How to Start a Travel Fund (2024)

Open a dedicated savings account for travel funds.

It's sooo much easier to save money for something specific when it has it's own place that you don't touch. It's also best to have this separate account so you can see what's in savings and what's in your travel savings. I've found having this third account extremely helpful and I even have my bank withdraw a set amount from my checking account each month into both savings' accounts. I don't have to think about it and I know there'll be money put into both of my savings accounts. I also try to put any extra cash I have into this account and if I decided against a second Starbucks run that day or ate lunch at home instead of eating out, that money I would of spent goes into my travel savings as well. It's easier said than done but once you start to see the amount of money you begin to save increase, you realize it's working and when you're sitting on the plane on your way to your dream vacay, it's SO worth it.

Use a travel credit card.

This is my FAVORITE way to get to travel at an affordable price!! Seriously, if you find a credit card that works for you and gives you rewards for spending (AND you can use it responsibly/pay it off as you use it) then it's 150% worth it! I opened my Capital One Venture Card a little over a year ago and the perks have been amazing, the customer service is always top notch and it's overall an amazing card to have. In fact it's one of the only ones I use - and I've gotten a LOT of miles by using it.

The way I see it is if you're going to be spending money anyway, why not get something as awesome as travel miles and rewards from it? I always pay my balance after using it to avoid any interest/fees; if I'm going to the mall and I'm spending money anyway, I know it's money I'm willingly spending so I use my Venture Card and then pay it off when I get home the very same day. The APR is pretty reasonable and the first-year perks were originally what got me hooked!

So now to the travel part of this card - with every $1 you spend, you get 2 miles. Then every 100 miles equals $1 in the form of a travel reward. So if you make a purchase and spend $200, you get 400 miles and $4 towards your travel rewards. It may not seem like a lot, but it adds up! If you're using your card wisely it's so easy to gain miles and rewards. I could go on and on about this card because I seriously love it and love using it, so if you're on the hunt for a great travel card I couldn't recommend this one enough!

Try and spend a little less money every day.

If you sit down and work out all of your daily/weekly expenses, I guarantee you'd be in SHOCK. I know I was!! Especially before I graduated I was spending so much money at Starbucks, restaurants, etc. nearly every day. I cut back whenever and where ever I could and I started saving myself almost (easily) $50 a week (!!!). Now I'm all for treating yourself and splurging once in a while, but if you're looking to cut back and want to travel more often and more luxuriously this is a sure fire way to save up. The money I save from cutting back on weekly spending goes right into my travel fund! Also, I started trying to do this at places like Sephora and Nordstrom, where it's TOO easy to shop with free shipping... But hard is an understatement... ;)

Create an old fashioned "travel fund jar" for spare change.

This is similar to starting a savings account designated to a fund for traveling but sometimes it's really nice (and rewarding) to see your jar fill up. Just grab a mason jar and stow it away somewhere, and add any spare change whenever you have it. I know it isn't super common to have paper money anymore, but whenever I find myself even with a $5, I put it in my jar. It adds up quicker than you'd think, and it's a nice little surprise to find out how much you've saved up when you go to the bank!

Take advantage of rebates and cash back offers.

This one is HUGE. There's so many products we buy that have rebates on them and a lot of time they aren't taken advantage of! There's lots of different programs to consider but EBATES has to be my favorite! It's the easiest way to save money year round and it couldn't be more fun to see your cash back balance go up. ;) If you sign up here, we BOTH get an automatic $10! I put most of my cash back into my savings; it's a great way to not feel so guilty about making purchases and save toward a trip.