Easy Tips on Saving Money for Travel
Some people think the hardest part of planning a trip is figuring out places to visit and stay and restaurants to eat at. But the truth is, the most difficult part of an overseas trip is figuring out how to make the most of your money.
We’d all love to blitz around the globe to exotic beach islands and gorgeous European villages. But the reality is that money isn’t an unlimited resource, so unless you’re a millionaire, you can’t jet off to the other side of the world whenever you feel like it.
Don’t be disheartened, though! We never said it’s impossible for you to complete your bucket-list trips. They’ll just need some more careful planning and commitment. Keep reading to learn how you can start saving money for travelling and set yourself up for the summer trip of a lifetime!
Make a Budget and a Savings Plan
The first thing you need to do is research. Plan your trip and think of the places you would want to visit. Where would you stay? How much will the tickets cost? How expensive is the place you’re visiting? Consider all these factors when creating a realistic budget of how much your holiday will cost.
You need to be ready to make hard decisions. Evaluate whether your trip is feasible, considering your personal financial situation. Can you realistically afford it?
Once you’ve decided on the overall expenses, create a spreadsheet with the costs and income as that will help you in saving money for travelling. In short, it’s time to make a savings plan.
Your savings plan will include short-term and long-term goals that you want to achieve. It can be helpful to make these numbers a bit optimistic as a motivation for yourself. But don’t make them so high that they seem unreachable.
Create a roadmap of how you will save money. What unnecessary expenses will you cut off? To save effectively, you’re going to have to make sacrifices.
Once you’ve got a solid savings plan, put it into action and follow it from day one. A good plan is never rigid. Allow some flexibility to change it as needed by evaluating it each month.
Make a Commitment
These savings ventures often fail because many of us lose sight of our motivation and end up giving in to spending on short-term luxuries.
Think of this saving plan as a commitment to yourself. Leave a constant reminder, like sticking a picture on your fridge or circling where you want to go on your wall map. By telling yourself why you’re doing this every day, you will have the motivation to keep going.
Make an “I’m Jetting Off” Fund
Create a new account with your bank and name it “I’m Jetting Off” or anything you like. Make sure that it is easy for you to transfer money into that account. Keep feeding the account whenever you get the chance. Maybe you just bought something for $20, deduct a “travel tax,” and send $5 to your travel savings account.
Find fun ways to encourage yourself to keep investing in this account. You’ll be surprised at how fast it grows!
Restrict Eating Out and Fancy Coffees
Food and drinks are a major cause of overspending and also a big opportunity for savings. The first saving avenue for you is to reduce trips to restaurants and start cooking for yourself. If you go on a lot of dates to fancy eateries, you might have to remind yourself of your goals and think of what you want to prioritize. You don’t have to stop dating; just try to find less money-intensive options.
Learn to cook for yourself. You can find an unlimited supply of delicious recipes online that will only cost around $40 per week. Go for simplicity in ingredients like chicken, rice, pasta, and vegetables.
If you buy lunch every afternoon, set a lower budget. If you currently buy lunch for $12, consider switching to a cheaper option and drinking tap water instead of the $3 drink you usually get. If you can reduce your lunch budget by $4, you can save $832 per year! Packing lunch from home will help you save even more.
Coffee is often another pothole for losing money fast. Now we’re not asking you to stop taking your daily dose of caffeine since it’s practically essential for many people. But that doesn’t mean that you need to spend crazy money on buying a triple Frappuccino grande every day. Just drink simple drip coffee and your savings will shoot up!
Cut Back on Luxuries
Everyone’s life, priorities, and expenses are different. However, there are a few things that most of us have the option to cut back on. Carefully examine your expenditures and notice what you can live without. Here are a few everyday tips on saving money for travel to help get you started.
- Quit smoking. It’s easier said than done, but it can save you over $2000 a year (along with your life).
- Ditch cable TV. Most people don’t even watch cable TV anyways and still pay around $100 every month for it. Get rid of cable TV and stick to a $10 Netflix account for your entertainment needs. You can also split a Netflix account with friends for extra savings.
- Try planning your trip off-season. You’ll find that everything is much more affordable.
- Buy second-hand stuff when you can.
- Sell the car and opt for public transport.
Saving money for travelling requires commitment and dedication. You need to be principled enough to not give in to the temptation of going on a night out at the bar every weekend and to skip out on some of the luxuries that were previously a habit.
It’s not easy, but you’re going to thank yourself for following this guide and sticking to your saving plan when you finally jet off to your dream adventure. Nothing clears the mind and soul like travel, so save like your life depends on it!
Visit our website if you’re looking for more awesome tips and guides for your next adventure!