Travel is one of the best ways to meet new people, explore different cultures, and feel inspired.
It’s also expensive. And rather than book an exorbitant (and anxiety-inducing) airfare ticket, you settle back into being a professional armchair traveler.
But you don’t have to live vicariously through picture-perfect Instagram shots and vlogs anymore.
Start a travel fund and see this big, beautiful world for yourself.
Travel funds are a practical way to save money for a trip so you don’t feel worried or anxious about money while you’re on it.
Keep reading to learn the ins and outs of travel funds, how to start a successful travel fund with Braid (without having to open a new bank account), and how to grow your fund so you can gallivant around the world.
Contents:
- What do travel funds mean?
- How do I start a travel fund?
- What is a Braid Money Pool?
- How much should I save for a travel fund?
- How much money do you need for a travel fund?
- How to fill up your travel fund quickly
- How to set up your travel fund with Braid
What do travel funds mean?
A travel fund is exactly what it sounds like: a fund for your next trip, whether it’s a special getaway with your sweetheart, an adventurous trip to the Azores, or a much-needed homecoming.
Travel funds are a safe place for your travel savings and an essential part of your trip preparation.
With Braid Money Pools, you can set up your travel fund without using piggy banks, a new savings account, or juggling travel money with your other savings.
Your travel dreams need a travel fund. Start yours with Braid Money Pools here.
How do I start a travel fund?
A travel fund is a dedicated place to keep money for an upcoming trip. Give your travel fund first-class treatment by keeping it in a Braid Money Pool.
What is a Braid Pool?
A Braid Pool is a free, dedicated place where you can save money for your next trip. Here are three reasons why you’ll like Braid for your travel fund.
1. Start with any amount
Opening a new savings account might seem like a good solution. But it’s inconvenient because usually, you need to start with a minimum balance.
Without that amount, you can’t have a dedicated place for your travel fund. Wouldn’t it be nice to have a place for your travel money no matter how much or how little you start with?
Another problem is that many bank accounts charge a fee if you accidentally fall below the minimum balance. But you want to avoid fees where your travel fund is concerned.
With Braid, you can. You never have to maintain a minimum balance. And Braid never charges you maintenance fees, monthly fees, etc.
2. Keep your travel fund separate from other savings
One way people avoid these issues is by keeping travel money in an account they already have. But it’s easy to lose track of travel funds when they mix with other savings.
With Braid, your travel fund stays in a dedicated, separate place so it’s easy to keep track of.
3. Manage your travel fund with friends and family
What makes Braid extra special is that it’s designed to be collaborative. So, if you want to share your pool and manage your fund with other travel companions, you can.
Or you also can share the Pool Link so people can contribute to your travel fund as a birthday gift, graduation gift, holiday gift, etc.
We’ll show you exactly how to set up your travel fund with Braid below. First, here’s how much you should save and how to fill up your fund quickly.
Braid Money Pools are the best place for your travel fund. Click here to learn how to start yours today.
How much should I save for a travel fund?
How much money do you need for a travel fund? Rather than throw out a ballpark figure, do some research by answering these basic questions:
- Where am I going?
- What time of year am I going?
- How much is airfare?
- How much is lodging?
- How much is a car rental/transportation?
- How much do I plan to spend while I’m there (sightseeing, food & drink, souvenirs, spa treatments, excursions, etc.)
Based on this research, you can calculate your trip’s expenses. Then, ask yourself:
- How many months are there between my trip and today?
Now, take the total trip cost and divide it by the number of months. The quotient is the amount you should save every month in your travel fund.
For example, let’s say you want to visit Japan. Based on your calculations, the trip will cost $3,400, and you’d like to travel in 16 months. That means you should save about $212.50 per month so your travel fund covers the cost of your trip.
You might be tempted to have a vague savings goal. But be specific. Specific savings goals are measurable and therefore, something you can work towards and achieve.
How to fill up your travel fund quickly
Once you start your travel fund, you’ll want to grow it. The following ideas can help you manage your money, reach your travel savings goals, and take your trip.
1. Create a budget
Excluding your rent, mortgage, and utilities, what are your most common spending categories every month?
Popular ones include groceries, gas, dining out, health/fitness, clothing, personal care, pet care, household goods, gifts, subscriptions, etc.
If you’re not sure what your spending categories are, look over your last couple of debit or credit card statements to understand your spending habits better.
Now, based on your bank statements, how much money do you usually spend per month in each of these categories?
Once you calculate your spending, how much money do you have left? If it’s not enough for your monthly travel savings goal, you have a couple of options:
- Delay your trip. This way, you have more time to save and the monthly savings amount is lower
- Cut back on monthly expenses, increase your income, or both. Here’s how you can do that.
2. Lower your monthly expenses
What can you cut back on? Monthly subscriptions? Coffee? Dining? Unnecessary grocery items? Cable? Car leases? The more you cut back, the sooner you can take your trip.
3. Increase your income
In addition to cutting back on monthly expenses, you can boost your income. That way, you can continue to live comfortably and grow your travel fund.
Popular ideas include:
- Picking up a side job, like seasonal work, tutoring, babysitting, etc.
- Sell things on OfferUp, Craigslist, DePop, Facebook Marketplace, etc.
- Become an Uber or Lyft driver
- List your home on Airbnb or Vrbo
- Trade your gym membership for at-home workouts
Start your travel fund with Braid and make your trip happen sooner!
How to set up your travel fund with Braid
It’s time to start your travel fund. But don’t make it harder on yourself by opening a new savings account. Set up your travel fund with Braid Money Pools. Here’s how.
1. Start your free money pool
You can download the Braid app and set up your money pool in a matter of minutes. You don't have to go through a lengthy setup process or call the bank.
Braid doesn’t check your credit history but you will need to verify your identity before you can use money on Braid. But it’s quick, safe, and simple to do this.
As pool admin, you can add money to the pool via bank transfer or debit card without paying any fees.
Once you have your Braid account and money pool, you can personalize it:
- Add a photo: Your favorite wanderlust photo of the mountain range
- Name your pool: Abby’s Travel Fund ⛰️
2. Invite your travel companions to join the pool
Are you traveling with your spouse, friends, or family? They can manage the travel fund with you. Just send them a special invitation link from your Braid account. With this link, they can join the pool once they download Braid and create an account.
As pool admin, you can permit them to share any of the following tasks with you:
- Adding money to the pool via bank transfers
- Viewing pool transactions
- Inviting people to the pool
- Spending pool money with the Braid debit card
3. Share your Pool Link
People can contribute to your travel fund as a birthday gift, holiday gift, milestone gift, or just because! To do so, they need your Pool Link, and it’s easy to share.
The Pool Link can go anywhere: in text messages, group chats, social media, emails, etc. You can ask your family and friends to share the link, too, so you can grow your travel fund even more.
Anyone can contribute with a debit card for free. Or, by credit card for a 3% fee.
Make sure to customize your Pool Link so it’s easy to read and remember. Add an image and brief description: “The Rockies have been on my bucket list for over 10 years. Thanks for helping me fill my travel fund and making this trip possible!”
4. Collect money into your travel fund
Braid is an excellent place to collect your travel savings. You don't need a minimum balance so it can start small and grow as much as you want.
You also never have to worry about maintenance fees or monthly fees. Your pool is free. (Only contributors who add money via credit cards are charged a 3% fee by Braid.)
Because contributions stay in your money pool, they never mix with your checking or savings accounts. This makes it easy to manage and spend your travel fund, which brings us to the fifth and final step.
5. Pay for trip expenses directly from the Pool
After months of building your travel fund, it’s time to pack your bags and spend it! With Braid, it’s simple and stress-free.
You never have to transfer funds to your bank account to spend them. You can spend them with the free digital debit card that comes with your pool. You can order a physical card for in-person spending, too.
Whether you need to pay for airfare, hotel stays, or car reservations, you can do so directly from your pool. You can pay for dinner, drinks, or that irresistible souvenir you found with the Braid card, too.
As pool admin, you can give pool members spending permissions and limits so they can spend from the pool with you. If you need to freeze the debit card for any reason, you can do so from the app in a few quick steps.
Do your travel dreams need a travel fund? Set one up with Braid. There, your travel fund can grow as quickly or as slowly as you want - separate from your bank account.
With the Braid card, you can spend travel funds without swiping your credit card, dipping into savings, or accidentally over-drafting your debit account.
Start your first travel fund with Braid so you can go explore!
