Whether it’s figuring out the top ten things to do in Cali or how to travel solo, you’ll have lots of stuff to tick off your bucket list. And, that means you need plenty of resources to stretch your travel dollar to the maximum. Saving isn’t compulsory, but it should be if you want to accrue enough cash to get you around the world and back again.
Therefore, here are The Urban Realist’s methods that will force you to save.
1. Open A Credit Union Savings Account.
A traditional savings account won’t do because there aren’t many restrictions on activity. For instance, you can as easily withdraw the money as you can deposit it. A Kinecta Federal credit union membership is similar, but with a few minor differences. The main one is that you have to sign-up to a $5 minimum deposit. That’s already an extra five bucks than you already had! Plus, lots of credit union offers require you to contribute to your savings account. So, if you take out a loan, part of it will go into your rainy day travel fund. Nice!
2. Put Penalties On Withdrawals.
If you can withdraw funds with impunity, it’s going to be tough to keep your hands out of the cookie jar. Thankfully, Certificates of Deposit from American Express and BBVA are on hand to make life more challenging. The way it works is simple: you deposit money and can’t touch it for a fixed amount of time, anywhere from six months to five years. However, if you do want to draw cash out, penalty fees apply. There’s also a one month notice period that you have to give, making withdrawals less and less appealing.
3. Set Up An Automatic Bank Transfer.
Gone are the days when you had to visit your local branch to deposit funds into your savings account. Nowadays, you can do it online with a click of a button. A Standing Order or Direct Debit is an automatic bank transfer from your checking account to your savings. What’s fantastic about this trick is that you forget about it after a while. When you do look at how much you’ve saved, you’ll be amazed at the amount. $15 to $20 per week is all it takes to save as much as $600 in six months. Not too shabby!
4. Don’t Touch Your Credit Card.
Credit cards are for emergencies and nothing else. Also, if the plural applies to you, pay off the balance of the multiple cards and stick with a single account. It will save you a fortune in the long-term. It’s easy to get drawn into using a piece of plastic to make the dollars in your checking account last longer, yet it’s an expensive tactic when you have to pay off overdue balances. Clearing your arrears in one go (if you have the money) should free up extra funds for traveling.
How do you regularly add to your travel budget?