In the world of traveling, spending money is almost always at the forefront of your adventure. That’s why you’ll want to save money for traveling with these 7 cheap travel hacks!
How to Save Money for Travel
- Travel off-season
- Book in advance
- Walk or use public transportation
- Use money-saving apps or websites
- Use credit card points
- Create a “sinking fund”
- Plan ahead
Hack #1: Travel Off-Season
Traveling during the holiday season often entails higher fees or prices. Why? Everyone is either visiting family and friends or taking a vacation from work. That means businesses can jack up the price due to demand, and they know people are willing to pay.
One easy way to circumvent the extra costs is to avoid traveling during the holidays. Fees will be lower if you do. Plus, if you travel during the off-season, you’ll deal with smaller crowds, less traffic, and reduced stress.
Hack #2: Book in Advance
Have you ever been told procrastination is your worst enemy? Well, don’t procrastinate booking your trip in advance. You could potentially pay a higher premium if you decide to book a hotel room or charter a flight at the last minute. There are times when you might receive a last-minute deal, but these are rare.
Hack #3: Walk or Use Public Transportation
If possible, walk or use public transportation to save money for travel. This tactic is much cheaper than renting a car. It’s also an excellent way to save up some extra cash if you’re planning a trip.
Bear in mind that if you use public transportation daily, it’s better to purchase a monthly or yearly pass than spend multiple fares in a day for the whole year. Buying a pass may save you additional money if you intend to travel a lot while on your trip, too.
Hack #4: Use Money Saving Apps or Websites
Start using money-saving apps or websites to reduce the cost of travel. Websites like Expedia can help you find the best deals on flights and rentals.
Sites and apps like these may also offer rewards programs where you can earn and use points to lower your travel costs.
You can even use a money-saving app like PrizePool, a prize-linked app, to passively save money, with the chance of winning weekly cash prizes. The rewards and interest you receive can go toward funding your trip. The best part is that it’s risk-free.
Hack #5: Use Credit Card Points
Most credit cards offer some form of a rewards program, such as 1% cashback on certain purchases like groceries. Others offer points that you can redeem for gift cards or lower travel costs. In our professional opinion, travel is the best way to use credit card points.
Just like cashback, you earn points or miles by spending or making purchases (responsibly, of course). You can redeem these rewards to reduce the cost of an airline ticket or hotel stay.
Many credit card companies offer a sign-up bonus for newcomers, but each will have its own rules and fees. For example, a company may give you 40,000 points (about a $300-$500 value depending on the company) if you spend $1,000 or more within three months. Upon completion, it could take six to eight weeks before you receive those points.
Every credit card company is different, just as your traveling needs are different. Look for a card that best fits your needs, and keep an eye out for annual or hidden fees.
Hack #6: Create a “Sinking Fund”
First, what is a sinking fund?
A sinking fund is like a savings account, but you can use it to store funds for a planned – or known – expense like a vacation. It’s also different from an emergency fund; an emergency fund is for covering unknown or unexpected expenses like a flat tire.
To create a sinking fund, designate a savings account to store your funds. If you like, you can create a new one, but choose one that doesn’t have hidden/monthly fees or minimum balances.
PrizePool, for this reason, is an excellent option as we don’t charge any monthly fees or require you to maintain a minimum balance. Let’s not forget that your savings will continue to earn interest and tickets for a chance to win weekly cash prizes.
Hack #7: Plan Ahead
Last but not least, plan ahead. Making decisions in the spur of the moment can cost you. Avoid that mistake and plan your itinerary so you know where you’re going to stay, how you’ll travel, where you’ll eat, and finally, how much you’ll spend. Happy traveling!