How to save money for travel + practical ways to save money for travel

Looking for tips on how to save money for travel in 2024? Traveling is a dream for many, but finances often keep us from our travel goals.

It wasn’t until the end of 2015 that I realized I travel often during the course of a year, even with a full-time job. By April 2016, I’d already been to Atlanta, Cartagena, Delaware/Maryland, visited Barbados, and had 3-4 trips planned for the remainder of the year, including one to Southeast Asia.

Wondering how to make extra money for travel in 2024? This comprehensive guide will share creative ways to save money for travel, from budgeting hacks to multiple income streams and other money-saving strategies to help in your future travel plans.

Set Realistic Goals

Before you start travel planning, the first step is to set a goal. Are you saving for a backpacking trip through Central America, a road trip, or a relaxing beach getaway in the Caribbean? A clear vision will help you stay motivated and focused on your saving efforts.

Create a Budget

Evaluate your income, expenses, and how much money you spend to create a travel budget. After creating a budget, you can allocate some of your earnings to a travel fund. This ensures you have enough money for your trip and extra money for emergencies. Consider using budgeting apps like Mint to track money your management.

Cut Unnecessary Expenses

Identifying and eliminating non-essential expenses by reviewing subscriptions, dining habits, and impulse purchases is an easy way to save money for travel.

After spending over $130 monthly on Cable TV, I canceled my subscription and signed up for streaming services like Hulu, Netflix, and Amazon Prime. By using these streaming services, I save almost $100 monthly. I also started to bring food to work. Working in a city where almost everything is doubled, I can save about $30-40 a week or more.

Redirect the money saved from these cutbacks into your travel bank account. Small sacrifices can lead to significant travel funds over time.

Open a Travel Savings Account

Opening a savings account specific for travel is a great way to save money for travel. Spending money on travel instead of paying your bills is not financially responsible. Ensure you’re up to date with any payments before going on trips. There’s no need to stunt on the gram when the bill collector is calling; you’re only fooling yourself.

Make saving a seamless part of your routine by setting up automatic transfers to your travel fund. This ensures consistency and prevents the temptation to spend the money dedicated to your next trip.

One thing that has helped in the long run is opening a high-yield online savings account. Do your research to determine which savings account options work best for your financial situation.  

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Get a Temporary Side Gig or Part-Time Job

Explore side hustles, part-time jobs, and other gig opportunities to boost your income. Whether you do freelance work, pet sitting, or tutoring, these additional income streams can significantly accelerate your travel savings, bringing you closer to your dream vacation.

Take Advantage of Flight & Hotel Deals

I missed out on a glitch fair from NYC to Dubai for under $200 back in 2014, and I’ve always looked for a flight deal ever since. Join travel groups online, group chats via WhatsApp, or follow sites that post the best deals for hotels and flights via social media.

You can also use Google Flights, Skyscanner, or the ITA Matrix to find out what the price for a flight will be during the time period you want. Money saved from that deal can always go towards special dining, gifts, or anything else.

Read More Travel Tips and Reviews

5 Tips for Solo Travel

Tips for Traveling with a Senior

What to do When Your Flight Gets Cancelled

How to Save Money for Travel + how to make extra money for travel + Want to travel, but need extra money? From budgeting and travel hacks to multiple income streams, dive into our guide sharing how to save money for travel.

What are some ways you save money for travel?

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26 Comments

  1. Great tips! We’ve in the last time started to save more together, so each month we transfer a certain amount of money to a joint (travel) saving account. We also try to cut down on unnecessary stuff to buy, and we try to book flights when we come over a great deal. This year we spent one month in Australia, and we could travel there because we got a great deal on flight, and in May we’re going to Beijing. We had no plans of visiting China this year, but why not when you find cheap air tickets on sale?!

  2. All good tips! I really feel happy when I am planning a trip and luck out and find an excellent deal online. I then put the money I saved towards my next trip 🙂

  3. Great tips. I have done a couple of these, including cancelling the cable subscription. I purchased Roku boxes for each of my televisions. I don’t miss cable at all.

  4. My goal has been to take at least two legit vacations a year. One with the family and one with just the Husband. I’ll definitely try some of these tips.

  5. Seriously I have friends that can be traveling but they just have to spend money on excessive food outings each week (lunch everyday – going out to restaurants every week) splurge on drinks…and by the time the realize it they spent $400 just on food. That was a flight…honestly if you want to travel you will budget for it.

  6. Great tips! We have a savings account specifically for travel. I usually plan what trips we are going to make at the beginning of the year and we go from there!

  7. Cutting costs is a great way to save for a fab vacation. Brew your morning cup of joe at home! If you eliminate that daily cup of coffee at StarBucks thats $5 a day/$25 a week or a $100 a month. Save that for 6 months and off to Las Vegas or the Caribbean you can go!

  8. These are great ideas! My husband and I put money in our savings every month for travel and it really helps. We also utilize frequent flier miles to help cut airfare costs.
    LiveLifeWell,
    Allison

  9. I just had a conversation about travel logistics and finances for traveling with two small children. Now I am planning my first trip with a toddler and an infant. Wish me luck.

    1. It’s work, but definitely worth it. I started doing family trips with my sister and her kids and they STILL talk about our travels. All are domestic, but we’re thinking of going somewhere international next year or 2018. Good luck!

    1. Yes. I realized I didn’t watch so much TV so it was easy to get rid of it. Lol I’m a recovering shopaholic. I definitely learned to shop off season and during big sales.

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