Over the past few years, I’ve been able to travel to several states and make some great memories with my family. But it’s been quite some time since I’ve taken a bigger trip that has me leaving the U.S. for an extended period and exploring different places abroad. I’m hoping 2024 will be a year that I get to do that.
Achieving that goal, however, is going to require a lot of effort. Here are the steps I’m taking to make it happen.
1. I’m maintaining a dedicated savings account for travel
In the past, I’ve found that it was difficult to save for different goals when my money was all commingled. So what I’ve taken to doing in recent years is creating separate savings accounts for separate objectives.
As such, I already have a separate account I can fund for the express purpose of travel. I won’t have to worry about needing that money for car or home repairs because I have other bank accounts for those purposes.
As a freelance writer, my pay is based on my output. I have what I call a base goal I try to hit every month. But some months, I aim to push myself beyond that goal.
During the first half of 2024, I’m hoping to work a bit more and use some of my extra earnings for vacation purposes. I won’t feel guilty using that money for a trip instead of something like my kids’ college accounts because it’s extra on top of my baseline earnings.
Featured offer: save money while you pay off debt with one of these top-rated balance transfer credit cards
3. I’m banking credit card cash back
I have several credit card accounts, but there’s one card I use most frequently, and it’s one that gives me cash back on my purchases. My goal is to bank all of that cash back and reserve it for my trip rather than spend it month after month.
I may also seek out a new credit card that comes with a generous sign-up bonus. My credit card bills tend to be fairly large due to my monthly expenses and the fact that I have multiple children and a dog to feed. In many cases, meeting the spending threshold may not be difficult, and that gives me more cash to apply to my trip.
You can make your big goal happen, too
Maybe you’re saving up for your own big goal in 2024, whether it’s a vacation, new furniture, or money down to buy a car. Either way, you may be more likely to get there if you:
- Maintain a separate savings account
- Push yourself to work extra by picking up a side hustle and earmarking your earnings for your specific goal
- Saving up the cash back you get from your credit cards
- Keeping tabs on the best credit card sign-up bonuses and applying when the time is right
Of course, if you’re low on emergency savings, then your first goal for 2024 should be to focus on that. A good 63% of Americans aren’t in a position to cover a $500 expense, says SecureSave. If you’re in a similar boat, you frankly shouldn’t even think about saving for something like a trip when your emergency fund needs work. But if you’re all set with emergency savings, then the right strategy could help you pull off whatever goal you’re aiming for in the new year.
These savings accounts are FDIC insured and could earn you 11x your bank
Many people are missing out on guaranteed returns as their money languishes in a big bank savings account earning next to no interest. Our picks of the best online savings accounts can earn you 11x the national average savings account rate. Click here to uncover the best-in-class picks that landed a spot on our shortlist of the best savings accounts for 2023.