With many people currently putting their travel plans on hold until the world is more stable, now’s the perfect time to start saving up a large amount of money for those future travel plans. However, with many people losing their jobs, getting their hours cut back, or having additional expenses, it can be hard to know how you can find additional money in your budget to save for future travel.
To help you with this, here are three ways you can pad your travel budget for trips that you’ll take in the future.
The only way you’re going to have money that’s meant for travel is if you contribute to a designated traveling fund on a regular basis.
To help make this easier for you, JetSetter.com recommends that you set up a savings account that you dedicate solely for travel and traveling expenses. Then, once you have this account, make a plan to budget some money each month to get saved into this account. You can either do this automatically by setting up periodic transfers or you can transfer whatever amount you want once you know what your other expenses will be each month. But by making it a habit to contribute some money to a travel fund each month, you’ll be sure to have at least some money set aside for this purpose once it’s time for your trip.
Get Your Money To Work For You
If you’re wanting to be able to contribute more money to your travel fund than just what you’re able to save on a monthly basis, you may want to look into getting your money to work for you and create some additional interest on its own.
One way you can do this, according to Sarah Kuta, a contributor to The Penny Hoarder, is to use a credit card that gives you travel rewards or other benefits that make it easier for you to travel. Then, whenever you spend money with that credit card, you’ll be also contributing to your future travel. Along with this, you could also invest a small amount of money into a bond or other investment vehicle that will grow and grow until you’re ready to take a trip.
Make More, Spend Less
For those who are merely wanting to find a way to get their budget to allow for more travel, Andrea Woroch, a contributor to U.S. News and World Report, shares that the best thing for you to do is just find a way to make more money each month and then reduce how much you’re spending. Even small jobs that only pay a little can add up quickly. And if you’re able to spend less each month, you can add that savings to your travel accounts as well.
If you’re wanting to find a way to devote more money to future trips around the world, consider using the tips mentioned above to help you accomplish this.