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How to Save Money While Traveling

Traveling can be expensive, but with some planning and prioritizing, you can save money and still see the world. Here are some tips to help you achieve that balance.

1. Set a Budget

Setting a budget gives you control over your spending. It helps you understand your living expenses and determine how much you can allocate for discretionary spending and savings. A budget is a useful tool for dividing money among your savings goals, such as travel, holiday shopping, and a down payment.

Once you’ve set a monthly budget, make saving automatic. Divert money from your checking account to a high-yield savings account every payday using your bank’s app. This method helps you build savings without the temptation to spend on a credit card.

2. Get a Travel Rewards Card

A travel rewards card allows you to earn rewards that you can use to travel for less. Each purchase earns miles or points that you can redeem for flights, hotel stays, upgrades, and more.

Many travel rewards cards offer a welcome bonus for new cardholders. This bonus provides a sizable amount of rewards when you meet a minimum spending requirement within the first few months of opening your account. Some welcome bonuses are high enough to cover a flight or hotel stay.

Travel rewards credit cards also offer other money-saving perks, such as waived foreign transaction fees, trip cancellation coverage, access to airport lounges, and more. These perks can significantly reduce your travel costs.

It’s important to avoid carrying a balance from month to month. Paying interest on a travel card offsets the savings offered by your rewards and perks. Charge only what you’ve budgeted for each month and pay your balance in full to avoid monthly finance charges.

3. Cut Back Where You Can

Cutting back on everyday spending is another way to save money while traveling. Optimize spending on streaming services and other monthly bills by lowering your subscription or canceling services you don’t use. Space out salon visits or do more beauty maintenance at home. Cook more meals at home and order less takeout.

If you can’t pinpoint where to cut back, monitor your spending for a month and watch for nonessential expenses.

4. Look for Travel Savings

You can save money by cutting back on travel costs too. Prioritize the things you really want instead of splurging on every trip expense. For instance, consider cutting your food budget to afford nicer accommodations or vice versa. Here are some other ideas for cutting back on travel spending:

• Book your flight a few months in advance for the best prices
• Prepay your hotel for discounted rates
• Look for free concerts and other activities
• Opt to drive instead of fly
• Travel during off-season
• Take photos for memories instead of purchasing souvenirs

The Bottom Line

You don’t have to sacrifice your wanderlust to reach your savings goals. With planning, creativity, and flexibility, you can continue exploring the world and contribute to your savings at the same time. Stash your savings in an account that will give you a nice return to build your savings faster.

For any mortgage service needs, contact O1ne Mortgage at 213-732-3074. We’re here to help you achieve your financial goals!

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