Now is the time to start saving money for winter travel. (We’re writing this in May, but it doesn’t matter when you’re reading this. There’s no time like the present.)

You know travel is getting more expensive every year. More than any other time of year, taking a trip around holiday times can make it feel like your bank account has sprung a massive leak.

Our blogs like Budget Travel Hacks You Can’t Afford to Miss and A Guide to Saving Money on Flights share practical tips for how to save money on travel. But how can you save — as in bank up — more money before your trip? Here are some easy ways to make and hang onto extra funds when planning for holiday and winter travel.

1. Open a High-Yield Savings Account.

Some banks offer better interest rates than others. I recently opened a high-yield account at an online bank with significantly higher rates than my traditional bank (more for retirement planning than trip planning, but the results will be the same).

Opening the account was easy, and all I have to do now is sit back and watch the savings grow exponentially faster than they were before.

2. Set Up a Vacation Savings Account.

Some banks allow you to set up a side collection for specific purposes. In the U.S., ally bank calls them buckets, other banks might call them reserve accounts.

Within your existing savings account, you have a place to make regular contributions — to yourself — and designate those funds as vacation money. Put your money there and then don’t touch it until it’s time to pay for your trip. Treat it like it’s already spent. If you keep a monthly budget, mark those contributions as expenses. It’s like paying your future self for vacation.

3. Get a Good Rewards Credit Card and Use It Wisely. 

If you don’t already have a good rewards credit card, now might be the perfect time to get one. Do your research to make sure you’re getting the best card for your situation and spending habits.

Once you get a rewards card, or if you already have one, start using it to its best advantage. Know what kinds of purchases get you the best return, and start banking those points for airport lounge access, premium excursions, and more.

The more time you give yourself to accumulate points and rewards before you travel, the better.

How to choose the best travel rewards card

Some rewards cards are inherently better than others, but so often, what’s best is unique to each individual. What’s right for me might not be right for you. Here are our top three tips for picking the best travel rewards card for you.

• Pay off your bill every month. If you carry a balance over from month to month and end up paying interest, you’re going to lose money. The rewards you get from the card will never be more than what you pay in interest.
• Beware annual fees. Some companies charge hundreds of dollars in annual fees just to have the card. If you earn enough points to at least offset the fee, great! But if the fees are more than you earn in rewards, it’s time to find a different option.
• Understand how points are rewarded. If you only get points for shopping at certain stores and you don’t already shop at those stores, then it’s not a good fit for you. We prefer cards that offer rewards on purchases in generic categories like groceries, gas, and dining.

4. Spread Out Your Expenses.

It will hurt your wallet a little less if you pay some now and some later. It’s not about delaying payment (and racking up interest), though. Instead, plan to make your reservations over the course of time.

For example, you might book and pay for your airfare this month. Then book and pay for your hotel next month. You’ll be spending the same amount of money, but your bank account won’t take a massive hit all at once. You might find this gives you time to pay off credit card balances before they start accumulating interest.

If you’re using this strategy, be sure to track your expenses meticulously. It can be easy to lose sight of how much money you’ve spent when it’s spread out over long periods of time. Track your expenses in whatever way works best for you: a note in your phone, a budgeting app, an Excel sheet, or an old-fashioned envelope with all your receipts can work great.

5. Create Price Tracking Notifications.

When you start planning your travel far in advance, you have the flexibility to adjust your plans based on price fluctuations. You also have the time to shop around and hold out for a better price.

Many websites and apps like Google Flights, Kayak Price Alerts, Expedia Price Tracking, and Hopper Price Prediction let you create notifications for when there's a change in the cost of flights, hotels, and other travel arrangements. Tell them your destination and dates, and you’ll get an email or text when they think it’s a good time to buy.

Each site has its strong suit. Google is best for flights, but the others can be helpful for alerts about hotels and even rental cars, too.

A word of warning: When you plan to travel around the winter holidays, it’s usually best to jump on a good price as soon as you see it. High demand means deals are few and far behind. It’s more likely that reservations will sell out before a good price gets better later.

6. Evaluate Everyday Expenses.

Before we go any further, know this: This isn't about sacrificing or depriving yourself of things you love. All we’re suggesting is that you look at your everyday expenses and cut back on things that aren’t necessary or are going unused. Do you still watch Netflix regularly? What about that gym membership (be honest)?

If you’re someone who loves to eat out, keep going out to your favorite restaurants (or movie theater, bookstore, whatever your pleasure is). But ask if you can do it a little less often. Instead of four times a week, maybe you cut back to twice a week and put some of the money you saved toward travel. After your trip, you can decide if you want to go back to your regular routine.

7. Curb Impulse Purchases.

We have two tips that might help you control yourself if you’re prone to making impulse purchases. First, give yourself a “cooling off” period before you buy anything that’s non-essential like groceries. If after, say, three days, you still want that item you had your eye on, go ahead and buy it. Chances are, however, that you’ll no longer be thinking about whatever it is you thought you had to have. You might be surprised by how much you save by not immediately whipping out your credit card.

Second, set your phone screen or desktop wallpaper to an image of your destination. Let it serve as a little reminder for why you’re saving. You might think twice before mindlessly clicking “buy.”

8. Shop End-of-Season Sales.

When your winter travel takes you someplace warm, you might decide you need something new to match the weather. Shop the end-of-season sales in late summer or early fall to snag a good deal on swimsuits, shorts, sandals, beach towels, or games to play at the pool.

9. Ask for Travel Gear as Gifts.

I might be in my 40s, but my family still exchanges “Dear Santa” lists. Last year, I asked for new luggage. The duffle I’d had for years still worked but wasn’t quite what I wanted anymore (a major dilemma for someone’s who thrifty and struggles with acknowledging that sometimes it’s OK to get something because you want it; you don’t have justify a “need”).

I got the luggage I wanted and didn’t have to foot the bill myself. My family enjoyed giving me something I’d get good use out of and was happy to support my love of travel. It was a win all around.

When a gift-giving occasion comes around — Christmas, birthday, graduation, retirement — don't be afraid to tell people what you want so they can help you have a great trip.

10. Avoid Losing Money to Cancellations.

You can often save a lot of money by booking travel sooner rather than later, especially when you plan to travel during the busy holiday season. But what happens if you make travel arrangements in July only for something to happen in October that prevents you from being able to take your trip in December? It’s hard to predict what will happen tomorrow, let alone five months from now.

That’s where travel insurance with trip cancellation benefits can help. Add optional Cancel for Any Reason coverage, and you have even more flexibility to alter your travel plans when the unexpected happens.

With travel insurance, you could get the money back you spent for all those prepaid, nonrefundable trip expenses. Without it, you risk losing hundreds, or even thousands, of dollars if you have to cancel your trip.

Coverage is probably more affordable than you think. Get a quick quote online or talk to a licensed agent. Let them know what you’re most concerned about — cancellations from winter weather, economic conditions making travel less appealing, the possibility of job loss making travel unaffordable, or anything else that’s on your mind. They’ll help you find the best plan for you, your trip, and your budget.