The key to any trip is being smart with your finances—and that begins well before you pack up your suitcase and get on a plane. But how do you begin building your travel fund with mortgages, credit cards and bills to pay?
Whether you already have plans or you’re dreaming about the trip of a lifetime, here are some effective ideas on how to save money for travel.
Take advantage of loyalty rewards programs
No matter where you live, what you’re interested in or how much you’d like to save, there are plenty of ways to save when it comes to air travel. Many airline credit cards offer rewards and incentives for every dollar that you spend—and they make it easy to cash in your mileage points and use them for travel. If you’re planning to travel for your trip anyway, one of the easiest ways to start saving is by tapping into loyalty rewards programs built for frequent flyers.
Make smarter meal choices
Traveling usually means dining out—often. If you are taking kids along, dining costs can add up.
For every meal in a restaurant, you can purchase food from a grocery stores to bring with you for every day of the trip. Look for simple, cost-effective items that you can easily pack in your suitcase and make use of the fridge in your hotel or kitchen. Some travel-friendly meal options that are great for on-the-go include: protein bars, peanut butter, trail mix, and crackers. You’ll also have plenty of room in your checked luggage on the way home!
Save on flights
Without doing your research on flights, you could be missing out on some serious ways to save. Flight days, times and airlines have everything to do with cost. Here’s how to save money for travel:
Use comparison tools. Make sure you weigh all your options before booking a flight. Leveraging different booking engines will allow travelers to compare prices and save money on flights.
Avoid peak travel. Weekends and holidays come with expensive flights. Try to plan your flight on Tuesdays or Wednesdays, which tend to be the cheapest days of the week to travel.
Fly during unpopular hours. Since fewer people fly red-eye, these types of flights offer cheaper fares, emptier planes and quicker security lines.
Consider all of your lodging options
If you’re wondering how to save money for a vacation, look closely at lodging. Instead of booking a traditional hotel for your next trip, consider your options for renting or short-term accommodations. According to a recent study1, renting is actually cheaper than staying in hotels in major cities across the board. Renters will save anywhere from $22 to $200—in addition to kitchen access, larger space and more privacy. Sometimes these home rental services even offer deals for first-time bookings.
Starting a travel fund can be overwhelming. But with the right tools and tricks, you can start saving for the vacation of your dreams—without breaking the bank.
Whether you’re wondering how to save money for a trip or you’re just looking to take that first step in the right direction, PurePoint Financial is committed to helping you meet your goals. Learn how our team of specialists can help you get started on growing your savings.
Begin dialog: About Mitsubishi UFJ Financial Group
About Mitsubishi UFJ Financial Group
Mitsubishi UFJ Financial Group (MUFG) is one of the world's leading financial groups. Headquartered in Tokyo and with approximately 350 years of history, MUFG is a global network with 1,100 offices in over 49 countries and regions. The Group has over 140,000 employees and about 300 entities, offering services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing.
The Group's operating companies include Bank of Tokyo-Mitsubishi UFJ, Mitsubishi UFJ Trust and Banking Corporation (Japan's leading trust bank), and Mitsubishi UFJ Securities Holdings Co., Ltd., one of Japan's largest securities firms.
Through close partnerships among our operating companies, the Group aims to "be the world's most trusted financial group," flexibly responding to all of the financial needs of our customers, serving society, and fostering shared and sustainable growth for a better world.
MUFG's shares trade on the Tokyo, Nagoya, and New York (NYSE: MTU) stock exchanges.
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