Travel

How To Set Up Your Travel Savings Plan

Very few people have the luxury of deciding to travel today and take off tomorrow.  Even if that is possible for some, it still isn’t a good idea.  Travel takes planning if it is going to be a successful adventure.  Many people, however, need to plan far enough in advance to save the money they will need to make that delightful trip. 

travel savings plan

Here are some solid suggestions to make sure your travel savings plan does its job:

To begin with come up with a safe place to keep the money you save for your travel.  Forget the jar marked “Travel Savings.”  That method of saving ranks up there with hiding cash under your mattress.  The pilferer who is most likely to get into it is…YOU.  Furthermore, money put away like that actually loses value the longer it stays in the jar.  A commercial bank saving account may not make a great deal of interest, but at least it will make some.  It should not be the same bank where you have your regular checking account.  Why?  Because it’s too easy to go on line and transfer your savings to your checking account and go on a shopping spree with your debit card.  Another bank or credit union where you have to go in person to withdraw funds will protect you from yourself.

Where the money comes from to go into your travel savings plan is another matter.  If you’re already putting a little aside into a savings account, you probably don’t see where the money for another account could be coming from.  We understand of course, that the amount of money we’re going to save each month will determine how soon we can take that longed for trip.  How can we add to our monthly income is a good question to ask.  It might be feasible to take a part time second job where we put that entire salary into our travel savings plan.  Some people have created their second income themselves doing odd jobs like shopping for shut-ins or starting a baby sitting business.

Adding income is not the only answer.  Take stock of your current spending habits.  Undoubtedly you will find many areas where you spend money needlessly.  That expensive designer coffee you indulge in each morning on the way to work can be replaced with a cup of Joe you brew at home yourself.  That could save $20.00 a week that could go into your travel account.  That’s $1,040 in a year’s time!

Another place where you can cut back is in your grocery shopping.  Yes, we’ve got to eat, but did you know that most Americans toss out 35-40% of the food they bring home from the supermarket?  By shopping wisely and only bringing home what you will actually eat or drink, you can cut up to 40% of what you are now spending.  You do the math.

Coupons can save loads of money.  Almost every grocery or department store now offers coupons on line or right there in the store.  Sure, it takes a bit of time, but if it saves big bucks that can go toward your travel savings plan, what’s the value of the time used to save money?  Use your imagination!  If you really want that trip, saving up the money needed to go will become an addictive game with great rewards.

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