Expected Time: 20 minutes
What You’ll Need:
🖥 Your computer
📅 Your calendar
1. Estimate Trip Costs
Click the button below to open your own Travel Planner (don’t forget to save your own copy).
2. Open Your Travel Account
We recommend using a high yield savings account for your travel funds, to keep it organized away from your checking and basic savings, and because some of it will likely sit untouched for months at a time.
A high yield savings account (HYSA) is a type of savings account that earns interest (APY or annual percentage yield) and helps your money grow passively at a rate that is much higher than a regular savings account (2.0% vs .01%).
Open a HYSA with a bank that requires no minimums or fees, but also offers a high APY.
Some options we like:
Note: Ally and Capital One allow you to open one savings account and create “buckets” for different saving goals if you like having less accounts open.
2. Give your savings account a name - “My Travel Fund”
Amazing! Now you have a travel fund in an account that will help your money grow passively.
3. Fund Your Trips!
If you have leftover funds in your checking or savings accounts, move money to the Travel Fund in the amount you need for your upcoming trips. If you will save as you go, determine when you need the money for your trips, divide by the months between now and then, and set up a monthly auto-transfer until you meet your goal!
Where can you save money on your trips? What is a non-negotiable, and what can you do without?
Talk to your coach for tips on spending money while traveling!
More Money Resources
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