The Smart Way to Fund Your Spring Travel Adventure 

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Spring is a time of resetting and rejuvenation. What better way to do both than with a trip to somewhere new and exciting? But with the cost of flights, hotels and everything else between departure and arrival, travel can feel out of reach for some. It doesn’t have to be.

If you’re hoping to travel this spring, a little planning now may help make your trip more affordable. From tracking and cutting unnecessary expenses to maximizing the rewards on your credit cards, these tips can be a surefire way to fund your next travel adventure.

Create a travel fund

Setting up a travel savings fund can be a great first step toward reaching your travel goals. Here are a few best practices to help you get started:

  • Separate the fund from daily expenses: Keep your travel fund separate from your everyday spending to make it harder to dip into it and to help track your progress.
  • Set a savings goal: Add up all the potential costs of your trip to get an estimate. Then you can calculate how much you’ll need to save each week or month.
  • Automate contributions. Use online banking tools to set up a recurring transfer from your regular account to your travel fund every time you get paid.

Track and cut expenses

To help you save more, it may be wise to review your spending and see if there are any areas where you can cut expenses. Many online banking tools and apps provide breakdowns of your spending, helping you see where more money may be going out than you realize.

Consider small expenses that can start to add up a lot over a few weeks or months:

  • Streaming and music subscriptions
  • Daily coffee runs, work lunches, takeout
  • Impulse purchases

When you spend $5 here and $10 there, it may not seem like much. But once you start identifying all the little expenses rolled into your monthly budget, you can see where your money is going and decide where to cut. You may be surprised how quickly your savings can snowball with a few minor changes to your spending habits.

Utilize credit card rewards

Credit card rewards can be a great way to fund travel, either by lowering the cost before you leave or by helping you reimburse yourself afterwards when you redeem rewards.

  • Use the points you already have. Check your current rewards balance before you book. Credit cards with points may allow you to redeem them for flights, hotels, rental cars, and more. Depending on the rewards program and what you’re redeeming them for, the value of the travel purchase may exceed the value you’d get by redeeming the same amount of rewards for cash back or a statement credit.
  • Earn rewards on your travel spending. Whether you have rewards to redeem now or not, it may make sense to put all of your vacation spending on a card that offers a higher rewards rate for travel expenses. Then, the points you’re earning as you book can later be redeemed to reimburse yourself after the trip.

Pro tip: To help maximize your credit card rewards, have a repayment plan in place to pay off your travel expenses as quickly as possible. If you carry a balance from month to month, you’ll accrue interest on your purchases, which in the long run may offset some or all of the rewards you earn.

Book travel early

Booking travel close to your arrival date tends to be more expensive, but hotels and airlines usually charge less if you book further out, even for popular travel destinations. To help keep costs down, book your airfare and hotels as early as possible.

If you’re flying internationally, consider booking your flight at least 3 to 6 months out. For domestic flights, the sweet spot is typically around 6 to 8 weeks.

Pro tip: Use tools like Hopper or Google Flights to set price alerts. This helps you monitor fare costs so you can snatch a ticket when the price is right.

Travel midweek

Although you may be able to maximize your time away by traveling on Friday or over the weekend, consider flying on a Tuesday or Wednesday, when prices are typically lower due to reduced demand.

You may even see significant savings on your hotel accommodations. Popular destinations may charge higher rates on weekends. If your schedule allows for some flexibility, moving your trip by a day or two could save you significant money.

Your spring vacation is well within reach

To make your travel dream come true, start planning today. Cutting expenses and maximizing your credit card rewards can help expand your travel budget. When you’re ready to book, do it as early as possible and target traveling during the middle of the week. These simple steps can make your spring vacation more affordable.

Notice: Information provided in this article is for information purposes only and does not necessarily reflect the views of metaphorhaven.com or its employees. Please be sure to consult your financial advisor about your financial circumstances and options. This site may receive compensation from advertisers for links to third-party websites. 

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