Setting aside money for travel can be quite challenging — trust me, I’ve been there. But don’t pack away your travel dreams just yet!
With the right savings strategies and careful planning, that trip to the sunny beaches of the Bahamas or to the vibrant streets of Asia is closer than you think.
In this article, I’m sharing six ways to save up for your next getaway! Stick around so you’ll have a clear roadmap to fund that much-needed escape!
1. Create a Detailed Travel Budget and Stick to It
Creating a detailed travel budget and sticking to it can sound daunting. But it’s really the secret to packing your bags more often!
First, aim to set aside about 5% to 10% of your yearly net income for travel. This gives you a target to work towards without stretching your finances too thin.
Pro Tip: If you’re looking for a tool to help manage this, I can’t recommend You Need A Budget (YNAB) enough.
YNAB is super user-friendly and accessible on multiple devices. No matter where you are, your budget is at your fingertips.
What’s really handy is how YNAB connects directly with your bank and credit card accounts. It automatically keeps track of your spending and savings.
2. Look for Side Hustles
Getting a side hustle can help you save extra cash for travel. All the money you make from your side gig can go straight into your travel fund.
One side hustle that has worked for me is freelance blogging.
It’s something I can do from home, and it doesn’t interfere with my main job or family time.
Further, I’ve been able to use the extra income to pay for weekend getaways and even a few longer vacations.
Pro Tip: Another great option is selling lightly used items online. Platforms like Poshmark and ThredUp are perfect for this.
You’d be surprised how much you can make by clearing out your closet!
3. Avoid Taking on New Debt
One crucial tip for saving up for travel is to avoid taking on new debt. After all, traveling should be about freedom and relaxation!
If possible, save up the money you need before your trip. That way, you’re not caught in the stress of debt payments afterward.
Traveling on credit card debt can quickly turn a dream vacation into a financial nightmare.
On a personal note, I’ve learned that the joy of a trip can fade fast when you return to a pile of bills.
I once made the mistake of charging a weekend getaway to my credit card, thinking I’d pay it off quickly. It took months, and the interest was brutal!
So, I now save a little each month until we’ve got plenty for our family adventures!
4. Use a Credit Card the Right Way
Using a credit card wisely is essential to saving up for your travels without the burden of debt.
First, choose a credit card that rewards you with travel points or cash back on purchases.
These rewards can be put directly towards your travel expenses. Basically, it can effectively save you money on flights, hotels, and more.
Pro Tip: I use a credit card that gives me bonus points for groceries and gas. I pay the card off every month and use the points to book flights.
Last year, I managed to cover a round-trip ticket to Mexico just with points!
Be cautious, though, as it’s easy to overspend when you’re earning points.
5. Try Public Transit Instead of Having Your Own Car
Choosing public transit over owning a car can free up a lot of cash for travel.
Without car payments, insurance bills, gas expenses, and maintenance costs, you’ll be surprised at how much you can save.
Doing this also reduces stress! You won’t have to deal with traffic jams, finding parking, or unexpected repair bills.
This makes it easier to stash away extra money for that next vacation.
6. Find a Job With Built-in Travel Opportunities
Locating a job with built-in travel opportunities is a great method to see the world while you work.
This means your job requires you to move between cities or spend extended periods away from home!
What’s fun is it allows you to explore new places without dipping into your savings.
Examples of such jobs include consulting, sales positions, field service roles, or working on a cruise ship.
For one thing, a friend of mine works in event planning and is constantly traveling to organize conferences and meetings.
She loves the variety and the opportunity to visit cities she might never have seen otherwise.
Furthermore, her travel expenses are covered, which means almost no personal spending on flights or hotels!
7. Collect Change in a Jar
Collecting change in a jar might sound like small beans, but trust me, it adds up and can be a fun way to boost your travel fund!
Just toss any loose change you have at the end of the day into a jar!
When done consistently, this simple act can surprisingly help gather a decent amount over time.
I started doing this years ago, and it’s amazing how those coins can grow enough to cover part of a trip.
Pro Tip: Get the whole family involved!
It’s a great way for kids to learn about saving and see how even small contributions can lead to exciting rewards — like a family vacation.
How Much Money Should I Save for Traveling?
Deciding how much to save for traveling can be tricky, but a good rule is 5% to 10% of your yearly take-home pay.
That way, you’ve got a travel fund ready without stressing your budget.
For example, if your family brings home $50,000 a year, aim to save between $2,500 and $5,000 for trips.
Here’s a quick breakdown of how that might look:
| Description | Budget Allocation | Details |
| Total Yearly Savings for Travel | $2,500 – $5,000 | 5% to 10% of yearly income |
| Mini Domestic Trips | $1,500 | 3 trips at $500 each |
| Big International Trip | $1,000 – $3,500 | Depending on destination |
In our family, we love mixing things up with a few small trips and one to two big adventures abroad each year.
The exact amount depends on where we go and what counts as a travel cost, though.
Can I Travel Well on a Tight Budget?
You can definitely travel well, even with a tight budget! However, you’ll need to manage your expectations.
Back when I was 20, I quit my job to travel without any savings, relying on credit to fund my adventures. Of course, this was not a wise move.
I returned home stressed and scrambled to find any job just to pay off the debt.
Now, with more savings and experience, traveling feels much less stressful.
I’ve learned it’s best to have your finances sorted before you take off. Debt can really dampen the fun of travel.
Pro Tip: Places like Latin America or Southeast Asia can be much cheaper than popular U.S. destinations.
Even when I earned less, I found that traveling to these regions was very affordable.
Just always be on the lookout for good flight deals!
What Are Some Hidden Costs of Travel I Should Budget For?
Traveling brings little surprises, especially with hidden costs that can sneak up on you. For one thing, condiments can actually cost you.
In some places, you might be charged for extra ketchup at McDonald’s or a second pump of mustard at a sausage stand.
And forget about free soda refills — that’s typically an American perk.
Bread at restaurants might also catch you off guard. If you’re in Europe and they place a bread basket on your table without asking, don’t assume it’s free.
If you eat it, you might find a charge on your bill.
Don’t overlook small costs like public toilets, too! It’s not a big expense, but it’s easy to forget to budget for it.
Additionally, be wary of financial surprises like bad exchange rates and high ATM fees.
Pro Tip: Always bring a small travel medical kit! Items like Imodium, Ibuprofen, and Benadryl can be costly in tourist areas where pharmacies charge a premium.
What Are the Best Ways to Save on Travel During Peak Season?
Surprisingly, traveling during peak season doesn’t have to break the bank if you plan wisely.
Start by booking your flights and lodging months in advance. Prices skyrocket at the last minute, so early planning is your best friend.
And remember, flights tend to be cheaper when you fly early in the morning or late at night.
Opt for public transportation over taxis or rideshares as well. Also, consider staying in hostels rather than hotels to cut lodging costs.
In addition, pack your own snacks for domestic trips and cook meals when possible.
Moreover, try to research free activities beforehand. A simple web search for “free things to do in [place]” can show plenty of budget-friendly entertainment options.
Pro Tip: Eat where the locals do instead of falling into tourist traps.
I hope you’ve picked up some useful strategies from these tips to boost your travel savings!
Do you have any go-to methods for saving up for a vacation, or are there questions on your mind about the tips we discussed? Feel free to drop them in the comments!
