Post # 1
- Wedding: April 2014 - Italian Villa
So, Darling Husband and I are getting ready to pay off my student loans in December or January. Wooo! We have three savings accounts at our bank, one of which is currently for setting aside money for student loan payments. I was thinking it’d be fun to re-purpose it into a vacation savings account, so that we could take a trip once a year without the cost for flights, etc stinging so much since the money is already there!
Does anyone do this or something like this? Do you contribute to it every time you get paid, or only when you get extra money (like overtime or a bonus)? How much do you aim to set aside?
If we kept the automatic transfers to that account the same as it is now, we’d have about $2500 set aside in a year, which is enough for international flights or an entire domestic trip.
Thoughts and/or tips and tricks?
Post # 2
I put £200 a month aside for holidays, plus a bit extra from any bonus payment. I’ll need a bit more than that for our honeymoon though. OH and I have separate finances and he doesn’t like having lots of different accounts so we have different saving styles.
Post # 3
I have an account that I use for different things. Once I save up enough to get what I want (a vacation, whatever), I clear it out and start over again for something else. I emptied it for a trip last month, and now I’m starting over again for a new car.
Post # 4
gingerkitten: Our travel money actually lives in the same account as irregular bills (i.e. annual car insurance, quarterly water bill, etc.) – having some sort of vacation is considered necessary to us and this lets us not feel too guilty about spending money on it since it’s well planned for just like the other bills. The strictly “fun” money is a separate account that’s currently saving up for a new kitchen. The key to saving is automate, automate, automate! We have transfers set up to go into savings every time I get paid, and my husband was able to split his direct deposit so a portion of his check is saved automatically too. We both get overtime so I’ll set up a manual transfer to save that cash as well when it comes up but that takes discipline. For travel we make a point to (1) find awesome deals so we don’t spend much to start with and (2) take a lot of smaller trips more regularly. The bonus of frequent mini trips for us is that we’re always getting away for a long weekend and we’re often able to find enough deals that we can absorb the cost into that particular month’s entertainment budget and leave the travel money to accumulate for a big trip.
Post # 5
- Wedding: July 2016 - His parents farm
We don’t have joint accounts. I have a savings account strictly for travelling, and I allow myself to use it for any trip out of town Just so it doesn’t hurt as much when we go on a vacation. Right now I put 100$ every two weeks and it slowly accumulates. Fiance is better with his money than me so he doesn’t really worry about it.
Post # 6
gingerkitten: We are CBC and basically work to travel so yes we have a specific travel account. Mostly though because we are savvy travellers and like to be able to grab a bargain straight away without having to worry about if we have the cash on hand to pay for it (we don’t believe in putting luxuries like holidays on actual credit). We have already bought an accommodation package in June this year for a holiday in Oct 2016 ($5,600 10 night luxury stay in Thailand for $2,000).
I think it always a good idea when you can to take the money that was allocated to a debt that has been paid off and save it. Too many people just add it back into the general spending kitty and end up just blowing it.
Post # 7
We have three savings accounts: Long-term/buffer (generally kept at 6 months of comfortable living expenses), student loans, and travel.
We put about €1000 a month to student loans, €600 to travel, and whatever else we have left over at the end of the month to the buffer (it’s currently at it’s 6 month level so everything else going into it is “bonus”).
I realize 600 is a lot for travel, but given that both our families are on different continents from where we live (and different continents to each other), most of our travel money gets eaten up with annual trips to visit family and then we only do about one “just cause” vacations each year with a few casual weekend trips thrown in.
Post # 8
We don’t specifically save for travel, it just comes out of general checking account for us. If that doesn’t cover it, we dip into our “spendable savings “. Since i usually book flights 3-5 months before, then slowly book hotels though, it’s not so bad. We spend 7-10k/yr on travel.
Post # 9
We love love to travel. We have a account for it And just put whatever we feel in it. We also have a change jar we use to save up and cash in for some extra cash. I’ve also started getting cash back the day I get paid and stuff cash into our safe and it’s amazing how quick that adds up and I totally forget about It because I don’t see it when i log into my accounts or anything. I love having a account for it though because we are firm belivers in having the trip paid off before we go on it. We travel a lot and we’ve gotten so many random deals having a account for it makes it so much easier to just book.
Post # 10
gingerkitten: I used to have one called “big trip to somewhere” to have money put aside for when I finally had the time to take a big trip. It was a fun way to save.
Since then my income has increased a lot and I don’t really need to individually budget for items like that, so instead I just save a certain % of my income off the top and call it good. Keeps things simple since I already know I’m able to pay for trips etc.
Post # 11
we do! not huge on “stuff” but experiences 🙂
Post # 12
At the moment, no. But since I love to visit elephants in the Thai jungle, I need to get on that. I’ll have an elephund. Gosh. I’m too obsessed with elephants!
Post # 13
gingerkitten: No. We both save money separetely and then spend it on whatever we want to. If it’s a trip we use the savings for that, if it’s something else we need/want then for that. However travel is extremely important to me so I will make sure I can afford at least 2-3 short trips a year.