11 Ways to Build Your Travel Fund for Your Next Trip

Are you itching for an adventure far from home? Reward yourself and indulge your inner wanderlust by going on a vacation. Thankfully, traveling to far-flung destinations is becoming more and more affordable nowadays.

The rise of budget airlines has made airfare tickets more accessible to the public, encouraging Filipinos to travel around the country and the world. Not to mention, there is always a seat sale right around the corner! You just need to know how to score cheap promo fares. You can even take a Fly Now & Pay Later arrangement with Cashalo to book Cebu Pacific flights to local destinations.

Aside from those affordable options, you should also build your travel fund. This way, you’ll be able to get your dream vacation much faster. Here are 11 tips that will make saving much easier so you can go on that much-deserved-getaway sooner.

  • Open a dedicated savings account

It may seem easier to keep track of just one savings account and pool all your resources together for one big fund. But in reality, it may be more prudent to keep separate accounts for different financial goals. Opening a savings account solely for travel is a great way to make sure that you don’t dip into your other accounts to fund your travels.

Set up an auto-transfer scheme once a month to ensure that a portion of your income automatically goes to your travel fund. With this in place, you won’t notice that you’re actually growing your money rather than spending it.

  • Allocate a portion of your salary

The best rule for saving when you’ve got quite a number of responsibilities is to observe the 50/30/20 budgeting rule. Fifty percent of your salary should be allocated to your needs, 30% to your wants, while the remaining 20% should go straight to your savings. From this, you can further split that 20% into the amount that works for you and your travel goals.

  • Track your expenses

Another important part of budgeting is tracking your expenses. When you take note of the things you normally spend for—even the things you splurge on—you’ll be able to see if there are certain expenses you can do without. This might include a new shirt in a different color which you won’t be using, like the five other pairs you’ve got lying around.

This tip isn’t here to stop you from buying things that make you happy. This aims to help you see patterns in your purchasing habits that can be improved or must be curbed.

  • Make lists and check them twice

It’s not uncommon for groceries to take a huge chunk of the budget. While this is a necessity, you can take control of your budget by making shopping lists. You should stick to the list to keep your expenses in check. Creating and following your shopping list for each trip to the mall will help you stay on budget.

  • Minimize eating out and skip the expensive coffee

A good example of a purchasing or spending habit you can control is dining out. While a meal shared with friends may be tempting, it’s significantly more expensive. Restaurant dining and takeout food can be 5x more expensive than cooking and eating at home. Resist the temptation by bringing your own lunch. You’ll at least be able to choose what you eat and enjoy it at your own time, too.

Another thing you can curb is expensive coffee. You can save a lot of money by simply choosing to skip your regular coffee run. Think of it as a monthly reward rather than a daily must-have. If you’re in dire need of a caffeine pick-me-up, you can always opt for cheaper alternatives.

  • Monetize your skills

Think about what talents and skills you have that you can put to work for extra cash. Freelancing is a good opportunity to add another source of income to your travel fund. If your schedule is flexible enough to allow some extra work, you can check out websites like Upwork, Fiverr, and Freelancer, that connect professionals and clients from a wide variety of industries.

  • Sell items you no longer need

Clear out clutter and earn from it! If you’ve got a bit of downtime, you can sort through your items at home and find things that you no longer need but could be useful to someone else. Host a garage sale and sell the things you’ve outgrown or no longer have use for. By doing this, you get to kill two birds with one stone, ending up with a cleaner space and more funds for your next travel.

Building your travel fund is not been easy, but it’s certainly all the more gratifying when you finally step foot in your dream destination. Making an effort to save in many different ways allows you to hone your budgeting capabilities, grow your other skills, develop better lifestyle changes, and nip bad habits in the bud. With enough effort, you can reach your next vacation sooner than later. Luckily, Cashalo can make it happen easily with instant travel loans.

Fly Now, Pay Later!

When you’ve exhausted all other means of building your travel fund, you can always use a credit app like Cashalo. The service works as a digital credit card which you can use to purchase products and tickets online from partner merchants. Cashalo’s Fly Now & Pay Later service allows you to book Cebu Pacific flights to local destinations. Now, you’ll be able to book your travel plans and pay in installments. Indeed, that’s a lot less pressure and a lot more fun!

Check out Cashalo’s Fly Now & Pay Later by downloading the Cashalo credit app!

About Cashalo

Cashalo is a fintech platform that delivers digital credit to Filipinos – helping them elevate their financial well-being. All loans under the Cashalo Platform are financed by Paloo Financing Inc., with SEC Registration No. CSC201800209 and Certificate of Authority No. 1162

Want to help accelerate financial inclusion in the Philippines? We’re hiring – jobs@cashalo.com

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