Design Your Life
5 Ways Millennials Can Save Money For The Next Big Trip
By Rachel George
As we enter the final quarter of the year, it’s time to plan and budget for next year’s travel destinations. What’s the first thing we need? MONEY.
Trust and believe, traveling nonstop would be great if money wasn’t an issue. Between hotel stays, fine dining, and adventure you can’t get at home, you always want to make sure you get your money’s worth and then some.
We spoke to some money experts on effective, easy ways to save for your ultimate trip.
Start a “vacation” savings account.
Open a separate bank account designated for any getaways, trips or vacation time and deposit a certain amount of money from your paycheck into this account. Have the willpower to never touch it unless it’s for vacation purposes only. Financial advisor and CEO of The Finance Bar, Marsha Barnes, says its all about the pre-work. “Getting a vacation account and automating a certain amount of money is the most important thing you can do.”
Set goals and get a financial advisor.
Start early. Meet with a financial advisor and create a financial plan for yourself. This is a way to make money long-term and shouldn’t be viewed as another expense. Entrepreneur Jordan Bautista works in the financial planning space as well and believes we have to look at what makes sense and what doesn’t when it comes to our finances.
“A lot of times what stops us from traveling is our spending. I’m all for experiences but we have to see that our spending habits are causing us not to do what we want.If you are in need of a financial advisor or someone in the financial planning space, contact The Finance Bar.”
Jordan Bautista can be reached at @firstname.lastname@example.org.
Plan smarter not harder.
Plan out your trip down to the very last detail, from flight prices and hotel stays to determining how much money you’ll spend at your destination. Plan your trip out from six months to a year in advance. You don’t want to be rubbing two pennies together two months before your trip, praying hundreds of dollars will magically appear.
Calculate your expenses.
Take a look at your bi-weekly or monthly expenses to see how much you spend on a regular basis. Figure out what expenses you can get rid of and what you need. Apps such as Digit, Acorns, Clarity Money, and Mint allow you to track your expenses. You may have to cut back on those weekly brunches and unlimited mimosas for a while, but it will all be worth it once you are on your ultimate trip living your best life.
Get a side hustle.
Both financial advisors encourage millennials to discover ways to develop multiple sources of income. This money is separate than your primary income, your startup business, or second job, etc. As millennials, we are smart at maximizing our resources, now let’s maximize those pockets.