9 Last-ditch Efforts to Build Your Travel Fund
Traveling is one of the best rewards that you can give yourself as you go to places where you might feel like you’re in paradise, like you’re reborn after learning new about yourself and life in general. Sadly, real life comes knocking and reminds you that no, you can’t afford to travel. The good news is that you can always try saving up for that long-overdue summer vacation.
Here are some 8 simple ways you to start setting aside money for your travel fund:
1. Develop a spending plan.
How much are you willing to spend for your trip? Set a specific figure in your mind and on paper. Start with putting figures on your plane tickets, or gas for land travel, accommodation rates, meals, admissions to tourist spots, cost of souvenirs, and sum these all up. If you think the total is too costly for you to cover, cut back on potential expenses until you find a figure you’re comfortable with. If your current financial situation doesn’t allow you to take that foreign trip just yet, you might want to start off with a long weekend trip until you can afford to take that ultimate summer vacation.
2. Give up some fun things to have fun later.
List down the things that you’re enjoying now but you don’t really need – satellite TV, mobile phone plan, movie rental service, or any other entertainment services or subscriptions. Cut back on these expenses, even for a few months, and save what you can for your travel fund. Imagine how much fun you’ll have once you’re on vacation.
3. Cut back on eating out.
You save a lot if you dine out less and spend that on your vacation, but you can do it slowly. Look for discounted coupons inserts for one dish, pick restaurants offering free meals for kids at certain nights, and other promotions. You can also choose to prepare dinner at home and save a lot more, or opt for ready-made grocery items and frozen dinners.
4. Eat what your pantry offers.
Assign a week when you only eat what you’ve stored in your pantry, saving you from having to run to the grocery store or eat out. This should teach you to stock your pantry with staples and make do with that for seven days in a row.
5. Get your tax refund.
Instead of getting your IRS refund in April, you can choose to change your tax withholding now, get a bigger paycheck, and save the extra money into your travel savings account. If you still get a refund, divert it to your savings, too. To get your tax refund, fill out a W-4 form and adjust your tax withholding now.