How to save money for travel in a year
iStockphoto by dolgachov
There's a common myth that travel is an expensive hobby that is exclusive to the rich and famous. And that is far from the truth. Travel is for everyone and if you want to travel the world or just take an epic vacation, you’ll need to get creative about saving money for it. A good experience is worth paying for and it's important to be intentional about your finances so you can turn your travel dreams into a reality. Here’s how to do it.
Track your spending
The first thing you need to do to save money is to know where you’re spending it. In an age where you tap an app and a car comes, it’s easy to not think about how much we spend. Create a spreadsheet or use an app to track all your expenses. You’ll probably be surprised at where your money goes once you start paying attention. Cutting your daily expenses, being more frugal, and downgrading to a simpler way of living will allow you to save money for your trip without having to find extra sources of income.
Develop habits that save you money
What skills can you learn that will cut your daily costs? Here's an example, by cooking your meals instead of buying them prepared, you can save a lot of money every year. It's a skill that puts decent money in your pocket. Plus it's fun too. You don't have to give up on excellent coffee or tasty toast, just prepare them yourself and save money. Cooking for yourself, especially lunch and dinner can save somewhere between $5 and $10 per meal. So if you previously spent all our time eating out, you'd save between $70 and $140 every week just by cooking.
De-clutter and sell out stuff
If it’s worth good money and you can’t travel with it, then is it really worth hanging onto? Look around your apartment and you’ll just find a ton of stuff you have no need for anymore - couches, tables, stereo equipment. Sites like Craigslist, Amazon, OfferUp are excellent places to sell your unneeded consumer goods. If you’ve got a ton of stuff, consider having a yard sale. That’s the fastest way to clear out your house and make a few bucks in the process.
Cut down on snacking
A snack here and there not only adds calories to your waistline but also empties your wallet. We don’t think much of them because they cost so little, but they add up over time and eat into our savings. Eat fuller meals during lunch and dinner and avoid snacks. Bring snacks from home and plan your snacks in advance. That way, you can buy cheaper (and healthier snacks) and avoid buying chips, chocolate bars, and other expensive junk.
Earn extra money on the side
The sharing economy has made it really easy to earn extra money on the side. Find a “side-hustle” that you can work part-time. It doesn’t need to be an amazing job. Just something to boost your income a bit. Do some research, and figure out what kinds of part-time positions match your skills & talents.
Budget for your trip
Once you get your travel savings rolling, you may need some help planning your trip. You need to work out how much your trip is going to cost you. If you know what you’re doing, your travel budget can be as low as $50 a day. The amount is going to vary wildly depending on where you want to travel, and how thrifty you are. If you choose wisely, your accommodation can cost next to nothing and you can hop on cheap flights. Again, this doesn't come easy for most people as researching a trip can be exhausting. However, we can help you set up your trip with a fun and flexible itinerary to any destination of your choice starting at $45 a day. Sounds great? You can reach out to us here and we'll guide you through.
Saving money doesn’t come naturally to most people so saving money won't come easy but the formula is simple. Live below your means, and save the rest.
Yet implementing this formula is not always easy. There are social pressures. We’re bombarded by ads and promotions. Our willpower is lacking. We make excuses and lie to ourselves.
You may have additional roadblocks — like obligations to support loved ones, repayment of loans, debilitating injury, chronic disease, or a lack of job opportunities where you live.
If that’s the case, it may just take longer to reach your savings goal. But longer does not mean never. A little bit every day adds up to a lot over a long period of time.
Following through is the difficult part. If this was easy, everyone would be doing it.
Which of these tips will you be implementing?
