Well before retirement is the ideal time to start saving enough for travel. Let’s explore various saving tips for travel that will make it possible.
Without a savings plan for travel during retirement years, it is a little like the pipe dream of a 4-year-old who declares “when I grow up I’m going to be an astronaut.” Later, if the kid drops out of school at age 16 or goes to college and majors in English, there’s no chance of walking on the moon. Likewise, just the vague thought that we’d like to travel at retirement will come to no fruition. So, assuming that the wanderlust is real, we examine our efforts to make it come true. Here are some saving tips for travel you can follow.
Saving Tips for Travel
Forget hiding savings under the mattress.
Even in a bank safe deposit box. No matter how much you add to those hiding places, they are actually shrinking in value as the days go by.
Furthermore, it is far too easy to lift the mattress on those occasions when you might need a few extra bucks. Even though the interest rates may be low on CDs or savings accounts, at least the money is put away out of easy reach and making a modest return.
First, it is wise to get help from a certified investment counselor.
He or she will likely start by helping you to determine your net worth (all your assets minus your debts). Then, it will be time look at your debt payments. It may be possible to lower these by paying off some debts early. The next step is to formulate a budget with the mindset that no matter what happens, you will stick with it. Like withheld taxes from your salary, this becomes money that is not in your hands.
When enough is put aside in savings.
Treasury bonds are a good purchase. The interest rate is lower than some other bonds, but your funds are guaranteed and, again out of your immediate control.
Then look for other ways to add to your savings.
You may be able to find simple work from home jobs that require only a few hours a week. There are also some businesses that pay for getting your opinion. You want to bring in extra money to add to your future travel savings, short of working two full- or Part-time jobs.
Partners or spouses
Of course you should include your partner in your saving plans. It’s great to share the excitement of seeing a travel budget grow and talk about the places you’d both like to visit.
We like to think of it this way: when we save for a specific goal, it becomes easier to look forward to the delayed gratification when the whole team is onboard. Travel is an excellent goal which adds to budgeting willpower with the anticipation of great fun after retirement.
Finding ways for saving enough for travel is not really that difficult. Put a little creativity into it and you will be surprised how much you can really save. Give us some comments on ways you would add in the comments section below.