Many people say that they would love to go traveling if only they could afford it. But you know, it won’t be a big problem as long as you have a smart strategy with your money. Honestly, everyone can save no matter how their income or economic status is.
However, people would rather spend money on things they want than find a way to save enough money to follow their dreams, especially traveling. They tend to have thoughts that anyone who makes travel dreams possible is either lucky or wealthy. Therefore, it’s essential to know how to save for your trip so you don’t find yourself running out of money on the road. Here are some tips and tricks on how to save money for travel and make your trip easier.
Track your expenses
Tracking expenses is the first important thing you need to do to know exactly where you’re spending your money. Track all of your expenses, using an app or write everything down. How much money do you usually spend each month, and on what? Note down all your fixed expenses and even the little extra things. How much do you spend on entertainment, movies, books, shopping, coffee, etc.? How much do you spend on food each week, groceries, eating out, bottled water, snacks, etc.? What are your monthly bills, rent, mortgage, insurance, credit card interest, cell phone service, etc.?
At the end of the month, look back at what you have noted. You may be surprised at how much you’re spending and how quickly little things add up. By this way, you will have a general view of where your money is going every month.
Reduce your spending to save money for travel
It sounds simple, but it takes a great deal of restraint. People mostly tend to buy what they want, not what they really need. So, when you do need to buy new items, try to buy them used, and when something breaks, try to fix it first.
You know that the little things really add up. If you buy a $4 cup of coffee at Starbucks everyday, it will cost you $1,460 every year. Such a lot of money, don’t you think? Instead of buying coffee out, start making it at home in your own coffee maker.
What else can you reduce or cut out all together? Do you eat out a lot? Start cooking for yourself more often. Not only is it healthier to cook your own meals but it’s cheaper too. YouTube and recipe websites will be your best friend! You can also invite friends to your home instead of going out for an expensive dinner.
Don’t go shopping for more for a few months. Reduce your phone bill, save on utilities or go out less often. There are so many ways to put money into your savings. Get creative!
On the other hand, don’t just focus on restriction and eliminate your habits, take a moderate approach to all things and enjoy small splurges as well.
Have a good spending plan
After having figured out what you’re actually spending every month, you can start a plan about how you’re going to spend it. You have to work out clearly how much you will pay for your fixed expenses, how much you will spend for yourself and other essential things. At the beginning of every month, once you’ve paid for all those things, whatever is leftover is everything you get to build up your own fund.
You should remember your leftover spending money is only allowed to use in your intention that you decide first. That’s why you have to make a list of high priority and low priority items, and decide how much you can spend on each item or if you can reduce any of your low priority ones or not?
Following these tips, you can save a large amount of money in just a few months and traveling is no longer a dream to you.
Save money while you’re traveling
When you’ve reached your savings goal and you’re ready to go travel, you still need to conform to the basic rules of spending money. Different countries have different prices for things like food, transportation, and accommodation, so you’ll need to do a research and take this into account as well.
For example, if it is possible, bring your own food like some snacks or water in case you want to have a light meal. Besides, you should have a big lunch because it is often offered at less expensive prices you could also buy extra food to save for dinner later. Before you book, be aware of the location of where you’re staying. You should stay at somewhere you can walk everywhere which would work best. And it would be better if your place is near a subway or bus stop so that you could use public transport as much as possible for savings.
However, not only look for ways to save money but also treat yourself during the trip. You must know when to save and when to splurge. Having a budget and a good plan is a wonderful way to keep yourself on track.
When you’re traveling, things rarely go exactly to your plan. The ability to think on your feet and having a flexible mind is an important skill for travel and life. Don’t be surprised when obstacles get in your way. You have to be in a ready state to deal with those whenever they happen.
But that doesn’t matter, right? You’ll find another way to get there. The specific plan you make isn’t important… the destination and what you get after your trip is everything.