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Setting up your travel fund

So you’re ready when it’s safe to fly!

20 Feb 2021 / 12:27 H.

This article first appeared in theSun Buzz edition HERE

The Covid-19 pandemic certainly has derailed all of our travel plans last year and the coming year. While we may not be certain when it’s safe to travel again, we can set up a travel fund to be used in the future.

With the Chinese New Year celebrations coming up, some of the ang pau money can be channelled into your travel fund.

Here are a few things to think about while setting up your travel fund:

Decide how much to contribute

Setting up your travel fund

If you’re setting up a travel fund with your loved one, it’s important to set a goal and decide how much each person can contribute. It’s important to take stock of other financial responsibilities and daily expenditures too. Contribution to the joint travel fund can be in equal amount for each person or the person who earns more contributes more. Decide what works for everyone.

Have a dedicated savings account

To make saving money easier, you should create dedicated savings accounts for this purpose. You may also want to forego getting an ATM card for this account which will make it harder to access your savings should the temptation strike. Saving money takes discipline and dedication. As such, an app which can help automate your savings is definitely helpful!

Pick out a few dream travel destinations

It’s helpful to pick out a few travel destinations and research each place so you know approximately how much money you need to holiday comfortable. Some exotic and far-flung places can cost a bomb or it can be dirt cheap. Also, take note of whether there are free-entry attractions at your dream travel destinations. It will help cut down a lot of spending!

Make lifestyle changes

Setting up your travel fund

It’s time to be honest with yourself and assess how you spend your money on a daily basis. With easy access to online shopping while in lockdown, the desire to treat ourselves is hard to avoid. To ensure saving for your travel fund is a success, it’s time to find out which spending habit to cut so you can save and channel more money into your savings.

Start a side hustle

Most of us have an idea of a side hustle but have never gotten round to execute it. Now it is time to start your side hustle to earn some income. Alternatively, you can subsist on some freelance work or work part-time online for some extra cash.

Check your travel points and credit card miles

Don’t forget to check the travel miles you’ve accumulated via credit card or memberships. If you’ve saved enough points, you may be able to shave off some travel expenses too when the time comes. These points can be used to redeem free hotel stays, complimentary room upgrades, free flights or extending another night at the hotel for free.

Need a reason to start your travel fund? Check out these fantastic dream vacation ideas HERE

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