How To Build Your Travel Funds

Money and the amount needed to travel can be intimating. A lot of people do not travel as much as they wish  just because they do not have the money and they do not think they ever could save enough.

However, if you have the motivation and the right attitude you can save enough money to travel in no time.

Personally I use many strategies to help build my travel fund, and savings in general. Every time I get paid, I take the money remaining in my account from the last paycheque and divide in half. I put one half into my travel fund and the other half into my general savings. This helps me save money fast, and allows me see how much money I spend and save each month. I do this in addition to these four strategies :

1. Start saving now

Even if you are not planning a specific trip, start putting away money now. By the time you decide on getting away you will already have some money set aside.

2. Travel fund

Open a separate savings account and use it just for travel. Set up automatic deposits so you will never forgot to transfer money into your travel account.

3. Forget about it

Treat the money you have in your travel account as money you don’t have. This way you won’t be tempted to spend it at home.

4. Cut costs

Analyze your spending habits and limit or cut out things you do not need. Try eating out less and making your own coffee at home instead of buying one every morning. (You can save over $1,000 a year just from not buying Starbucks every day, do the math)


Save while planning and on the road

Minimizing traveling costs means you won’t have to save as much money and you may have more left over when you return home. Check out my post about how to save money on your next trip.