How to Save Money for Travel

Are you ready to take your next trip? After two years of shut down, people (including me!) are so excited to get back on the road. But you may feel like you’re a bit out of practice on how to make your dream trip happen. Here is a step-by-step plan for how to save money for travel. 

1. Set your Goal

First things, first, the fun stuff. Where are you going to go? When are you going there? What are you going to do while you’re there? Where will you eat? Where will you stay? How will you get around while you’re there? Are you going to book any tours or cultural experiences? What about shows or museums? Think big! Write all of your plans out. It won’t just get you excited for your trip, it will also help you with the next step …

2. Plan your Travel Budget

Let me be the first to admit that I hardly ever stick to my travel budget. But I always create one because it keeps me from going absolutely crazy when it comes to my spending on planning and souvenirs. Which reminds me, when you do create your budget, make sure you list every expense you anticipate both pre-travel and during your adventure. I’ve created a travel budget planner for you so you can get an idea of everything you should be including in your trip budget, and you can add on any other expenses you need! I always estimate a little higher than I think it may actually end up being so I build in a cushion for any unexpected expenses. 

3. Set up a Direct Debit to your Savings Account

Now that you know where you want to go, when you plan to go, and how much you know you’re going to need, figure out how long you have to save up that amount. Can you realistically save that much money in that amount of time? Hopefully, the answer is yes and if so, divide that amount up weekly, biweekly, monthly, however often you recieve your paycheck. Then have that amount transferred directly out of your paycheck and into a special savings account that is hard for you to access. If you can’t get to it easily, you’ll think twice before dipping into your trip fund.

4. Look for Where you can Cut Back on Expenses

I am not going to tell you where you should cut back on expenses. That is up to you. I’ll just suggest that you look at any subscriptions you have (streaming, beauty boxes, magazines, eBooks, etc.), how much you spend at your local cafe each week, how often you’re spending on clothes or other goods, and how many times a week you eat out. Once you add up all of these items, you’ll be able to decide where you want to cut back. 

For me, anytime I plan a trip I will limit my Starbucks visits to once a week, and I’ll stick to leftovers for lunch instead of eating out. I also become more discerning when I go shopping for both food (hello generic items) and clothes (do I really need another LBD?). 

5. Use a Credit Card with Great Travel Rewards

I once had a co-worker tell me that she never paid for her plane tickets. She always used rewards from her credit card to book them and sometimes she was traveling business class. I was blown away when I heard this and should have picked her brain before I left that job because this is one tip that I am going to start working on for myself this year. I found a great article from Travel & Leisure, “Best Travel Credit Cards With No Annual Fee,” which has been very helpful in selecting a good credit card that will help me earn travel rewards. I’ll have to keep you all updated on my progress!

6. Be Smart about when you Book

If you’re as big a travel buff as I am, you know there are all these guidelines for when to book airfare and hotel rooms to get the best prices. This changes regularly so it’s good to research the latest trends. 

In 2022, on average, the best time to purchase plane tickets for a domestic trip is 64 days before your departure date. But this can depend on what season you’re traveling. For international flights, as a general rule it’s better to book earlier rather than later, but this depends on you destination. Again, doing a simple Google search for “when to book domestic flights” or “when to book international flights” will help you to figure out the best time to search for plane tickets. 

While booking far in advance for flights is the best idea, it may be a good idea to wait on your accommodations. According to a 2021 NerdWallet study, the ideal amount of time to book a hotel room is only 15 days before your trip. 

My biggest piece of advice when it comes to booking is make sure you are in Incognito Mode so that the websites are not able to track your activity. If you search “flights to Paris” multiple times, and you’re computer knows it, you will find that the rates will go up!

Now that you know how to save money for travel, make sure you check out some of my favorite destinations for some inspiration on your next trip. What are your favorite travel tips?