3 Easy Ways to Help Save for Travel

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2020 threw a wrench in a lot of things. We had to adapt and change quickly, giving up so many of the things we may have taken for granted. When we get to the other end of all of this, most people have a common goal in mind. They want to travel! Sitting in your house for months and having to social distance has folks itching for a getaway.

As much as I love to travel, it obviously requires some funds. It’s not as fun whisking off somewhere when you have to be on a super strict budget (trust me, I know. I did this quite often in my youth). Most of us still need to adhere to some sort of reasonable budget and saving money in advance is the best way to ensure you make the most of your trip.

I am here to provide you with easy ways to help save money for your future travel because we deserve to treat ourselves every now and then! When I say easy, I mean EASY. A couple really don’t require you to do anything except sit back and watching your savings grow. Disclaimer: I am not a financial expert. I am merely sharing tools that have worked for me personally. Total savings may vary. Please conduct your own research to determine if these tools are right for you.

Digit

I have been using the Digit app for about a year and a half now, and I am truly a fan. I found out about it from my dad. He watches a lot of travel YouTuve videos and some young vloggers mentioned they used this app. The savings accumulated are how they were able to afford all of their travel.

Using Digit for saving requires no extra effort outside of setting up an account. Digit does all the work for you by analyzing your spending and saving the perfect amount each day. No two days of saving are the same. There are even options to pause savings and set max daily savings. Your money is held at FDIC insured banks and your data is secured by 256-bit encryption. That’s pretty darn secure! In addition to your normal savings, Digit gives you a 0.10% savings bonus every 3 months. Other features I love are unlimited withdraws, overdraft protection (if you are running low on funds Digit will transfer money back to your bank account), and no account minimums.

Sign up with this link to receive $5 of automatic savings. The app is free for 30 days and then just $5 a month.

Simple

Brick and mortar banks are becoming a thing of the past. I made the switch to online banking about 5 years ago. After doing some research on various companies I determined Simple was the best choice for me. I was drawn to the free account with no fees and no minimum requirement. You are probably asking, “But how does this help me with my savings?”. Simple is much more than just a banking app. It is also a budgeting tool.

There are so many features that come with signing up for a Simple account, but I will stick to focusing on savings. One “no thinking required” feature is Round-up Rules. Simple will round up each of your purchases to the next dollar amount. When the total reaches $5 it will deposit it into your Protected Goals.

Speaking of Protected Goals, it is called that because it is money you saved that is protected from you spending it. Funds can always be transferred back to your Safe-to-Spend account, if needed. Protected Goals have an interest rate of 0.6%. Now let me go back to Digit for a moment. The unlimited withdraws is important to me is because I regularly transfer funds from my Digit account into this Simple Protected Goals account because of the interest rate. It may not be a significant difference but every little bit help.

You can set other goals too (note: these do not accrue interest). They even have Vacation set as a suggested goal. Simply determine a target date and how much money you would like to have saved. Simple will contribute to this goal every day from your Safe-to-Spend account to help you reach your set dollar amount by your desired date.

There are so many benefits that come with a Simple account. Sign up here to find out for yourself.

Rakuten

If you enjoy shopping, this will be right up your alley. Rakuten gives you cash back for online and in-store purchases. The cash back percentages vary, but the savings add up when it is time for your Cash Back payment. The Big Fat Check (as they like to call it) is scheduled to be paid out every quarter by check or PayPal.

They key to getting cashback is to go through Rakuten first. This allows them to track and verify your purchase. A mobile app and web browser extension are even available for easier online savings. For in-store cash back, you will need to pay with a linked credit card.

I make it a habit to always check Rakuten for cash back earnings before I shop. Many places I regularly shop are listed like Vitacost, Macys, Colourpop, and Target. You can even earn cash back on travel! Use Rakuten when booking on sites like Hotels.com, Expedia and Marriott. If you sign up and spend $30 before 12/31/2020, you will receive a $30 cash back bonus.