05 Sep Tips on How to Save For Travel
Saving money can feel like a huge mountain to climb, but we can help make that possible! First things first, read more about your destination and expenses needed to hit your goal. Estimate your airfare costs and spending on vacation planning sites. Here at Bank of the Lowcountry, we have some recommendations for saving money and keeping your budget on track. Follow these steps and you’ll be off and over that mountain in no time.
Be Honest
Once you have a general idea of your dream destination, is it in reality of your financial situation? Calculating your potential expenses will help you with a reasonably planned budget to get you started on saving for flights, transportation, meals, and a roof over your head. If your budget is set too high, you might want to be be open-minded for other options to lower costs.
Be Flexible
An affordable option to try would be searching for some discounted flights on sites like Kayak, then find reasons you would love to go there! You can also pick out different departure times, discounted seats, and flexible dates. Having a flexible date can be a great tool for saving big bucks. Transportation can also be cut down on your budget with buses, group travel, or renting a cheaper economy-sized vehicle. For places to stay other than hotels, which can be pricey, check out sites like AirBnB, VRBO, and HomeAway. You can choose to travel in low season months or look for package deals and bundled tours to save some extra cash!
Cut Back
Track your spending and see what you can cut back on. The smallest things do add up!
- Going out to eat too much? Pack your own lunch, you can save hundreds in a year. Yes, we said hundreds!
- Avoid any retail therapy. Do you really “need” that outfit?
- Check your pantry before hitting up the grocery store. Make sure you aren’t purchasing any duplicates.
- Meal planning. Use a weekly calendar and plan ahead. If you have a busy schedule, meal planning will make it easier than spending on a last minute dinner to grab-and go.
- Spending a lot on gas? Try carpooling or driving your car for a longer period of time to lower insurance.
- Is your power bill through the roof? Save that energy. Visit Energy Star for tips on how to reduce your power consumption and use available tax credits.
- Shop for better rates. Choose a bank that has reduced rates and fees. Here at Bank of the Lowcountry we have low rates to help you reach your goals and stick to them!
Set Up an Account
Congrats! Once you have chosen your dream destination, your achievable budget, followed our tips to cut back spending, you are ready to start putting away some travel money! We can help you set up a savings account and a monthly deposit so you can reach your goals. Learn how we can help get you started today!
That mountain isn’t so big now is it? Stick to these financial tips and keep that motivation going, you know have the travel expenses planned out for you! We are here to help, and your dream trip is just around the corner. Just don’t forget to send us a postcard!
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