Do you want to travel the world? Or just take an exotic vacation to a new place? Traveling is something that everyone in the world should be able to experience. You do not have to be rich to travel the world, however, you will have to get creative with ways to save money for your next trip.
Travel can be expensive. But if you budget the right way, you can take trips anywhere you want. It does not matter how much money you make. You just have to figure out ways to save, create a side hustle, and invest.
By all means normal people can afford to travel. You just have to know the right ways to save, book, and travel biased on your budget. With a little bit of effort, you will be traveling all over the world in no time. Travel is possible for everyone.
Where to start with saving money?
The first step is to sit down and create a plan. You can never reach your financial goals if you do not write them out. The only way to reach your saving goals is to establish them, before breaking them down into smaller, more manageable steps. It is hard to define a path when you do not know where you are going.
If you want to save $10,000 for a backpacking trip, then you must work backwards to find steps within your reach to accomplish that goal.
- What do you have to do each week?
- How much do you need to save?
- Can you generate additional income with overtime? Or by starting a side hustle?
Budget out your expenses and research ways to increase your income. Otherwise, if you do not know the steps to reach your goals then it will be hard to get there.
Of course, it will take sacrifice and discipline to be successful. However, if you are serious about traveling the world then you will do what’s necessary. If you need some extra inspiration to start saving more to travel, check out 7 Reasons to Add More Travel into Your Life Now.
Take a Hold of Your Finances
After all you must start here. Financial planning is a skill that takes time to develop but is crucial for saving money to travel. Learn how to improve your money management skills and you will thank yourself.
Money management is not impossible. The basics to get you started will send you in the right direction for the rest of your life. This is a necessary skill, one that will help you become successful with saving money to travel and beyond.
If you really want to travel, make it a priority to learn the basics. There are no excuses for being clueless when it comes to money. Financial habits take time to gain. Don’t get frustrated! Just take it little by little and gradually improve. Remember, it’s about the long term, not just a sprint.
The only way to truly know your finances is to dive in deep. Often, you spend more money than you think. It is helpful to get a true picture of your finances.
Start tracking your spending if you are having trouble reaching your saving goals. The solution is simple. Figure out exactly what you spend, categorize your spending, and make it a priority to cut out certain expenses in your life.
Write it down on a piece of paper. Every cent you spend should go into a specific category. For example, break it up into essential and nonessential. Obviously, there are some expenses you have to pay, like rent, but if you are willing to downsize, or rent out a room, then this expense can always be decreased. Other sample categories are groceries, entertainment, gas, and miscellaneous items. Look at what you spend the most on and try to figure out ways to save.
No, it will not be easy. However, if you want to travel then you will make these changes.
Budget to Save Money for Your Next Trip
First, you need to understand how much your trip will cost. Prices can vary significantly depending on your travel style. Either way, you need to budget your trip prior to leaving. With this in mind, if you are a savvy traveler, you could travel for as low as $50 a day typically when you factor in all travel, accommodation, food, and miscellaneous expenses.
Additionally, always plan to have a little extra in your account. Things go wrong, and you can’t always plan for everything. Travel is much more enjoyable when you know a missed flight doesn’t leave you stranded in a foreign country.
15 Ways to Save Money for Your Next Trip
1. Prioritize Your Values
Is having the latest phone, or taking a once-in-a-lifetime trip more important to you? If you are strapped for cash, you must prioritize what is important in your life. Give up the desire to get all the latest gadgets, and new clothes on the regular.
You will be surprised with how much you can save right at the start if you tackle this area in your life.
2. Cut Accommodation Costs
The largest expense you have is rent or a mortgage. Lowering this price can lead to having a ton of extra money in your pocket each month. Whether you move into a smaller place, a cheaper neighborhood, or rent out an extra room if available, your accommodations can be a place to see significant savings.
There are always creative ways to decrease this expense. If you are willing, this can be a great place to start your journey to save more money for your next trip.
3. Buy Less Stuff
Would you rather have more stuff or experiences? It is simple. Stop buying useless items and save that money to take an international trip. Really, do you need an extra sweater in your closet that you probably will only wear once?
The more memories you make, the less you desire to have more belongings. You begin to value the experiences in your life much more than a new car, or the latest trend in clothes.
4. Sell Your Belongings
Look through your belongings. Do you really need them all? If there are things you do not use, why not sell them for some extra cash? Just make sure to save the money for your next travel adventure.
Plus, you will be organizing your life. Less clutter equals less headaches. The extra cash will be a great boost to save money for your next trip.
5. Cook at Home Instead of Eating Out
Eating at restaurants is expensive. Budgeting out your groceries and doing the cooking at home for a few months will help you add a little extra to your travel savings account.
It is possible to create low-cost, tasty meals at home. Even if you do not cook, this is the perfect time to learn!
6. Stop Going Out
Drinking at the bar is a pricey habit. You can still drink, but head to a friend’s house instead. You do not have to give up having fun. But with a few minor changes you can reduce all of the costs associated with going out to the bar.
Plus, you are going to need to be on your game in the morning to build your side hustle.
7. Travel During Off-Season
Peak times are the most expensive. If you are looking to travel to a destination, especially if expensive, try traveling during the slow season. Plus, you will avoid the crowds.
Obviously, this does not work if you are planning to go to a specific event. But if you do not mind when you travel then this can be a great place to save some cash.
Everything from plane tickets to accommodations will be cheaper during this time. For more information on for booking a backpacking trip, check out How to Plan a Backpacking Trip in 5 Easy Steps.
8. Carefully Select Your Departure Days
Flying on off-peak days will help keep your costs low. Also, if you have a ton of flexibility, play around with your departure, and return dates with costs and plan accordingly.
Another helpful tip is to search multiple sites for the best airfare prices. Or you could even sign up for a rewards program if you tend to fly the same airline all the time. Check out Google Flights, or Expedia, to get started.
9. Open a Separate Bank Account
The easiest way to save for travel is to have it go directly into an account from your paycheck. This way you don’t have to even think about saving. Set it and forget it.
It will be done automatically for you. After some time, you’d be surprised with how much you can have saved. Pretend the money does not exist, and you will not be tempted to spend it.
10. Find a Travel Rewards Credit Card
Who doesn’t want discounts on hotels or flights? Grab a credit card that has travel rewards and get discounts from money you would spend anyways. Not all of these cards have annual fees, so just make sure to do your research to find the card that makes the most sense for your situation.
11. Book Travel Activities Far in Advance
Often, if you book ahead of time, you can get a discount. Typically, the closer you are to the date, the more money you will have to spend. Planning in advance will help you save money.
Set reminders and be looking far in advance. Strike when the price is below average and you will save tons.
12. Consider Finding a Side-Hustle
This can be done in many ways. You could find a part-time job, work overtime, freelance, or rent out a room in your house. There are many ways to make a little extra money from your main job.
Renting out your place and freelance jobs your can do online can be great to boost your income while you are on the road. Making money while you travel will set you up to lengthen your travel plans if you are looking to hit the road for an extended amount of time.
13. Use Public Transportation
Renting a car can be expensive. If you are not planning to move around frequently, then consider ditching the car rental. Public transportation can be a great alternative to save some cash while on a trip.
Of course, it may not be the most desirable. But it can be super beneficial to consider. However, this will require some upfront work. Public transportation is much more confusing at times then having your own car, so always have a plan before you arrive.
14. Walk As Your Mode of Transportation
Walking is a great alternative to expensive taxi rides. If you are staying in the center of a city, why not get your exercise in. After all, walking will give you a different appreciation for a new travel destination.
Plus, it’s not always easy to stay in shape while you are traveling, so extra walking works well for both problems.
15. Get Creative with Your Accommodations
Hotels are not the only way to travel. Grab a group of friends to rent out a house, stay in a dorm room style hostel, or use an app like couch-surfing where you can stay with locals.
There are so many ways to stay for cheap, when compared to the classic hotel route. Do your research, as each location is quite different with what works, and you could easily save some money.
16. Create a Business
Are you searching for a better way to save money to travel? The best way to add some additional income to your travel fund is to create a side business. A business on the side of your full-time job can help your increase your savings dramatically.
You just have to make sure you are saving the additional money, rather than letting your lifestyle creep upward. Have all the money you make on your side hustle feed your investments and travel fund.
17. Invest Rather Than Just Save
Money in a savings account is not doing you any good. With the rate of inflation, each day money sitting in a savings account is losing value. This is why it is crucial for you to not only save, but to then invest the money into some type of asset class. If you are new to investing, try a brokerage account that can help you diversify your funds.
The most important part is to just start investing. You will thank yourself when you can use that additional money to travel, grow your wealth, and help you live the life you want to live.
Save Money for Your Next Trip
Now, get ready to save for your upcoming travels! In conclusion, use these strategies to start saving money for your next trip, and be ready to experience a once-in-a-lifetime journey!