About this time every year, I get the travel itch. It’s the feeling that I need to book a trip for my family so we can go somewhere we’ve never been before, see something new, or just get out of the daily grind. Winter feels long, and the beautiful beach pictures in Instagram are calling me.
Yesterday, my friend sent me a picture of the little town in Northeastern Spain they’ll be visiting this summer. I. want. to. go.
However, our family just moved 1000 miles away to a new state last year, we bought a new house, and we have spent plenty of money on it. Plus, I’m not bringing in a steady income, since I’m taking a year off teaching to help us get settled, so it’s hard to justify setting aside thousands of our savings for a big trip (how much should you spend on travel, anyway? Answers here).
I’m not giving up so easily, however. Here are five ways I’m planning to save up for travel.
1. Save the Extra
This is about as obvious a tip as they come, but it’s not always easy to follow. This year, every single extra check, refund, tutoring payment, or gift is going straight to a fund called “Trips.”
In our Capital One Savings account, we have several subaccounts where we save for different goals. In our “Trips” fund, I’ll be saving all of the extra money we get, immediately, before I even have a chance to think otherwise.
I deposit any checks using my mobile app, then immediately transfer that amount from my bank to our Capital One subaccount.
The trick is to deposit the money immediately into an account or fund you can’t access or won’t let yourself touch.
It’s too easy to put the money in your general account, and attempt to save what’s left over at the end of the month. But in my house, that money will get spent, so I need to set it aside as quickly as possible to save for travel.Continue reading “5 Ways to Save Up Money for Travel”