3 Tips for Boosting Your Travel Budget in 2023

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Travel can be expensive. Here’s how to carve out more money to make it happen.

Key Point

• Money for travel has to come from somewhere.
• By prioritizing your spending, increasing your income, and maximizing your credit card benefits, you may be able to travel more in the new year.

If travel is your big goal for 2023, you’re definitely in good company. Unfortunately, however, travel costs have skyrocketed in recent years, largely due to increased demand. So a trip that cost $2,000 in 2019 could cost over $2,500 in 2023.

The good news, however, is that there are steps you can take to increase your 2023 travel budget. Here are three notable ones.

1. Reduce expenses that are not very important to you

Right now, you may be spending $40/month on streaming services and $80/month on takeout. Plus, you might spend $100 a month on rideshares.

There is nothing wrong with spending money on conveniences and entertainment as long as they make you happy and you can afford them. , we recommend cutting back on your budget and putting your money into savings for the trips on your list.

2. Have a side job

The cost of living is still very high due to inflation, so salaries may not be what they used to be. If you’re looking to make more money for your travels in 2023, a side hustle could be your ticket to making it happen.

The nice thing about that second gig is that the income doesn’t go towards things like paying utilities or rent. So you may have the option of taking all the extra money (minus the taxes you owe the IRS) and using it to increase your travel budget.

3. Use credit cards strategically

Daily credit card purchases such as groceries and gas can put a significant amount of cash back in your pocket. is.

In fact, it’s a good idea to review the various credit card reward programs at the beginning of the year to see which cards you should use for which types of purchases. Accidentally using a card that only gives you 2% back at the pump could leave you with less money if you have a card that offers 3% cashback on refills.

And if you think you’ll be doing a lot of air travel in 2023, applying for a Travel Rewards credit card could cost you money if you don’t already have one. These cards are usually packed with great perks, such as free checked baggage that costs regular fees on domestic flights. Knowing that you won’t have to cover the cost of your baggage will free up your money to spend on other aspects of your trip. For example, you can upgrade his hotel room for one night or pay for additional tours.

Getting out and traveling can be a wonderful, eye-opening experience. Take advantage of these tips and let no money, no money, stop you from seeing the top places on your list in 2023.