How To Save Money For Travel
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For my first blog post of the new year, I thought I'd re-share an answer to a question that I get asked quite often: "Anakée, how do you save money for travel?" To have some money for travel, you need to have a savings plan! I save money for travel by following the 26 and 52-week savings plans posted below.
Again, you can find a variety of these printable 26 and 52-week savings plans on Pinterest but these are the only two that I've tried and completed. I especially love the 26-week savings plan because by June you'll have saved $1,053 just in time for summer, and another $1,053 just in time for a winter getaway (or staycation) in December! To avoid the temptation of unnecessarily dipping into your new travel fund, I recommend opening up a separate savings account at a different financial institution than where your primary accounts are held.
WHY SAVE FOR TRAVEL? (2022 UPDATE)
The on-going pandemic and various countries' testing requirements has increased the cost of travelling. For example, in 2021 I took a week long trip to the United States from Canada. The Asymptomatic Rapid Antigen Test cost me $40 CAD. In order to return to Canada, I needed to provide a negative PCR Test. There's a way to get the PCR test for free in the United States, however it comes with a risk of not getting your results back in time for your return flight. I didn't want to take that chance, so I paid $175 USD for my PCR test and got my results back the same day. In total, I spent $262 CAD on testing.
Inflation. As I'm sure you've already noticed, the cost of everything has increased due to inflation. According to the Bank of Canada, "The average rate of goods in 2021 has been 4.4 percent." In the United States, the inflation rate rose to almost 7 percent in 2021.
My advice would be to budget for the cost of testing and inflation when saving for travel as these two factors will now affect your savings account.
An additional way I save money for travel is to look at any salary increases or bonuses I may have received in the previous year and pretend like I didn't get them. I recognize that this strategy isn't suitable for everyone but, if possible, it's something that I recommend trying to boost your savings account. You've lived one year without this money, so why not try another year and save it for travel.
I also save money for travel by finding the lowest prices on all planned excursions through Viator - A TripAdvisor® Company! Don't miss out! Guaranteed lowest prices on tours and activities. The great thing about Viator is that should your travel plans change, most tours and activities can be cancelled for a full refund as long as travellers cancel at least 24 hours in advance!
If you're up for the challenge, try one (or both) of these plans and let me how it goes!
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