Creating a Travel Nest Egg

By TravelingFinanceMom on July 5, 2009 @ 9:04 pm
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Those of us with friends and family a plane ride away or those who just like to take a weekend away once and a while, may wonder how to save for these ad-hoc trips.  They generally aren’t as expensive as a dream vacation, or a full family vacation, but airfare, ground transportation, and hotel fares can certainly add up.  Creating a “travel nest egg” is a good way to have some money available for whenever you decide to take one of these spontaneous trips!

If you are serious about creating a true travel nest egg, I’d suggest that you open a separate savings account for your travel account.  ING Direct offers an online account with a decent interest rate, or if your savings grow enough, you may want to look into opening a money market account.

Then, set up a routine investment into the account.  If you have more revenues than expenses in your budget, you may be able to save a large amount.  Otherwise, choose an amount that is large enough to make a difference, but small enough that you won’t notice it.  I’d recommend $5-$20 per week as a starting point.

To increase your savings, choose a few money saving ideas and implement them on occasion, putting the money you save into an account.  One idea is to bring your lunch to work a few days a week.  You could also decide to purchase store brands or clip coupons when shopping.

Do you get a bonus or commission check?  If so, make a commitment to save a small percentage of any windfall in your travel account.  Even 5% of any extra money you receive can make a difference.

With just few changes in your spending habits.  you’ll easily be on your way to creating a nice travel nest egg for that next spur of the moment trip!

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Woo Hoo! There are 2 comment(s) for me so far ;)

#1
Thanks for the tips! I have trips like this pop up all the time and they always seem to go on the credit card.
Desiree wrote on July 6, 2009 - 9:01 pm
#2
[...] perhaps a once-in-a-childhood experience.  If you are considering Walt Disney World and have a travel nest egg, now is a great time to plan a trip, because there are some wonderful travel deals that end in only [...]
Walt Disney World Travel Deals | Traveling Mom wrote on September 13, 2009 - 7:32 pm
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