While most of us enjoy going to new places to satisfy our wanderlust, the high cost of travel may prevent you from doing so anytime soon. But what if I told you that there were ways you can save money for travel?
You read that correctly. Saving money for a trip requires ingenuity, determination, and the ability to put off immediate gratification. Despite the difficulty, the benefits of saving money are well worth the effort.
So that you can go on that trip you’ve always wanted to take, here are some ways you can easily collect and save money for your travel:
- Track your spending
- Stay motivated
- Use a designated savings account
- Skip the Car
- Re-consider Your Monthly Expenses
- Use What’s in Your Fridge
- Pre-Drink Before Going Out
- Swap Clothes & Sell Your Stuff
- Exercise the Power Of Saying ‘No’
- Collect Rewards on Your Credit Card
- Pick up a side hustle
- Make savings on your utility bills
- Arm Yourself With Budgeting Apps
1. Track Your Spending
Many people make a budget in an effort to get their financial lives in order. They make a pretty spreadsheet, enter their estimated expenses, and then, two weeks later, they can’t figure out what went wrong.
It’s admirable work, and having a substantial budget is crucial. However, if they begin a budget before they are ready, they will be setting themselves up for failure. A budget must be based on actual costs and income.
While most people can easily itemize their recurring monthly bills, they may have a more difficult time calculating their discretionary spending. That’s why keeping tabs on your spending is so important.
One of the most important things you can do to make your budget work for you or save money for a trip is to keep track of what you spend. Knowing your monthly spending total is the only way to know if you have overspent. The budget can easily be blown by even minor expenditures.
Keeping tabs on your spending can be done in a number of ways. A written ledger or tracking system is one of the simplest options. Selecting budgeting software that integrates with a mobile app for cost monitoring could save time.
It’s convenient for staying current on the go. Keeping track of your spending in a notebook is a vital skill. Understanding how and where you spend your money is another benefit. You can use that to pinpoint exactly what needs improving.
2. Stay Motivated
Planning how to save money for travel is great because it gives you a fun and inspiring goal to work toward. While it’s crucial to put money aside for things like emergencies and retirement, these are undoubtedly less exciting objectives to pursue.
Therefore, you may find it helpful to hang up some visual aids around the house as a reminder to keep on track. You could, for instance, keep a photo of your vacation spot next to your computer or set it as your phone’s wallpaper.
You can use these pictures as mental prompts to get yourself back on track with your savings plan whenever you feel the urge to stray from it.
3. Use A Designated Savings Account
If you find yourself with a little extra cash each month, it’s smart to put that money aside in a savings account. If you keep your savings in a different account than your regular spending money, you’ll be less tempted to spend from your savings and more likely to stick to your budget.
What’s another great way to pad your savings?
Start saving regularly by making a monthly automatic deposit. Once you’ve decided how much money you want to save each month, you can set up a recurring transfer to your savings account.
4. Skip the Car
Owning a car is a waste of money if you live in a city with convenient public transportation options. If you can find a way to get where you need to go without using a car, you will not only save money for travel but also help the environment.
Don’t waste money on gas and insurance when you can take public transportation instead. You can expect to save hundreds of dollars each month, and as a student, you may even qualify for special rates.
If you already have a car, consider it an opportunity to add several thousand dollars to your vacation fund in a short amount of time. Once that’s done, you’ll find that apps like transit apps make it a breeze to get around town without needing a car.
5. Re-consider Your Monthly Expenses
Monthly recurring costs have a sneaky habit of adding up and can have an unexpectedly negative effect on our savings. Here are a few considerations:
First, thanks to online streaming services, costly cable TV packages are now largely unnecessary. If you’re looking to save money for a trip without sacrificing access to thousands of movies and TV shows, services like Netflix and Hulu are great options.
If you’re a bookworm, you can either buy an E-Reader or rent books from the library. Many ebooks can be downloaded for free, and if that isn’t enough, a subscription service is available. And look on the bright side: an e-reader will help you keep your luggage to a minimum weight while you see the world!
You can get a head start on budgeting by keeping every receipt you get for a month and reviewing your bank statements. Make an Excel spreadsheet detailing everything you’ve spent. Put “need” or “want” in the column next to each item. Take a look at the grand total once you’ve extracted the “wants” list.
Examine the amount of money you could be putting away toward a trip.
The next thing you can do is to consider your other regular expenses and where you can make reductions. Is it possible to stop going to the gym and start working out in other settings? Can you quit smoking? Is it possible for you to start your day without a double chai super skim pumpkin latte?
Are you receiving all the student discounts available for your Internet and phone service? Can you get by with a less expensive monthly plan, or do you need the one you selected? The individual savings will add up quickly.
Here other environmentally friendly practices that can lower your utility costs are:
- Instead of turning up the heat, putting on a sweater
- Using your water heater in the middle of the night
- Cutting down on shower time
- When leaving a room, it is customary to turn off the lights.
6. Use What’s in Your Fridge
You’re probably spending too much money on food every month. You can save a lot of money on food without giving up any of the enjoyment you get from eating well if you just plan ahead and eat more.
Constantly eating out with company or ordering takeout can add up quickly. However, it will also cost you to buy ready-to-eat foods. If you cook most of your meals at home, you can save an average of $36.75 per week.
Having a budget in mind before going grocery shopping is a great way to save money for travel.
Setting a weekly budget limit, say $40, can help you avoid impulse buys and save money on food throughout the week. If you know how much money you have to spend, it will be much easier to stay within that budget.
Look for stores that sell food in bulk when you need to restock your pantry. Furthermore, you can stock up on organic groceries without spending a fortune because they sell in bulk and don’t charge for packaging. Another perk is that you can get exactly what you need without having to buy a whole bunch of extra stuff you won’t use. To live a greener life, this advice is essential.
To transport your goods, you need only a few reusable cloth bags.
7. Pre-Drink Before Going Out
It’s common knowledge that bars and nightclubs sell alcohol at ridiculously inflated prices, so this shouldn’t come as a surprise.
If you consume one bottle of wine over the course of the weekend, for example, the cost will be approximately $30 if you do so in a restaurant; however, if you consume the same bottle at home, the cost will be only $10, significantly reducing your spending.
Get tipsy before you leave the house to save money on drinks while you’re out because you can get a lot more for your money at a liquor store. You can even shake up some of your own quick and easy cocktails in the comfort of your own home.
8. Swap Clothes & Sell Your Stuff
Saving money and getting ready for your trip can be greatly aided by adjusting your shopping habits.
Caution: resist the temptation to give in to the pressure of a great sale. A new pair of shoes at 50% off is tempting, but ask yourself if you really need them. Keep in mind that if you could have avoided spending the full price on something else, you are not saving money by purchasing it at a discount.
If you’re on a budget but don’t want to sacrifice style, shopping vintage and at discount stores can help. On top of that, it’s a green way to shop. Having a clothing swap with friends is a fun way to get together with people and pick up some fresh threads without breaking the bank.
Craigslist is a great place to find deals on used items like bicycles and furniture. Apps like Vinted (an online marketplace for buying, selling, and exchanging new or used items) make it possible to browse for and receive deliveries of clothing and footwear without leaving the comfort of your own home.
You can save up to 75% on your needs by shopping secondhand, which is also a fantastic zero-waste hack. Of course, you can also use these platforms to make a little extra cash by selling your wares.
De-cluttering may also enter your mind if you’re putting together a travel fund. You can make some extra money (by selling your old stuff) and get everything you need for your trip in one fell swoop. With less to take with you, packing and leaving won’t be as stressful. Once you’re out on the road, you’ll appreciate having only a backpack to lug around your belongings.
9. Exercise the Power Of Saying ‘No’
It’s human nature to want to spend time with friends, eat delicious food, and shop until we drop out, but keep in mind that this can be detrimental to our health, especially if we’ve been trying to cut back financially.
Saying “No” to some of the fancy plans and clothes you like would help. Stop buying things on the spur of the moment and learn to prioritize your wants over your needs. Avoiding impulse buys on Facebook, Instagram, or any other social media platform can help you save money. Here’s where learning to wait pays off.
You’ll be much happier if you wait to spend your money on something that will stay with you longer than a bunch of things you’ll forget, like a trip.
10. Collect Rewards on Your Credit Card
Most financial institutions provide attractive discounts for using their credit cards online.
If you don’t pay off your credit card balance in full each month, it will continue to accrue interest and fees, which will only increase your overall spending.
Make good use of your credit card by charging all of your essential purchases (food, clothing, utilities, transportation, lodging, etc.) to it. In addition to financial savings, you will also earn rewards that can be redeemed at a later date.
11. Pick Up A Side Hustle
Picking up a side gig is a great way to speedily increase your monthly savings and achieve your financial goals. If you already work a 9-to-5, this might involve picking up some extra shifts at a bar, looking for freelance work, or working weekends at a restaurant.
While this may seem extreme, doing so for a short time will reduce the likelihood that you will burn out.
But always keep in mind that taking care of your mental health is more important than meeting your monthly savings targets. Adjust your monthly savings goal instead of your lifestyle if you find that working extra hours is having a negative effect on your mental health.
12. Make Savings On Your Utility Bills
Finding ways to reduce your monthly utility bills can have a significant impact on your financial situation. Here are some suggestions to put into practice right away:
Replace traditional heating with an electric blanket
Purchasing an electric blanket, along with some warm slippers and a hot water bottle, can be a helpful way to cut down on energy consumption. Use a heated blanket to keep warm in your room without turning up the thermostat.
You’ll save money on utility bills in the long run by using a heated blanket instead of cranking up the radiators. It might make a significant difference in your energy bills during the current cost of living crisis.
Among the many varieties of electric blankets are:
- Under-blankets: You can use these to heat the surface of your bed.
- Over-blankets: These can be used under or instead of a duvet.
- Heated throws: These are perfect for use on the couch or as an extra layer in bed, but they are a bit more expensive.
Always submit meter readings
You wouldn’t let the cashier at the grocery store guess how much your purchases would cost, so don’t let the energy companies do the same to your bills.
It won’t take you more than two minutes to double-check the numbers on your gas and electricity meters before sending them off to your utility provider. Make it a monthly habit to check your usage against your bill.
The risk of their underestimating your usage can be mitigated by providing accurate readings.
When someone checks the meter at your house or when you have to turn in required readings when you move out, they will find out how much you actually use. Then you’ll need to make a payment. Pay what you owe, when you owe it, and you won’t have to worry about the shock of a huge balloon payment.
Avoid pay-as-you-go tariff meters
Prepaid or pay-as-you-go meters are slowly being phased out, but some homes may still have them installed. Similar to prepaid cell phone plans, you can only use the gas or electricity that you have paid for.
You should stay away from these. To make things easier on themselves, energy providers would rather have you use a standard meter and have you pay for your energy in predetermined, periodic installments. Pay-as-you-go customers are charged more per kilowatt hour because they cause the company more hassle than those who pay in advance for gas and electricity.
Use energy-efficient appliances
Effort-efficiency labels are starting to show up on retail shelves. But have you ever allowed them to affect your buying decisions? Sure, why not? The quality of products is graded from A++ to G. It’s important to think about the potential bill savings from moving up the alphabet.
A++ kits may be more expensive initially, but they can help you save a lot of money on your energy bills over time. Did you know that by switching to an energy-efficient light bulb, you could save up to £15.20 annually per bulb? Furthermore, their lifespan is 10 times that of a regular bulb.
If you frequently leave electronics on standby, an energy-efficient plug might be worth considering. These will turn off your appliances and electronics at the wall when it detects that it is safe to do so, saving you the trouble. Then, simply use the remote’s power button to restart the gadget.
Make your home more energy efficient
In most cases, the best course of action is to simply try to use less, in addition to making sure all windows and doors are closed tightly. You wouldn’t believe how much money can be saved by making even a minor adjustment.
In addition to turning off the lights and boiling only as much water as you need in the kettle, you should also unplug any unnecessary appliances.
Not completely turning off electronics is a leading cause of wasted energy. You could save as much as £65 per year by doing this, says the Energy Saving Trust.
13. Arm Yourself With Budgeting Apps
A budget is a plan that details how much money will be coming into and going out of an account over a given time period. You can use it to control your spending, pay down debt, or save for a special trip or other financial objective.
By automating the process of gathering account information and entering it into a spreadsheet, budgeting apps can help you form the habit of saving. The best intentions to save money are useless if you don’t take the time to figure out where you can cut back.
An effective budgeting app can:
- Keep tabs on your cash flow and expenditures.
- Sort your spending into categories to find out where you can cut back.
- Boosting Savings Rates
- Use push notifications to keep yourself informed, for instance when you have been paid or are about to go over your monthly spending limit.
Making a spending plan for your trip or yourself is not hard. The issue is that it can be labor-intensive and annoying at times. To make a realistic budget, you’ll need to dig into your finances, which could take some time.
To make it easy for you to manage and track your spending in a more accurate way. Here is a list of some of the best budgeting apps to save money for travel:
Mint
With over 25 million users worldwide, the Mint app is one of the most popular financial management options here. Users with no prior budgeting experience will be able to navigate the interface and synchronize their bills, investments, credit cards, and other financial accounts with ease.
Personal Capital
You can connect all of your financial accounts to Personal Capital’s intuitive dashboard. You can keep tabs on your investments, retirement funds, and net worth all in one convenient location. What makes this free app stand out are the investment and retirement planning tools it provides.
Pocketguard
Pocketguard’s mission is clear: it protects its users from making unnecessary purchases. You can link various accounts so that you can view the totals and recent transactions in a single location and you can categorize them by hashtags. While there are other bill-tracking and budgeting apps out there, this one goes above and beyond by assisting you in bargaining for lower rates.
More Travel Tips:
Final Thoughts
In summary, costs associated with travel can add up over time. Depending on how much money you spend on lodging, food, activities, and souvenirs, your trip might end up costing less than you expected. Once on the road, it’s easy to blow through your vacation fund faster than expected.
Putting the tips above into action can be hard. There are pressures from society. Marketing is everywhere. We do not have enough willpower. We come up with excuses and tell ourselves lies.
Still, it’s easy to figure out how to reach your savings goal. Just live on less than you can afford and save the rest.
