Author Topic: Best place to put money while saving for a trip?  (Read 1260 times)

natb2347

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Best place to put money while saving for a trip?
« on: March 06, 2017, 05:37:01 AM »
Being a new mustachian I've done LOTS of things differently with my money than ever before. I now question everything that has to do with managing my money.

I am saving for a trip to Europe for a family reunion/second honeymoon in just about 4 months. This was in the works before I became wise to MMM. However, it will be the last vacation we take in a while so I'm going to enjoy it then come back and start crushing more debt.

The question is: should I just put my savings each paycheck in my savings (like the old me would) until the trip or is there a better place to put where I can easily withdraw it for the trip on 4 months?

Dumb question???

Thank you in advance for all your pearls of wi$dom!

boarder42

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Re: Best place to put money while saving for a trip?
« Reply #1 on: March 06, 2017, 06:27:13 AM »
you should get some credit cards to get those flights for free. sounds like you havent bought them yet. 

MrGville

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Re: Best place to put money while saving for a trip?
« Reply #2 on: March 06, 2017, 07:03:20 AM »
I would just put it in my savings account. 

natb2347

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Re: Best place to put money while saving for a trip?
« Reply #3 on: March 06, 2017, 03:21:06 PM »
I actually got the flights as a Christmas gift from my parents. Any spending I do these days goes on cards with points or cash back that I pay offf every month and plan to use the benefits for future trips. I also got a deal on the hotel since my dad works in the travel industry. I plan to use my new Amazon signature card so I don't get hit with foreign transaction fees.

Maybe I'm just being greedy in thinking my money could do a little more for me somehow in the short term while I save for this trip. ;(


slugline

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Re: Best place to put money while saving for a trip?
« Reply #4 on: March 06, 2017, 03:44:29 PM »
If you're certain the money is going to be spent in 4 months, then there's no time for much growth/compounding. You're not going to do much better than a "high-yield" savings account.