I wonder if anyone has gotten a part time job, to go along with their full time job, with all the earnings from it earmarked just for travelling. I haven't exactly done this, but a year ago I started working one extra night shift per week at the restaurant I work at, and while technically the extra money doesn't go into a separate account, in the back of my mind I have at least partially earmarked this extra money for travel.
We have a spare bedroom that we use for hosting couchsurfers, but I have been toying with trying out airbnb in 2016 (we use airbnb all the time for accoms) and earmarking that money for a travel fund. I don't think we'd get a lot of people staying in our town, but it'd be nice to contribute to our travels. I would think working full time and an additional part time job would just wear you out - but then you'd really look forward to that vacation!
I added a part time job and I put the income into a special savings account with the title "Travel Account". I have been able to deposit about $12,000/yr after taxes into the account and this gives us two good trips to Europe per year. My wife and I have an agreement that we never take any money out of the Travel account unless it is a life or death matter! I also feel better about not spending money from our regular budget.
I also started a Travel Account at my Credit Union. It helps my mental health! =]
Donald, I like your idea of having a separate account for the Travel Fund. We will be retiring within 5 years, and mentally I would enjoy spending that specific money if I was pulling money out of a travel account vs. the normal account.
My ss check is deposited directly into my travel account at the credit union.
I have done special jobs in the past to finance my traveling. I also have a separate travel fund account. I've pinched the skins off of peas in a frozen food processing plant, taught summer school, and scored state tests. Now, I pretty much have a designated budget amount each month that I deposit into the travel account. I'd be willing to do extra work again if that is what it took.
I do think having the separate fund makes it a little more likely that it won't be spent on other items that come up. At least, not without thinking about it first. I have mine at Charles Schwab Bank investor checking account. No ATM fees and no foreign transaction fees with the debit card. This makes traveling more convenient.
We have a special travel account. It comes out of my pay as well as college fund, and retirement savings. We live on my husband;s income. Mine is for play, children, and retirement.
We have multplei savings accounts all part of our main bank account. I have it set up so that every month money is automatically transferred to the from the checking accounts to the savings accounts (one of which is our travel fund).
An extra job is a good strategy, lets face it, your options are either to earn extra, or learn to do less with what you have, saving the difference for travel. Same could be said with saving for retirement, a car, a house, or whatever.
We take the tact of watching expenditures, then automatically depositing money in small amounts into a separate savings account. I do think you need a separate account, just like retirement savings, if they are there and accessible, the temptation to spend them will win.
Not off topic, but I did have a coworker give me crap one time about taking a 2-3 week vacation to Europe every couple years (not in a joking way) so I did point out that if she and her husband simply gave up their smoking habit (honestly, even just reduced it) they could use that money to go to Europe every year, not just every other year. Never had a comment from her again.
Point being, we all have priorities. I missed out on 20 years of travel (Raising kids, buying a house, student loans, etc) to a degree for valid reasons, but until you make (or can make) travel a priority, it can be tough, but the rewards of sacrifice can be worth it.
I transfer a set amount of each paycheck into my savings account along with most of my year end bonus and tax refund. This is earmarked for my summer trip to England and is not touched. I have a spreadsheet where I have estimated the cost of the trip and after taking out the tax refund and bonus, determine what I need to save from each check to be able to have the trip paid in full before I leave on the plane. By being able to see exactly how much you have saved (or need to save), it helps you decide that you can really go without during the year in order to have a great trip. I even got my twelve year old son to have a sparse Christmas knowing that we would have an awesome time in England instead. I think that it makes the trip more special knowing the sacrifices that you have made all year to get where you are. It also is a nice feeling coming home and having everything paid.
We have 2 accounts at a local credit union. One is our regular account and one is for travel. I like having the accounts at the same place so that money can be transferred between them. I use the travel account ATM card while traveling to obtain cash, but in a pinch I can transfer more money into it from our regular account. Any money we get that doesn't come from pay checks get deposited into the travel account.
Years ago I did work an additional job expressly to save money for a trip. I'm now happily retired and while I've considered getting a part time job to save more for travel, I think I don't want to be obligated to a work schedule. Since hubby is a firefighter working 48 hour shifts we always have opportunities for quick getaways.