The Travel Point Earning Strategist Toolbox
Unit Three: Budgeting 101 for Travel Points
Unit Overview
Budgeting another important core strength of being a successful travel point earning strategist. The goal here is to show you how to convert your existing budget into one that earns travel points while exposing you to some financial tools to keep in your toolbox.
- Read Chapters 5, 6, 7, and 8 in Family Travel on Points eBook.
- Examine current budget: How much do you spend per month?
- Research various budgeting tools and choose one.
- Explore travel point earning programs without a credit card.
- Create a travel point earning strategy.
- Revise travel plan.
Resources for Personal Finance
There are many budgeting software systems in the market. I suggest two that I have experience with, but you can choose one that works best for your financial situation. Read the following article by Nerd Wallet "Best Budgeting Aps and Personal Finance Tools" for ideas about alternative resources.
Mint.com is a favorite tool of mine because of its simplicity and no cost to the consumer. The software can be accessed on the website or downloaded as an application on your mobile device. You can establish budgets for every category in your budget, set short and long term saving goals, and more. Best for beginning to moderate computer skills.
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Another popular online money management tool is PersonalCapital.com. This system is for more advanced financial skills because you can the system determines you net worth and includes all resources such as investments. Best for moderate to advanced computer skills.
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Travel Point Earning Budget Tools
Many travel point earning strategist use AwardWallet.com. There are different levels of membership, including a basic version free. This website (also phone application) keeps track of all your rewards accounts in one application. The system let you know how many points you have in with various reward programs and alerts you when your points are about to expire. In addition to your budgeting application include AwardWallet to help manage your travel points.
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www.CreditCardTuneUp.com is one of many tools available in the market to help you get ahead of your rewards points versus buying into the idea of "free". Nothing is really free and you would be working against yourself if you earn points just for the sake of earning them but get buried in the details. Points vary in cash value with various rewards program. They are not all created equal. This calculator will help you determine the cash value of the card you have your eye on to determine if it is worth applying.
Travel Point Earning Programs (with or without a credit card)
In addition to earning travel points for every dollar you spend on a credit card, there are also programs where you can earn travel points with or without a credit card. These travel points are separate from your normal credit card earnings.
Most programs have their own dining programs, for example there is Hilton Honors Dining, Southwest Airlines Rapid Rewards Dining, Delta Sky-Miles Dining, and many others. However, you can only focus on earning for one program at a time because most all of these programs operate similar. For example, when for my trip to Europe, I would sign up for the dining program that will earn points for my destination. Often when I sign up with a credit card registered on another program, it will un-enroll me in the other reward program.
Most programs have their own dining programs, for example there is Hilton Honors Dining, Southwest Airlines Rapid Rewards Dining, Delta Sky-Miles Dining, and many others. However, you can only focus on earning for one program at a time because most all of these programs operate similar. For example, when for my trip to Europe, I would sign up for the dining program that will earn points for my destination. Often when I sign up with a credit card registered on another program, it will un-enroll me in the other reward program.
Southwest Airlines in my opinion has one of the easiest travel point earning programs. In the image below, you can earn travel points in various ways with and without a credit card required.
- Dining Programs: These require you to register a credit or debit card with the program. Once you are registered you have access to list of participating restaurants in your area or while traveling to earn extra travel points on dining. Sometimes these programs have an introductory bonuses that are in addition to the travel points earning from your dining bill and the travel points earned through your credit card. For example, let's say you dine at a participating restaurant and you pay with a travel point earning credit card, you get travel points from 1. the credit card company 2. from the dining program total 3. from the dining program introductory offer. If you decide to use a debit card, you would just earn travel points through the dining program.
- Shopping Portals: These are travel points you earn for shopping online. For example, Southwest Airlines Rapid Rewards is one of my favorite portals to use, because you can add a Rapid Rewards Shopping Button to your browser and if you visit a website that will earn you travel points, the button lets you activate the offer without having the leave the web-page. So, let's say I want to buy some cleaning products from Walgreen's. If I buy them online with a travel point earning credit card, I earn additional travel points 1. with the credit card company 2. through the shopping portal. If you decide to use a debit card, you would just earn travel points through the dining program. Many major retailers participate in shopping portals such as Old Navy, Walmart, Barnes and Noble, and many more. You can also apply any current coupons or take advantage of any sales from that retailer. Double win!
- Surveys: You can also sign up to take surveys to earn travel points. You may be required to disclose some personal information such as number of people in household, estimated income, and consumer preferences. This is a good option to supplement your travel points where you don't need a credit card and you don't need to spend money to get them.
- Travel: While you are working on your dream destination and you need to take a mini family vacation or business trip, you can sign up to earn added travel points for your hotel stay or car rental. Be sure to register for any bonus travel points offered by choosing a specific company. The great part is that you can pay with any card even a debit card as long as you book the reservation through the reward program travel portal.
- Home & Lifestyle: Depending on the area you live in, some travel point earning programs offer added points for signing up and paying your utility bills with an energy companies, television companies, and more. These are added points that may not not require a credit card, so I recommend researching the programs available in your area.
Revise your travel plan
So how do you put this all together? Watch the following instructional video to help you revise your travel plan to include earning points. After watching the instructional video:
- Select one primary travel point earner or multiple of they qualify
- Sign up for the free version of AwardWallet.com
Travel Plan Instructions Unit 3 Audio Transcript |
Before moving on to the next unit, you should have...
- Read assigned chapters in Family Travel on Points eBook.
- Determined which expenses from your monthly budget you can earn travel points.
- Researched various budgeting tools and selected one.
- Explored various travel point earning programs (and had discussions as a couple or family).
- Revised travel plan to include point earning strategies.