If you have never had a travel savings account before, it can seem a little off. However, this account will ensure that you are taking at least one trip every year. You can contribute as much as possible, starting with $50/month, you should be able to plan a long weekend getaway by the end of the year.
Do you have a certain destination in mind? Calculate and monitor flight and hotel prices so that you know how much money you need to save. Planning your trip 6–12 months in advance can help to establish potential flight and hotel costs and will give you time to make final decisions.
Travel in groups
Plan a trip with 2–3 of your closest friends and their families if you are looking for a family getaway. Many times you can rent a condo or a large space for much lower than the price of a hotel. The perk of having people with you? Simple, the price is split between all of you, making the trip more affordable.
Research peak seasons
Peak seasons are times when a destination is most popular for travel. As you can imagine, peak seasons lead to higher rates for flights and hotels. Once you decide on a destination, look up the peak seasons for that location and plan your trip around it if possible. Generally speaking, summer, holidays, and Spring Break are peak travel times. If your days are flexible, you are more likely to find a great deal on flights.
Join a loyalty program
Joining loyalty program is a great way to earn points towards your travel. There are many programs out there, from travel credit cards to hotel rewards programs. The common denominator is that you are rewarded for being a loyal member or for using your credit card for purchases. If you decide on a rewards credit card, be sure to still pay the balance off in full each month to avoid accumulating additional debt.
Cut your monthly bills
Review your monthly expenses and find ways to add more to your travel savings account. In order to plan a trip overseas that you may have always dreamed about, would you be willing to trade in your expensive cable bill for something like Netflix or Hulu? Making that simple switch could save up to $100/month. This would also be a great time to consider refinancing your car if your credit has increased. Average savings for customers who refinance with rateGenius save an average of $89/month. These two small changes could add $200+ to your savings account every month.
Visit a friend
Many of us have a friend that lives in a place we have never visited. Perhaps they just moved there, or you just haven’t been able to make the trip. These vacations are the easiest to plan since you only have to focus on airfare if you are able to spend a few nights with your friend. Also, having a city insider makes planning activities a breeze. They will know the hot spots and be able to tell you which tourist traps aren’t worth the money.
Which destinations are on your travel hot list this year? Let us know, and we can try to help you get there!