I’m saving for a big trip in 2024. Here’s how:

Over the past few years, I have been able to travel to many states and make wonderful memories with my family. But it’s been a while since I left the U.S. for an extended period of time and went on a bigger trip exploring various places abroad. I hope 2024 will be the year we can do that.

But it will take a lot of effort to achieve that goal. Here are the steps I am taking to make this happen.

1. I maintain a savings account specifically for travel.

In the past, I found it difficult to save for other purposes if my money was all mixed up. So what I’ve done in recent years is create separate savings accounts for separate goals.

Therefore, I already have a separate account that I can fund for explicit travel purposes. I don’t have to worry about needing that money for car or house repairs. Because I have another bank account for that purpose.

As a freelance writer, my salary is based on my output. I have what I call basic goals that I try to achieve each month. But for several months, I had set my sights on surpassing that goal.

In the first half of 2024, I want to work a little more and use some of my remaining income for vacation expenses. I wouldn’t feel guilty about using that money for travel instead of my kids’ college accounts. Because it is in addition to my basic income.

3. Banking credit card cashback is in progress.

I have several credit card accounts, but there is one card I use most often: the one that offers cash back on my purchases. My goal is to save up all my cash back for travel rather than spending it every month.

You can also find a new credit card that comes with a generous sign-up bonus. My credit card bills tend to be quite large due to my monthly expenses and the fact that I have multiple children and a dog to feed. In most cases, meeting the spending threshold won’t be difficult, which will give you more cash to apply to travel.

You too can achieve big goals

Maybe you’re saving for a big goal for 2024: a vacation, new furniture, or money for a car. Either way, you may be more likely to reach your goal if you:

• Maintain a separate savings account
• Pick a side hustle and try to get more done by allocating your income towards specific goals.
• Save the cashback you receive from your credit card.
• Check out the best credit card sign-up bonuses and apply at the right time

Of course, if you’re short on emergency savings, your first goal for 2024 should be to focus on that. According to SecureSave, 63% of Americans cannot afford a $500 expense. If you’re in a similar situation, you honestly shouldn’t even think about saving for things like travel when you need an emergency fund. But if you have all your emergency savings lined up, the right strategy can help you achieve whatever goals you’re aiming for in the new year.

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