Travel Funds | What They Are And How To Start, Save, And Grow Yours With Pool

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 Pool (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 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 Pool

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 Pool, you can set up your travel fund without using piggy banks, a new savings account, or juggling travel money with your other savings.

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 Pool. What is a Pool? A Pool is a free, dedicated place where you can save money for your next trip. Here are three reasons why you'll like Pool 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.

Another problem is that many bank accounts charge a fee if you accidentally fall below the minimum balance. With Pool, you never have to maintain a minimum balance, and Pool never charges 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 Pool, 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 Pool 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.

You can invite members to your Pool via email so they 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 Pool below. First, here's how much you should save and how to fill up your fund quickly.

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?

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. 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

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

How to set up your travel fund with Pool

It's time to start your travel fund. Don't make it harder on yourself by opening a new savings account — set up your travel fund with Pool. Here's how.

1. Start your free Pool

Sign up at poolmoney.com and set up your Pool in a matter of minutes. You don't have to go through a lengthy setup process or call the bank. Pool doesn't check your credit history, but you will need to verify your identity before you can use money on Pool — it's quick, safe, and simple.

As Pool admin, you can add money to the Pool via bank transfer or debit card without paying any fees.

Once you have your 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 an invitation to your Pool. Once they sign up at Poolmoney.com, they can join the Pool and contribute.

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 Pool debit card

3. Share your Pool

People can contribute to your travel fund as a birthday gift, holiday gift, milestone gift, or just because! To do so, they need an invite to your Pool, and it's easy to share.

The Pool can be shared via email. Members can spend, view, or be an admin. Make sure to customize your Pool 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

Pool 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.

Because contributions stay in your Pool, they never mix with your checking or savings accounts. This makes it easy to manage and spend your travel fund.

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 Pool, 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 rentals, you can do so directly from your Pool. You can pay for dinner, drinks, or that irresistible souvenir you found with the Pool 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 quickly on Poolmoney.com.

Do your travel dreams need a travel fund? Set one up with Pool. There, your travel fund can grow as quickly or as slowly as you want — separate from your bank account.

With the Pool card, you can spend travel funds without swiping your credit card, dipping into savings, or accidentally overdrafting your debit account. Start your first travel fund with Pool so you can go explore!