual Performance Bonus
If you are expecting a quarterly or annual performance bonus, boost your travel fund by setting aside some of the money. This does not mean that you should short change other priorities such as paying off your credit card.
- Cut subscription services
Subscription services such as Netflix and Hulu Plus increase your monthly expenditure. To save for your vacation, cut the subscription services. After your vacation, you can resume streaming.
Start a Vacation Fund and Have an Amazing Adventure
A vacation fund is a great way of saving for a trip. To achieve your goals, create a firm budget, cut your expenses, and track your spending habits. Doing this ensures you have extra cash for your vacation.
Did you enjoy your guide on how to start your vacation fund? Check out our Travel section for more tips.
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