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Budgeting Tips for Your Next Trip

Budgeting Tips for Your next Trip

If you were to list the top three reasons you feel travelling isn’t possible right now, would finances make the list? For many of us, generating the required funds for a trip is one of the hardest parts. So, if you’re struggling to meet your monetary goal for your next trip, here is some budgeting advice for you!

Open a Dedicated Savings Account

A savings account dedicated to raising travel funds helps organize your saving efforts and stops you from being tempted to spend the money you are trying to pocket for your trip. When setting up your savings account, consider having ATM and online access to the account for when you begin travelling and wish to access your funds.

Also, some savings accounts charge penalties should the account balance drop below a certain amount. If this is the case with your account, it’s important to be mindful of this and avoid going below the minimum balance.

Having a savings account dedicated solely to your vacation budget can help keep your spending on track during your vacation.

Set up Automatic Transfers

Being consistent and systematic with your saving from each paycheque is a must if you want to be successful with saving. Automatic transfers can be an ideal option for those that don’t trust themselves to be diligent with their saving.

Look into Travel Grants

Have you explored travel grants as a way to help fund your trip? If education, research or professional reasons are at the heart of why you’re travelling, you may be qualified for numerous different grants. Travel grants generally don’t fund entire trips; however, they can be great for offsetting a portion of your expenses and lightening your financial load.

Don’t let financial concerns stop you from taking the trips you’ve always dreamt of.  Incorporate these tips to bolster your budgeting efforts and realize your travel dreams.