{"id":824427,"date":"2019-12-19T15:25:17","date_gmt":"2019-12-19T20:25:17","guid":{"rendered":"https:\/\/www.finder.com\/ca\/?p=824427"},"modified":"2026-09-09T07:42:54","modified_gmt":"2026-09-09T11:42:54","slug":"best-vacation-savings-accounts","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/savings-accounts\/best-vacation-savings-accounts","title":{"rendered":"Saving for travel: The best travel savings accounts & tips"},"content":{"rendered":"

Everyone needs a break from time to time. But since even short vacations can get expensive, it\u2019s essential to have a vacation fund savings plan in place. Here are some of the best vacation savings accounts to help you take your next trip sooner.<\/p>

Saving for travel? Here are 16 tips on how to save money for travel<\/h3>

Saving for travel can feel like an elusive goal with so many other expenses on your radar. But it doesn\u2019t have to be. Whether you want to backpack across the globe, escape to a weekend retreat or stay at a luxury five-star resort, saving for vacation is within your reach.<\/p>

Here are 16 tips on how to save money for travel that can help you take flight (or drive that car) faster than you think.<\/p>

1. Budget<\/h4>

If you\u2019re not already operating on a budget, consider making one. If you have a budget, now is the time to review it. Outline all of your expenses and how much income you have coming in.<\/p>

Don\u2019t be afraid to get detailed. If you eat out several times a week, consider adding a restaurant line to your budget. The point of a budget is to help give a clear and accurate picture of where your money goes, so more information can really help paint the big picture.<\/p>

2. Cut down on expenses<\/h4>

Look at any non-essential expenses to see where you can cut down and save money for travel.<\/p>

Do you really need that streaming subscription? Can you try making gourmet meals at home instead of going to a restaurant? Can you brew your morning cup of coffee at home instead of buying it every day?<\/p>

You might even be able to save on some necessary expenses. Meal planning and sticking to a list can help you save money on grocery shopping. See if you can qualify for cheaper car insurance<\/a> with a different insurance company. Free car insurance broker platforms, like Surex, can help you easily compare multiple offers at once.<\/p>

Even if these savings seem small, they can add up to hundreds of dollars in travel savings by the end of the year.<\/p>

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\n \n \n <\/use>\n <\/svg>\n <\/span>\n Hot tip: The 30-day rule<\/span>\n <\/h4>\n
\n To help increase your savings for travel, cut back on impulse buys using the 30-day rule. The 30-day rule states that you wait 30 days before making any pricey purchases. You\u2019ll often find that something that seems like a really good idea in the moment might not seem worth the money 30 days later, and you can put that money in your vacation fund instead.\n <\/div>\n <\/div>\n<\/div>\n

3. Make a savings target<\/h4>

Create a travel budget based on where you want to travel \u2014 including transportation, accommodation, food, shopping and any activities \u2014 to calculate exactly how much you need to save for your trip.<\/p>

Try to make an accurate travel budget by looking up how much hotels cost where you want to stay, how much transportation there costs and even how much the average restaurant in the area charges per meal.<\/p>

Then set a timeline for when you want to book your trip so you know exactly how long you have to meet your goal.<\/p>

4. Open a high interest savings account<\/h4>

Let compound interest help build up your savings for travel even faster. While standard savings account interest rates in Canada can range at around 1.5% at most, some of the best high interest savings accounts<\/a> offer savings rates of anywhere from 2.5% to 5.0% or more.<\/p>

That\u2019s why it\u2019s worth comparing the best savings account for travel fund options to make sure you\u2019re getting the most out of your money.<\/p>

Compare high interest savings accounts in Canada<\/h5>

5. Automatically transfer to savings<\/h4>

Setting up automatic transfers to your travel savings account every time you get paid can be a great way to consistently build up your travel savings without being tempted to use that money elsewhere. You can then sit back and watch your savings grow every month.<\/p>

6. Use a physical travel fund jar<\/h4>

Having a travel fund jar at home can be an easy way to put loose change and any extra cash in your wallet towards your savings goal. It can also encourage you along your saving journey \u2014 as you watch your travel savings jar fill up, you can be reminded that all the other financial sacrifices you\u2019re making are worth it.<\/p>

Just remember to deposit the money in your savings jar into your high-interest savings account to earn interest on it as well.<\/p>

7. Save on travel costs<\/h4>

There are plenty of ways to lower the cost of travel. Consider using airfare comparison websites to make sure you\u2019re getting a good deal on your flight. You should also consider booking your flight as far in advance as possible to lock in a lower price.<\/p>

Another way to save on travel is to book outside of peak tourist season. Hotel and airfare prices can all be lower by hundreds of dollars during off-peak seasons, depending on the destination.<\/p>

8. Try alternative places to stay<\/h4>

Hotels can be pricey. You can potentially save on travel expenses by opting to stay in hostels or by house-sitting. Airbnbs are another great option where you can potentially save by booking an entire home with a group of people and splitting the cost.<\/p>

9. Only use a carry-on<\/h4>

Cut down on the amount of savings for travel you\u2019ll need to build up by avoiding expensive checked-baggage fees and only using carry-on luggage when travelling. That way, you\u2019ll also never encounter the airport-lost-my-bag headache so common these days.<\/p>

Some tips to pack light include:<\/p>