Saving money for travel in 2022 is getting harder by the day. Knowing how to save up money for travel needs extra focus. The cost of living crisis is biting at our capacity to save money. This means that ideas of getting back to travel in 2022 or 2023 feels like it’s creeping out of reach.

After the last two years of lockdowns and everything else that came with Covid-19, you deserve a break. Experiences are important for our wellbeing. Breaks from the 9-5 are crucial for our health.

You shouldn’t feel guilty for wanting to take that luxury escape, even if money is tighter than usual. With the cost of living increasing by the day, you might be looking for some easy ways to keep money flowing into that holiday fund. The good news is that there are some great apps that you help you get to your dream holiday.

Please note: this is not financial advice and you are responsible for your own financial decisions. This article may contain affiliate links.

#1 Build Up A Picture Of Your Expenses

When it comes to personal finance, always start with the basics. Get started with a simple excel or google sheets budget. Create a breakdown of your main categories of your income and outgoings.

I’m currently giving away the excel template I use to manage my finances. This not only includes a budgeting template but a savings and net worth dashboard. This gives you a highly visual way of tracking your money.

Once you have figured out how much you think you can realistically save for your travel experiences in 2022. You can use my budgeting templates to do this. Then download an app such as Snoop to see how accurate your predictions are against what you are spending.

Snoop is a great app for categorising and breaking down your spending. Whilst easy to use, it offers a very clear and granular breakdown of your spending. This helps you to cut out unnecessary expenses.

#2 Create A Savings Jar For Your Holiday Fund

Committing to a savings goal makes you more likely to save and save more. By contrast, delaying your savings start date will deteriorate your commitment to your savings goal. This is a fun term called temporal or delay discounting.

This is the main reason you need to create a separate savings jar for your travel fund. With everything going on, that money is going to get mixed in with the general cost of living. Which makes you less likely to give you the guilt-free money for your hard-earned holiday.

There are lot’s of great apps for saving money, specifically for a holiday. I use Wise because I can create a savings jar and then easily convert it into my currency of choice whenever I need it. This means I can spend like a local on my Wise debit card. Read more about why Wise is the perfect app to spend money internationally.

Many savers stand by Revolut. This is because not only do you get low currency exchange fees but their savings vaults offer interest of savings up to 1%.

Save Your Money Automatically

Automating your money is the best way to succeed at saving. Create a direct debit from your current account to your savings account.

Once you have decided how much you want to save and if this is realistic. Make sure the money moved into your savings jar, otherwise your brain will try to intervene. It will try to tell you things like “Do you really need a holiday?”.

Setting up an automated payment (to yourself) feeds into the idea of committing to a financial goal. If you know you can afford it and it’s a realistic goal, why shouldn’t you put money down for a holiday.


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#3 Track Your Money Goal Progress

There is an awesome app called Nova Money, that I’ve been using recently, to track my finances. I’ll be talking up this loads in my upcoming articles as it’s now my favourite money app. It’s also got some great features to help you save up money for travel.

One of the best features is that you can add savings goals and it will tell you how realistic this goal is. Nova’s clever AI will analysing your saving and spending habits. It can then use this data to tell your savings capacity.

It can also detect when you save money into your savings account. This means it can tell you how close to completing your savings goal you are. It’s features like this that have put Nova at the top of my money management app. You can unlock the premium version of the app for 3 months with my affiliate link.

Nova Money App Goal Planning 1
Nova Money App Goal Planning

Conclusion…

You deserve to get away and shouldn’t feel guilty for saving for a holiday. Like I say, experiences are import. Structuring your finances in a way that makes it easy to save money is key.

Having money goals such as holiday funds, are often the best ways to help you create awesome habits. This is because they help you build strong money structures.

Creating financial goals are also the best protection against the temptation to overspend. Apps like Nova Money can help you stick with your money goals by aligning your spending habits to your goals.

Using apps to save up and store money for travel is also a great solution to separating you money from every day expenses. This means you also create less friction between you holiday fund and being able to spend it.

Saving Up Money For Travel In 2022

In a way, the methods for saving up money for travel haven’t changed in 2022. It’s always been important to build a financial plan, set money goals. Then build savings habits to get there.

The difference now is that there has been a enormous leap forward in the technology we can use. A few years back apps like, Snoop, Wise, Revolut and Nova money simply didn’t exist. Which means you couldn’t do things like:

  • Automate your expense tracking.

  • Use AI to track your progress.

  • Open a savings account in minutes

  • Spend money like a local.

Now you can.

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How To Save Up Money For Travel In 2022
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How To Save Up Money For Travel In 2022
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Saving money for travel in 2022 is getting harder by the day. The cost of living crisis is biting at our capacity to save money. This means that ideas of getting back to travel in 2022 or 2023 feels like it's creeping out of reach.
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Money Side Up
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