The Underrated Money Move That Could Fund Your Next Vacation

Whether it is pent-up demand from the COVID-19 lockdowns or a prolonged shift in work-life balance (like the emergence of four-day workweeks), there's no question Americans have gotten serious about traveling. According to IPX1031's report America's Travel Outlook 2024, 90% of Americans planned to travel this year. Of those, 85% planned to travel out of their state and 38% overseas. Fifty percent, meanwhile, said they would travel more in 2024 than they did in 2023.

Obviously, the price of that next vacation can vary greatly based on factors like whether airfare is required, the level of accommodations, and your dining choices. However, Forbes Advisor tells us that in 2023, the average cost of a three-day vacation with flights, hotel, rental car, and restaurant meals was $1,389.09 per individual or $3,609.39 for a family of four.

That's not exactly pocket change — or is it? Although the ritual of paying with cash and receiving change for your purchase isn't as common as it once was, we're betting you still make at least some cash transactions. And what about that spare change in random drawers, car cup holders, and maybe between the couch cushions? All of those coins add up and collecting them could be a big boost toward your next dream vacation.

Okay, so maybe setting a spare change jar on the kitchen counter won't pay for your entire vacation to Hawaii, but it could definitely help toward one component, like a hotel room or rental car. Further, some experts report a certain satisfaction and even a therapeutic feeling that comes from depositing good ol' fashioned physical coins into a classic glass jar. Yes, we're basically talking about an adult piggy bank to fund some or all of your upcoming travel.

When it comes time to cash out your impressive collection of loose change, do be wary that some methods may charge a significant fee that will take a bite out of your vacation funds. For example, those Coinstar machines frequently found in grocery stores and big-box retailers aren't exactly free to use. Fees vary by location, but it's not uncommon to encounter a fixed charge of 59 cents, plus 12.5% of the value of the deposited coins.

An alternative is to inquire with local banks and credit unions, starting with your own, to check if they offer coin-counting services. If you're not a regular customer, there may be a fee involved, but it could be less than what store kiosks charge. Lastly, you could obtain inexpensive or even free coin wrappers to facilitate a simple bank deposit of your loose change. For example, a cardboard tube worth $10 holds 40 quarters. Rolling coins can be a fun old-school activity that also helps teach children math.

According to Coinstar (which exchanges loose coins for cash or gift cards), a typical coin pour will amount to $47. If you can manage to fill and empty your jar several times over the course of, say, one year, that's a decent amount of money to offset some of your trip's expenses, but admittedly, it won't be significant enough to cover the cost of an entire vacation.

An alternate plan might be to supplement the coins thrown into your change jar with some small bills. In particular, you can attempt the "$5 challenge," where every $5 bill that's received as change from a transaction is deposited in your savings jar. Normally, we'd recommend storing extra money in a high-yield savings account since some online banks offer an annual percentage yield of 5% or more with no minimum balance. However, in the case of your vacation savings jar, you'll need a lot of nickels and dimes to reach a level where 5% interest represents significant passive income.

Finally, you will also definitely want to keep an eye out for some coins from our list of valuable coins that you might have lying around. Finding one of these treasures in your car's cup holder will instantly put your vacation fund into overdrive.