If you’ve traveled at all in the past 5 years or so, you probably know about at least a few websites and apps that can help you save money on hotels, flights and the like. But what about coming up with the money in the first place? Here are some pro-tips from the editor of money magazine.
1. Set it in stone.
You can keep things a bit flexible, but try to get a baseline for the minimum amount of money that your desired vacation will cost and set a number and stick to it. Then post photos somewhere that you’ll see them daily. You can even go so far as to post a photo of your dream hotel! Search for the lowest prices on hotels at discount hotel sites like Travel Set Go.
2. Create a special bank account.
Set up a new account at your bank and set up automatic monthly deposits to go into that account when you get paid. It may only be as low as $10 or $20 biweekly, but this can add up to a nice little chunk in a year’s time. Make a point of sticking unexpected money like a Christmas bonus or tax refund straight into this account as well.
3. No impulse buying!
Wait at least one day before buying things that you don’t absolutely need (yes, you “need” toilet paper; no, you don’t “need” a leather wallet, a $12 cocktail or brand-name jeans). Watch what you’re doing when you’re spending and try to stay out of the stores altogether. If you go with a friend, leave the credit card(s) at home.
4. Keep a change jar.
Throwing your change into a jar that you can’t open may seem a little dated, but the idea is that you must think before you open it. You may only save what seems like a small amount, but if you combine this savings method with a few others, it all adds up.
5. Track every penny.
Write down everything that you make and spend down to the penny. This may seem tricky at first but once you get into the habit it will force you to notice where you might be “nickel-and-diming” yourself!
6. Get a side-job (or two).
Find something fun that you like to do and you can do during the evenings or on weekends (if you have a day job), find something you can make money doing online for passive income, or think about a one-time event like a yard sale. Then take the extra income and put it right in your special savings account!