A great trip is good for the soul. You, and perhaps a loved one or three, getting away from the ups and downs of everyday life, enjoying the comforts and curiosities of a far-flung locale. What’s even better than a long-anticipated vacation? The freedom of packing your bags and hitting the road for a spontaneous trip.
Of course, you do have to pay for that freedom somehow. The spontaneous trip, unfortunately, costs money just like the carefully planned vacation. But the good news is that just because it’s spontaneous doesn't mean it needs to be extra expensive. And even if you don’t know when or where you’re going, you can always be prepared by saving.
Here are eight tips to help set you up for successful spontaneity.
1. Consider your options
When it comes to flying by the seat of your pants on your next trip, the world is your oyster. Spontaneity is the name of the game, after all. That said, it’s worth at least thinking about where you might want to end up. Will you drive or fly? Are you a five-star hotel type of person or is camping your jam? How many days should this last-minute trip last? Any idea on the time of year you’ll be going? Any and all answers are fine but having a sense around what kind of trip you like can help direct your finances.
2. Ballpark the costs
You can’t budget without a general idea of what you’d like to spend. In other words, to know how much you need to save, you need a target number. This figure doesn’t have to be exact—in fact, it shouldn’t be—but some sense of your number is important, helpful and inspiring. Make a quick list of transportation, lodging and food costs. Add entertainment, souvenirs, shopping and a small contingency fund—and you’ll know what you’re trying to hit.
Read more: Keep your expenses on track with Ally’s Spending Buckets
3. Start early
There’s an old saying: “The best time to take action was yesterday. The second-best time is today.” That’s true when it comes to saving for a trip. It’s fine if you haven’t started yet, but the sooner you do start, the faster you’ll get there. Maybe you don’t even need to set a budget or make any decisions about how you want to travel. Instead, just start saving and figure out the rest later. The money will be there when the travel itch hits.
4. A separate place for cash
It’s a good idea to separate out the spontaneous trip fund from the rest of your savings. An Ally Bank Savings Account has savings buckets, which allow you to set aside money for different purposes. That will allow you to keep cash for the solo adventure without tapping into your emergency fund. Win-win.
5. A little adds up to a lot
You don’t need to put a huge amount into your trip savings fund all at once. Small values, repeated over weeks or months or years can grow quickly. If possible, automate it so some amount of money moves into the savings account every time you get paid. If you get a bonus, consider putting some percentage into the savings account. It might be surprising, but discipline and repetition are the keys to spontaneity.
Read more: Learn how Ally Bank’s smart spending and savings tools work
6. Actual spontaneity can be a money saver
The more flexible you are, the better deals you can get. Perhaps you pick a weekend to travel but not a destination. Then, when the time comes, search for the cheapest flights and go where they take you. Or look for great hotel deals within driving distance. If you’re able to work from home (read: poolside at a hotel), take advantage of cheaper weekday rates, work for a day or two, then take a day or two off to explore.
7. House-sit or house swap
One great way to save money on lodging is to house-sit or trade with another person who wants to visit where you live. Do you have friends in another city who are looking to get away as well? Find a weekend and swap with them. Or use one of the many online booking sites that offer house-sits or house swaps. Does this require a bit of trust between parties? Of course, but it can work. Lodging is one of, if not the biggest, single expense of any trip, so reducing that number to zero does wonders with the size of the budget.
8. Enjoy your trip
This is the most important part. A spontaneous trip should be a way to reduce stress. Not everything will, or should, go to plan. Get on the plane or jump in the car, start traveling and go with the flow. Spend what’s in your budget so you can enjoy yourself. That’s what that money is for.
