Who says you have to be rich to save money for travel?
With the growth of technology and our ability to connect faster than we know, the world of traveling has gotten so much more accessible for everybody. while this accessibility has also made the price of travel go down significantly as well, trekking off to your favorite destinations is something that can still take a toll on your wallet. It doesn’t have to be this way, however. In fact, if you think you’re too broke to travel, think again. With a little financial help and a whole lot of discipline, sandy beaches and crystal clear waters could you could be your reality as well. All you really need to do is harness the power of saving and making your money work for you. Plus having this humble article of creative ways to save money for travel doesn’t hurt either!
Today we are going to explore what it means to save money for travel. With some tried and true tested advice, we are going to walk you through the process of managing your finances wisely. This way, your dream vacation is just on the horizon.
1. Want It
For some, traveling is simply not a priority. Yeah, you could want to see and explore the world around you. But if you do not want it bad enough, it is not going to happen. Your first step to saving money for travel has to begin by building discipline. Discipline is the number one factor for helping you save money for travel. This means that once you create your plan, you stick with it and commit. Even the slightest distraction could lead you off of your path of saving for your next adventure.
2. Be Intentional
You simply can not just decide that you are going to go on vacation next month without having a plan of how to actually make it happen. For any traveler who is looking to save money for travel, you want to start by formulating a plan. One of my favorite ways to do this is by thinking about where I want to go in a year’s time. For all my adventures, I have spent countless hours daydreaming and drawing of ideas of the best place to go.
The best thing about this is you really can make anywhere to happen. So let your imagination run wild. If you are willing to work hard for it, there is no reason why it can’t be. Don’t be afraid to entertain destinations that you think are out of your reach. You may find that making a trip to the Bahamas might be out of your budget. But you may stumble of the realization that other popular destinations such as Cancun can serve you a similar experience for a fraction of the price. Once you roughly have figured out where you want to go, your next job is to decide when you want to go.
3. Plan Accordingly
One of my favorite tips is to give yourself enough time to save up enough for your adventure. My rule of thumb is to plan on going on your trip anywhere from 12 months to 18 months from having decided that you want to go. This time frame will formally serve as your “planning period”. Of course, the more time you give yourself to go, the more stable you will be financial. Not only that, but the less you will feel the pain of having to save your money. Having ample time to plan out your adventure can make a world of a difference.
4. Check Prices Often
This next tip is crucial to implement in your planning phase. One of the best ways to save money for travel is to check prices often. If you are saving for a trip, then it is pretty obvious that you do not have the money to outright purchase your trip. This isn’t necessarily a bad thing. As you go through the planning phase, you want to make it a habit to check prices and check them a couple of times a week. Note that just because you are checking prices does not mean that you are getting ready to book anything. You simply want to get a feel of what the playing field looks like. Knowing specific prices will better allow you plan out exactly how much you need to save.
When you spend time checking prices, you are doing yourself a huge favor. For starters, you will be able to get a feel of what things like hotels, plane tickets, and other types of transportation will cost in your destination. While checking prices, you want to make sure that you check a variety of sites. Not only that, but you want to make sure that you are shopping around on different days as well. When you do this, you really get a “feel” of how much your travels will cost.
Not only that, but you will get the chance to see how the prices fluctuate due to different season and holidays. You will even notice that plane tickets will tend to be cheaper on certain days and times than others. For example, it is really common to notices that plane tickets will generally be cheaper on Tuesdays and Wednesdays. All this info is super valuable. Especially since this is a great way to make sure that you avoid making common booking mistakes that could actually be costing you money.
Having an understanding of what the prices look like will help you understand whether or not you are getting a great price for your itinerary. Finally, a pro tip is to try checking prices on different devices as well. You may notice that prices tend to be cheaper on your phone than on your desktop. Not only that but searching incognito can also make a difference as well!
5. Open up a Savings Account
One of the best ways to save money for a trip is to open up an account that is separate from your daily financial transactions. When you open up this new account, you want to make it a point to keep this account out of sight and out of mind. When you do not have immediate access to your travel savings account, you will not be tempted to dip your hands into it.
One of my favorite things to do when I start planning for a vacation is having a small amount of money get directly deposited from my checks into my bank account. I do not line to deal with transferring the money myself. This is because when I do that, it is almost a reminder that I have this additional money there. I have found that when you do not even realize you are putting this money away, it is easier to keep from wanting to spend it. Not only that, but you won’t have to think about it. It is as if that money never existed in the first place.
6. Let Someone Else Manage That Account
If opening up a savings account and managing it is too tempting for you, then the next best thing is to let someone else do it for you. In this case, an online assistant.
Smarty Pig is your traditional piggy bank just reinvented. Smarty Pig takes a different approach to manage your money in the sense that you do not buy your trip without being able to afford it first. The saving accounts here are great because they will allow you to set easy transfers from banks into your account. Not only that, but you will also have the option to include friends an family to donate to your fund as well.
Another facet that makes Smarty Pig so great is the fact that their savings accounts offer rather favorable interest rates as well. As your money sits in your find, you will have the benefit of knowing that it will grow and work for you as well. The best part that I especially love is the fact that you get to set your transfer amount. When you do this, your finds will surreptitiously be pulled from your bank to your savings account without you having to ever see it.
7. Learn How to Budget
You may or may not have heard this your whole life. But one of the best ways to save money for travel is by learning how to budget. We are not talking about just budgeting your travel, but budgeting your life in general. When you know where you stand financially, you will be able to better understand how much you will need in order to have the vacation you want.
To start budgeting, you will need to figure out how much money you are actually making, then you will need to calculate your expenses. The difference is the amount that you will want to focus on. Narrow down how much you spend a month on non negotiable items. These items are things that you can not go without like your rent or mortgage, electricity, and food.
Once you have taken out that, you will need to focus on the amount you have remaining. The question you need to ask yourself is how can you responsibly allocate that money? This way you do not find yourself spending money when you instead can be saving it. Narrowing down your expenses and actually being able to see them can make a huge difference in saving money for travel.
One of my favorite things to do when budgeting is creating an expense sheet. An expense sheet will easily allow you to break down your finances in a detailed analysis. The more detailed you can break down your finances, the clearer a picture you can get on where it is you can cut down spending.
8. Stop Buying Junk
This is one of those tips that is so easy to say but super difficult to do. However, one of the best ways to save money for travel is to simply quit buying junk. Junk constitutes essentially anything that you buy but do not need. One of the most common “junk” splurges is clothing. Yes, clothes are a necessity, but buying that cardigan in two or three shades is really just a waste of money. Clothes are great and all, but thanks to the rise of fast fashion, buying clothes especially on an impulse is a number one way to spend money that you do not need to be spending.
Another popular splurge on junk includes small daily purchases that quickly add up. For example, a good cup of coffee from your local shop is great every now and then. But stopping by every day before work can get super taxing. If small splurges like this are a necessity for you on a daily basis, then consider finding a cheaper alternative. For example, you can try brewing your own cup at home.
Another culprit of money being wasted is eating out. Simply put, developing a habit of consistently eating out will easily and quickly put a damper on your desire to save money for travel. Instead, try and opt for making food at home.
9. Liquidate Your Assets (Get Rid of Your Junk)
Your next step in trying to save money for travel is by getting rid of the junk that you already have. The beautiful thing about this tip is that the stuff that you may consider to be junk may actually be a treasure for someone else. All you really need to do is look around your home and through your belongings. Weed out the things that you are ready to part with, and being liquidating them.
With all the rage that Marie Kondo has inspired with her new show Tidying Up, this tip is as simple as building that clothing mountain and sifting through it. As you sift through, your goal is to pull out the things that you are ready to part with. It does not have to be just clothing either. You can easily get rid of furniture, electronics, and even books that you no longer want or need.
Lastly, thanks to the rise of technology, it has never been easier to get rid of your belongings. With sites such as the Facebook Marketplace, Craigslist, and Amazon, you can virtually sell anything without having to leave your home. Selling your belongings is easily a tried and true method of getting some extra money to save for travel. Once you liquidate the assets that you no longer want, you will then need to immediately transfer those funds to your travel savings account. If you sit on your funds, you will give yourself the allusion that you still have them. This will then increase your potential of finding an excuse to spend that money. Once you begin liquidating your assets, you will find that your small purchases can quickly add up to a couple hundred bucks.
10. Find Your Skills and Put a Price Tag on Them
You do not have to be a rocket scientist to have a skill. In fact, the reality is that nearly everyone on the face of the earth has some sort of skill. When it comes to figuring out how to save money for travel, one of the best ways is to figures out your skills and capitalize on it.
If you have a knack for reading and writing, then that may be a great skill you can capitalize on. The best way to do that is through the internet. There are plenty of sites like Upwork and Fiverr that will allow you to trade in your skills for a nice profit.
You do not have to be made out of money to make some of your greatest adventure dreams come to life. With a little intention and a lot of discipline, you can easily save money for travel. If you feel the itch to take an adventure, try putting some of these tips to use. You may find that the concept of having to save money for travel is not as difficult and out of reach as you may think.
Related Article: How To Travel Europe On A Budget
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