5 easy tips to save money for your upcoming trip

Times of IndiaTIMESOFINDIA.COM/ Updated : Jul 8, 2024, 16:55 IST

5 easy tips to save money for your upcoming trip

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It’s always not about the destination, but how much money can you save up till your decided time frame. And if you are lucky enough to save a bit more, you get the upper hand of selecting a location or the trip of your choice, lik … Read more

5 easy tips to save money for your upcoming trip

Planning a trip can be both exhausting and exciting, especially when it comes to budgeting and saving up the necessary funds. It’s always not about the destination, but how much money can you save up till your decided time frame. And if you are lucky enough to save a bit more, you get the upper hand of selecting a location or the trip of your choice, like a tropical beach vacation, a cross-country road trip, or an international adventure. All in all, you will need to have a solid savings plan in place that can eventually make all the difference. If you have also found yourself in such similar situations, here are some practical tips that can help you save money for your upcoming trip.

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Create a separate travel savings account

It’s best you take the first step of opening a dedicated savings account, specifically for your trip funds. This will help you keep your travel money separate from your regular expenses and make it easier to track your progress. Set up automatic transfers from your checking account to this savings account each month so the money is put away before you have a chance to spend it.

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Cook your own meals

Eating out for every meal can quickly deplete your travel budget. Instead, consider booking accommodations with a kitchen or kitchenette, and prepare some of your own meals. This will not only save you money, but it will also give you a chance to immerse yourself in the local culture and cuisine.

Cut back on non-essential expenses

Take a close look at your monthly budget and identify areas where you can cut back. Things like dining out, entertainment, and impulse purchases can quickly eat away at your savings. Challenge yourself to cook more meals at home, limit trips to the coffee shop, and find free or low-cost activities to enjoy. Even small savings can add up quickly when you're funneling that money into your travel fund.

Book early

One of the best ways to save money on your trip is to book everything as far in advance as possible. Airfares, in particular, tend to rise dramatically the closer you get to the travel dates. By booking your flights 6-12 months in advance, you can often find deeply discounted fares. The same principle applies to accommodation - the earlier you lock in your hotel or Airbnb, the better the rates will be.

Take advantage of credit card rewards

If you have a credit card that offers travel rewards or cash back, make sure you're maximising those benefits. Use the card for everyday purchases and pay it off in full each month to avoid interest charges. The points or cash you earn can then be used to offset the cost of your trip.