Don’t Let Inflation Ruin Your Travel Plans: 6 Simple Ways To Save Up for Your Next Vacation
Want to get away, but having trouble saving for a vacation? You’re not alone. In a recent GOBankingRates survey, 41% of respondents said their biggest obstacle to traveling more is the cost of living going up, and 27% said they were having trouble saving because of the rising cost of travel.
Check Out: 5 Best US Locations To Travel To on a $2,000 Budget
More: How To Build Your Savings From Scratch
While inflation does make it harder to save for trips, it doesn’t have to be impossible. Here are some easy ways you can save up for your next vacation.
Immediately Stash Your Tax Refund
The average direct deposit amount for a tax refund can hover around $2,900. When planning a vacation, that’s not chump change. Derek Sall, founder of Life And My Finances, says one of the best things you can do with your refund is save it for a trip. “While I don’t agree with setting yourself up with a big refund, most people get $2,000 or more back each year. So why not just stash it away into savings and call it the vacation fund?”
Set Up an Additional Direct Deposit to a Savings Account
Your job might give you the option to set up two accounts to split your paycheck into. Sall says this is a great way to save for a vacation without thinking about it. “If you get paid biweekly and put $50 into savings each time, that’s $1,300 a year. Want more? Setting aside $100 per paycheck will get you $2,600. That could be a pretty nice family vacation!”
Learn: Why Nobody Is Buying Vacation Homes Anymore
Utilize Your Credit Card Rewards
Kendall Meade, a financial planner at SoFi, says if you already have a credit card that gives you cash back, you can turn that into your unofficial savings account. “You can also use other rewards systems such as airline or hotel chain points to help pay for your flights or hotels,” Meade says.
If you’re looking to get a credit card, choose one that will benefit your travel goals. Andrea Woroch, consumer and money saving expert at AndreaWoroch.com, says some cards will give you free cash when you open them. Woroch also suggests opening an airline credit card to get the initial bonus miles. “For example, the Chase Freedom card offers a $200 cash bonus when you spend $500 in the first three months and the Southwest Rapid Rewards card says you can earn 50,000 bonus points after spending $1,000 on purchases in the first three months,” Woroch says. She adds that you can compare signup offers at CardRates.com to find the best one for your vacation saving needs.
Use a Cash-Back Tool
Get paid to buy stuff you’re already buying, then save that money for your trip. That’s what Samantha Landau, a consumer expert at TopCashback USA, recommends. “TopCashback is a great choice since they guarantee the highest cash-back rates at top retailers like Macy’s and Walmart. And when it’s time to book your vacation, you can save even more with cash back from retailers like Viator, Priceline and Expedia.”
Sell Items Online
We all have a few things in our home we don’t use anymore. Why not turn those items into money you can use on an unforgettable trip? “We all accumulate so much throughout the year that there’s always stuff to sell, like kids’ toys, clothes, games, books and exercise equipment. By selling just a handful of items, you could make a few hundred bucks,” Sall says.
Give Up a Luxury
There’s probably something you do on a regular basis that is a little treat for you, but might be costly. Kelly Johnson, travel blogger at Snap Travel Magic, says to eliminate something luxurious from your budget and save that money for a vacation. “Forgo one (or however many you want) luxuries for one year. I gave up getting my hair done, buying new clothes and only let myself go out to eat once a week. All of the money that I saved, I put directly into a travel fund,” Johnson says.
More From GOBankingRates
This article originally appeared on GOBankingRates.com: Don’t Let Inflation Ruin Your Travel Plans: 6 Simple Ways To Save Up for Your Next Vacation
