Have you ever wondered how people afford to travel the world all year long? You probably think those people have trust funds or are just rich. Well, you don’t need a lottery or wealthy parents to go on a vacation. What you require are creative ways to save money for your travels. With increasing daily expenses, it can be tricky. However, with a little effort, you may have enough savings to travel within a few months. Here are some of the best money saving tips.
1. Have a target savings amount
You can’t save blindly. Therefore, come up with a target savings amount and stick with your goals. Figure out where you want to go on vacation. It doesn’t have to be a specific location but have a rough idea of what you want. Knowing the place makes it easier to plan the amount you will need for travel and accommodation. Also, determine how long you are going to travel. The longer you plan on being away, the more money you will need. Once you have a savings target, it will be easier to come up with ideas on raising the amount.
2. Open a savings account
You need a savings account specifically to save money for your travels. An account helps you track your progress. If you can find one that attracts high interest, so much the better. You can also set up an automatic deposit from your standard account to savings. With regular deposits, you might end up with a decent amount for travel.
3. Have a budget
Your budget can be a simple spreadsheet to help you track your expenses. Your spending habits will give you ideas on how to save money for travel. You can start cutting your spending on unnecessary things. For instance, make your coffee instead of buying, do your own nails, and cook your food in bulk. If you have toiletries and food filling up your bathroom and cupboards, it is time to use them. When going shopping make a list and stick to it. Avoid impulse buying at all cost.
4. Sell your unwanted stuff
Selling unwanted items can help you save money for your travels. You can sell clothes, jewelry, shoes and more. Therefore, look around your house and collect every unwanted item and hold a garage sale. You can also post an ad online, and you will be surprised at how fast they will sell. Do you have an old broken car collecting dust in your garage? Well, it may be useless to you, but someone else may find it useful. Get rid of your broken car for cash. You can sell it online or take it to a scrap dealer.
5. Limit entertainment
Dining out, going for movies, and nightclubbing will reduce your savings dramatically. It doesn’t mean you need to avoid your friends to save. You need to make adjustments. Instead of going out, invite your friends over for dinner, a movie or drinks. You can ask them to bring their drinks or a dish. You will end up having more fun without breaking the bank. Cancel subscriptions for movies and music. If you can’t get it for free, then ignore it.
6. Get a side-hustle
You can get a second job if you are already employed full-time. You can also do some work online like selling ebooks, doing online surveys and being a freelance writer. Earning extra cash on the side can boost your savings account balance.
Learning to save money for your travels is not for the faint of heart. You will give yourself excuses, and many times you will come up short. However, don’t give up! After all, you still want to travel the world, right?