Rising inflation and growing demand for travel have driven up costs for flights, lodging, dining and more. You might be wondering how you’ll ever save enough for a getaway.
Below are practical tips for finding extra money to fund your travel plans, plus ways to keep those savings earmarked for trips instead of spending them at home.
3 Strategies to Save for Your Next Vacation
When you’re saving for a major purchase like a trip, it’s important to park that money somewhere it can earn a little interest or remain out of reach from everyday spending. Having a vacation to look forward to can be excellent motivation to build a reliable savings plan.
These three approaches will help you grow your travel fund quickly.
1. Open a Dedicated Vacation Bank Account
An easy method to stash money for a special trip is to open a separate vacation savings account. Opting for a high-yield savings account means your balance can increase while you plan your journey. For instance, when yousign upfor a Capital One 360 Performance Savings Account, you’ll earn 3.80% APY on your account balance.
You can also use a local bank, but an online account often reduces the temptation to dip into the funds.
Set up recurring transfers into that account and, with some discipline, leave the money untouched until you travel. Boost the balance by depositing spare $1 and $5 bills you get as change from daily purchases. Funnel bonuses, birthday money and any other windfalls straight into your vacation fund.
If you have a side gig, arrange direct deposits to the vacation account, or deposit side-hustle earnings there right away so you don’t see the extra cash in your main account and spend it.
2. Create a Savings Goal
Budgeting for your trip ahead of time makes it easier to avoid money stress while you’re away. A practical way to do that is by creating a sinking fund.
Start by estimating the cost of expected expenses: airfare, car rentals, gas, lodging, meals, souvenirs, special activities and tickets to attractions or events. Adding those up gives you an idea of how much you need to save.
Then reverse-engineer your savings target. Divide the estimated total by the number of months until your trip to determine how much to set aside each month. For a $2,400 vacation a year from now, you’d need to save $200 per month to cover it.
If your travel dates are flexible, decide how much you can afford to save each month and divide the total estimated cost by that monthly amount to figure out when you’ll be able to go. Using the $2,400 example, saving $150 a month would mean being ready in 16 months. If you want help adding up costs, try this online sinking fund calculator.
3. Kick Paycheck Temptation
It’s tough to resist spending as soon as a paycheck lands. With funds dwindling between paychecks, the money can feel gone the moment it arrives. Use an app like EarnIn to access part of your paycheck early — this can make it easier to divert some into your vacation fund.
Link your bank account to verify you receive a steady paycheck, and you’re set. You can transfer up to $100 daily (or up to $750 per pay period) to your linked account. When your scheduled payday arrives, any amount you advanced from EarnIn is automatically repaid, plus optional tips and fees. There’s no interest charged and no required fees**.
8 Ways to Make Extra Money for Your Trip
Planning how to save is only part of the solution. Generating extra income or freeing up money elsewhere will help you reach your travel fund target sooner.
Building up a vacation account isn’t always simple, but these ideas can help you pad your travel savings so your trip is paid for before you head out.
1. Pick Up a Side Job
You may need to take on extra work to boost your travel budget. Plenty of side gigs can add meaningful income without consuming all of your free time.
Explore options beyond your main job, whether conventional (tutoring or bartending) or more unconventional (reselling sneakers or getting paid to sleep). Side hustles can close the gap to afford that dream trip.
Putting in extra hours may cost you some leisure time temporarily, but it can make the vacation possible.
2. Sell Your Stuff
Travel lovers often value experiences over possessions — especially when those possessions can be converted into travel cash.
Clear out unused items and sell them online, or find local outlets for used clothing. Check storage spaces — old electronics or collectibles can be worth more than you expect.
3. Make Your Credit Card Work for You
Think about using a credit card that earns airline miles for routine purchases throughout the year. When travel time arrives, you might fly at little to no cost.
Another route is to apply for a travel rewards card and accumulate points to put toward flights or hotels. (Be sure to consider these five questions before opening a new rewards card.)
The Best Time to Buy Plane Tickets Is 76 Days in Advance, Study Says
4. Cut Back on Your Food Budget — And Other Expenses
Food can be a major monthly expense. Trim it a bit and you’ll quickly free up cash to add to your trip fund.
A budgeting tool like Cleo can help. This playful chatbot tracks spending so you can spot money leaks. Cleo can round purchases to the nearest dollar and save the difference, or even “fine” you for overspending at certain stores. Whatever saving rules you set, she can automatically move that money into your savings (aka travel fund) each week.
5. Get Paid to Share Your Opinion
One of the higher-paying survey sites we’ve spotted isSurvey Junkie.
You earn points by answering simple questions — likewhich laundry detergent you buy orwhether you prefer Pepsi or Coke. Many users rack up enough points to request payment within a short time.
Signing up is free — visit Survey Junkie and click “Join Now.”
You can also create a free account with InboxDollars, which will send short surveys to complete during downtime like TV breaks or while waiting for food to bake. Kashkick is another option that pays for surveys, plus playing games, watching videos and leaving reviews.
6. Make Money With Your Home
Add to your vacation fund by listing extra space on Airbnb.
Even without a spare bedroom, you can get inventive — host guests in a backyard tent or offer a couch for overnight stays. You might rent your entire home, stay with a friend while it’s occupied, and split the earnings.
If hosting isn’t appealing, consider offering Airbnb experiences like local tours, classes, or food-centric activities. Experiences cover everything from art and outdoors to sports and culinary events and can be a fun way to bring in extra cash.
7. Spend Less on Your Car Insurance
You’re probably right to suspect you’re overpaying for car insurance. You can shop for quotes on your own, which can take time, or use comparison sites such asInsurify, whichlets you see multiple offers simultaneously so you can find a policy that fits your budget.
8. Find Deals on Outdoor Equipment
If your trip requires pricey gear — skis, snowboards, kayaks, tents — consider buying used rental gear, waiting for seasonal sales, or hunting thrift stores to cut costs. Good places to look for secondhand outdoor equipment include Facebook Marketplace, Next Door, and Gear Trade.
You might also buy and resell gear at your destination — you could even return home with a little extra cash.
**EarnIn does not charge hidden fees for use of its services. EarnIn does not charge interest on Cash Outs. Restrictions and/or third-party fees may apply, see EarnIn.com/TOS for details.
Alex Martin is an education reporter in Boulder, Colorado. Contributors Kent McDill and Caroline Gaspich and former senior writer Nicole Dow contributed to this article.
