Wanderlust got you daydreaming about your next adventure, but your bank account’s looking a little flat? Don’t let your travel dreams fizzle out! With some savvy strategies and a dash of discipline, you can turn those pennies into a passport to paradise.
We’re going over the top strategies for how to save money for a trip!
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11 Ways to save money on holiday travel
Here are some practical tips to help you save money on holiday travel.
1. Decide in advance how much you can splurge
Saving money for a trip starts with a specific goal. Determine how much you’ll need for your trip and decide where to start saving towards that goal. To do this effectively, research average costs at your destination to create a realistic budget.
2. Get serious with a dedicated travel fund
Open a separate savings account earmarked specifically for your trip fund. Automatically transfer a set amount from each paycheck into this account. A high-yield savings account is an excellent savings vehicle for a travel fund, as you can earn (a little) more on interest.
3. Opt into travel dupes
Consider travel dupes or less-popular destinations instead of famous vacation spots. You can benefit from fewer crowds and lower overall travel costs. For example, you could visit The Baltics instead of Scandinavia or Western Colorado instead of Iceland. Travel dupes can give you access to breathtaking natural beauty and vibrant culture, often at a fraction of the cost.
4. Be flexible with travel dates
Adjust travel dates to off-peak times to find significantly cheaper flights and hotels. Use tools to check prices quickly across a range of dates. Set up flight alerts for your desired destination to score cheap flights even in peak times.
5. Go on the hunt for cheap flights
If you’re willing to invest some time searching, be flexible on your destination, or set up flight alerts, you can save a lot on your flights. Of course, you can also use credit card points or free annual companion tickets — more on next.
6. Use credit cards strategically
Sign up for travel reward credit cards and pay for all trip expenses to rack up points for future travel. Many offer huge sign-up bonuses just for hitting a minimum spend. Then, to maximize points, look at rewards calendars, airlines within the same alliance, and alternative routes to book your dream vacation using fewer points.
7. Weigh hotels vs vacation rentals
While hotels are convenient, Airbnb, vacation rentals, and even hostels can provide much cheaper lodging where you can cook meals. For the more adventurous, there are also options for house sitting, couch surfing, or dedicated house swap websites.
8. Don’t shy away from alternate airports
Depending on your destination, flying into smaller regional airports instead of major hubs can sometimes yield lower airfare and travel costs. For example, there’s less to do in Düsseldorf, Germany, but it often has much lower airfares than famous neighbors like Frankfurt, Brussels, or Amsterdam. You could fly there and quickly reach other major destinations through local transportation.
9. Look for packages and bundles
Bundling airfare plus hotel or rental car into package deals can unlock discounts you can’t get by booking separately. Cruise lines also often offer package savings. You can also consider bundling activities with accommodation to save more. For example, you can score some amazing accommodation, ski rental and lift pass deals throughout the Alps or Japan.
10. Travel light
Pack carry-ons only to avoid checked bag fees. Families and groups can also split stays between a couple of properties to take advantage of discounts on occupancy limits.
11. Get creative with transportation
Getting there and around can be one of your most significant travel expenses. Instead of pricey direct flights, look into budget airlines, trains, buses, or rental cars. To save more, try using local transport, biking, or walking instead of taxis or Uber to reach your destination.
Save money for travel and reach your financial goals
It’s time to create epic memories with your squad without straining your wallet. Discard the tourist traps and seek out the real thrills – free events, underground hot spots, and other off-the-beaten road thrills. But don’t just stop there! Use credit card points, off-peak travel, flexible dates, and bundled deals to stretch those dollars further than a yoga instructor.
The key? Knowing your travel style and playing to your strengths. Are you a spontaneous free spirit or a meticulous budget ninja? No matter your vibe, get those money-tracking apps fired up and start uncovering daily savings.
Stay motivated by fantasizing about dreamy destinations and, you’ll craft legendary stories with your crew in no time!
FAQ
How much money should I save for a trip?
How much money you should save for a trip depends on the destination, number of travelers, travel style, and even the time of year. Remember to save around 10% more than your travel budget for emergency or unexpected expenses.
How to save for a vacation on a tight budget?
On a tight budget, research low-cost vacation options. For example, you could look at camping in a national park within driving distance of your home. You can also consider earning credit card points if the minimum spend fits within your budget. Otherwise, see if you can save monthly in a high-yield savings account. If you can be flexible with travel dates, set up flight alerts to (potentially) book ultracheap flights.
How far in advance should I start saving for a trip?
How far in advance you should start saving for a trip depends on your income, how much you need to save, and how much-advanced preparation the trip requires. Some people save for a trip years in advance, while others save for a couple of months before travel.
