How To Save Money For Travel

A woman who saved money for trouble.

Need some time to get away? Travel is a great way to reset your mind so that you can keep dealing with the details of your day to day. Unfortunately, travel is expensive and not all of us have the money to just write a check for that dream vacation. So, for most of us, paying for our vacation comes in two forms. We can either get a vacation loan and then pay it off or we can save the money we need and pay for our trip in cash. Let’s take a look at the options.

Travel

For the impatient type, a vacation loan might be the way to go. It can get you the money now and then you could make monthly payments to pay it off. The benefit here is the immediate gratification that we all desire so much. Who likes to wait?

Getting an installment loan is easier than ever these days. You can get it all done online which is super convenient. The provider you go with will depend on the type of credit that you have. If you have poor to fair credit then a place like Bad Credit Loans should be able to get the job done. With a name like that, you know what they do, they work with less than perfect credit. Get a quote online here to see what kind of offer you can get.

If you have good to great credit, a place like Credible will be a better option. Loan rates will be a bit better which is always a great thing. If your credit is in good shape, check them out here. It takes about two minutes to get an offer.

Saving Money For Travel

If you are the saving gene, good for you. It is the best way to pay for expenses without wasting money on interest. There are a lot of great ways to make some extra money to put towards a trip. First, you need to set up a savings account.

Travel Savings Account

For something like a vacation, you should set up a separate savings account, apart from your regular emergency savings. You have an emergency savings, right? If not, that should be your priority before you start saving for travel.

For best results, keep your savings at a bank that you do not have your checking account at. You will still be able to link your savings and your checking but savings withdrawals will take a good day or two to process. This makes the money accessible but will keep you from spending it with an impulse buy. If you are well disciplined, you can skip this and just get an account with the same bank.

Once you have your savings account, we can work on some ways to get some money into it.

Regular Deposits From Checking

First, look at your budget and see how much you can spare to put towards your travel. Set up an automatic transfer from your checking to your new savings account for the same day you get paid. You will never see the money so you will never miss it. Don’t save so aggressively that the rest of your budget suffers. Transfer a reasonable amount from each check.

Additional Income

If you are like me, just taking some money out of my regular check is not going to cut it when I am saving for a reason. I want to get that savings rolling so that I can make my purchase. If this sounds like you, let’s take a look at some ways to make some additional income.

  • Sell Your Fluid
    Okay, that sounds gross but it is true. Plasma in particular is very valuable. You can get 400 dollars easily in a month by donating plasma. You would have to donate twice a week to get that much money but that is doable. Donation is easy if you aren’t squeamish about needles and you can use your down time to catch up on Instagram.
  • Recycle Metal
    This could be as simple as recycling aluminum cans. Set up a recycle bin in your home and make sure the cans hit the bin instead of the trash. You can kick it up a notch by setting up another recycling bin at work. Make it easy for people to do the right thing and make a little coin off of it. You can then take the cans to a recycler and get paid money that you can add to your travel savings.
    If you want to go further with the recycling idea, go beyond cans. Recyclers take more than just aluminum. They also take copper, stainless steel, tin , etc. You can find this stuff laying around every where, literally thrown away. Scoop it up and cash in.
  • Watch Videos
    I am sure you know all about surveys but some survey sites even let you make money from just taking surveys. Swagbucks does just that an right now you can claim a $5 sign on bonus. I am going to be the first one to tell you that most survey claims are bunk but you can still make around $50 a month doing them. Every little bit helps and you can cash out points for PayPal cards, airline cards or even Disney cards.
  • Part Time Jobs
    If you are truly devoted, a part time job could be the thing. You can easily work just ten hours a week and get 500 dollars or more a month in part time income. Look at places like Target, Walmart, Amazon or even Lyft for work opportunities. They offer varied shifts and pay well.

Tina’s Last Word

If you are looking to travel the world, getting an installment loan is a great tool but it comes with a catch, interest. Saving is a better option because it will put you in an overall better financial position. We are not all born savers but if you are motivated by a goal, you can become one.

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