13 Tips To Help You Save Money For Travel

16 Jun 13 Tips To Help You Save Money For Travel

Posted at 09:00h in Budget Travel, Travel Tips, Trip Planning by Caroline Rose 1 Comment

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How to save money for travel

… I can’t tell you how many times I google searched this over the years, especially at the beginning of catching wanderlust. The truth is, there’s no secret formula to saving money for travel, the problem is most of us have a problem with saving money at all. And that doesn’t always mean you’re an irresponsible person; maybe you’re just unsure how to create a plan, how to take the right steps, how to stay on track, and maybe you have some road bumps to overcome. I know I struggled with all of these things, and still do occasionally (you can read more about my personal financial journey to travel here). But the first step to saving money is having the desire to, so if you’re reading this, you’re off to a good start!

Before I go into how to save money for travel, especially longterm, I would first like to mention that this is not a get rich fast post, and it’s not rocket science. Nor am I a master-budgeter or accountant or someone that knows of all these crazy ways to make money on the side. My tips are part budgeting, part common sense, and part psychological. But all of them are important and helped me to buckle down and save money for travel, and hopefully they do for you, too!

1. Make the Idea of Travel Accessible to You in Your Mind

Listen closely, because this is key to getting yourself started saving, and later to keeping you motivated to stay on track. Often times we imagine travel as this big luxurious, ideological thing that only rich people or sponsored travelers do. This is not true! And if you think of it like this, it is detrimental to you even beginning to save. If this is how you view travel, then it will seem way too big of a dream to ever reach, crushing your potential to start the process, and transforming travel into wishful thinking instead of a goal.

So the first step is to change the way you view travel; make the idea more accessible to you in your mind. Travel does not need to be extravagant, and extravagant does not always mean expensive. To understand this, search budget travel on Google and Pinterest, find cheapest destinations in the world, watch Youtube videos of travel vloggers and backpackers, look up hostels and Airbnb’s in the location you’ve always dreamed of. Chances are, you’re going to find there are plenty of places to travel to in the world where you don’t have to break the bank. That does not necessarily mean you do not still have to save money, but all of a sudden your brain will say, “Hey, I can do this. I can afford that.” That thought process and realization is essential to beginning.

2. Have Specific Travel Destinations in mind

It’s very easy to tell if someone will reach a goal depending on how specific it is. If your goal is, “I want to travel someday.” I can tell you right now, you’re probably not going to save that money. Where do you want to go? When do you want to go? For how long do you want to go? You have to have an idea in mind. That way you’re working towards something tangible, and therefore more attainable.

Now, this may change, admittedly. I thought I was going to leave earlier than I did for some trips, but ended up having bumps in the road. Or you might end up switching your travel route. But that’s life, plans change and that’s okay. Details will come with more planning and time. The important thing is to just have an idea of destinations from the start, so you have something specific to work towards and look forward to!

3. Become educated on ways to save and use resources

Just by reading this post, you’re already doing exactly that. However, like I said I’m not a pro-budgeter. So do your own research, read about the best ways to budget, save, and download apps or whatever you need to help you. Go to Youtube University, there’s so much you can learn!

Remember though, don’t get caught up in looking for information. Once you learn some tricks, tips and the basics, it’s up to you and your will power to save. It’s like I always tell myself: I can keep reading a billion self help books all I want, but at some point I just need to put them down and start meditating like they tell me to.

4. Create a plan and budget

Assess your income, and all your expenses. How much are you currently making, how much are you spending, and how much is left over? What are you spending your money on? Which of these things are wants vs. needs? What ways can you cut back? Based on your calculation, how much will you save per month? Per year? How long will it take you to reach your travel goal?

I’ll be honest. I am a terrible budgeter, I’m a great saver, but a terrible budgeter. My way of budgeting is, “spend the least amount of money as possible and make the most as possible.” However this leaves a lot up to wonder, loopholes, and guilt when you do allow yourself to spend money. It’s honestly not a healthy way to save, and it’s much more sustainable to have a plan. So budget, budget, budget!!

5. Create a separate bank account just for your travel savings

This is super important. By doing so, not only are you making this real, but you’re in a way creating a wall around that money so you won’t spend it. Add to it when you can – if you do this manually, make it a part of your routine. Or create an automatic transfer (I have a savings account set up where every time I use my debit card, it adds $1 to the savings). Do not touch this money, just watch it grow overtime.

6. Stop spending money on eating out and drinking

TRUST ME. THIS IS MAJOR! Even if this seems like minor spending, I’m telling you this adds up. That cocktail you just bought, that could be the cost of a whole meal. That starbucks coffee you get every single morning of the work week is $25 a week, roughly $100 a month. Two $15 meals a week (which is often times cheap for eating out) is like half a weeks worth of groceries for an average person. Yes, cooking means effort. But do it for one week without eating out and see how much you save.

And going out to drink?? Don’t even get me started! I’ve been a bartender for 5 years now, so I know how much people spend out at a nightclub, and often times it could be enough for groceries for the week or even a chunk of a plane ticket. If you cut back on eating and drinking out, the difference is unreal and it might end up being the biggest way you save.

7. Socialize economically

Sometimes eating and drinking out isn’t always because we want convenience over effort, a lot of times it’s for social reasons. So do what I call “socializing economically.” Find free or cheaper ways to hang out with friends. Go to museums, go hiking. Do something already in your schedule like going to the gym, but with a friend. Instead of going out to dinner, grab a coffee with them or enjoy trying to figure out a recipe together at home. Instead of going out to a club, stay in, watch a movie and drink wine or invite people over, buy a bottle and spark the hookah. Chances are, you’ll also end up having more meaningful experiences with them too. And if you do find yourself spending a lot of money on socializing too often, then limit yourself; whether that’s once a week, every other week, once a month, whatever works for you.

8. Live frugally and become a minimalist

Do you really need a subscription to Netflix AND Hulu?? Cancel one. Or steal a password from a friend. Have a bunch of clothes or stuff you don’t need? Sell it. Find yourself spending $40 every other week on your nails? Do them yourself. Buying expensive face masks that are made natural ingredients? Make it to DIY, hit up the grocery store and start lathering your face in honey and oatmeal. Spending too much money blasting the heat? Put on a sweatshirt; it’s winter, you don’t need to be walking around in a t-shirt anyways. Spending too much on coffee? Get yourself a coffee maker and grind those beans at home, it will be cheaper in the long run.

If you really pay attention to your spending and routine, there are tons of little ways to save that will add up.

9. Think in terms of comparisons

One way I keep myself from spending in trivial ways is to think, “Okay, this Chipotle meal is $10…I could get 2, maybe 3 meals in the Philippines for this price. So let me save this and make dinner at home.” Or “These clothes are $100…that’s a one way ticket to Miami. Pass.” This is easier to do after you’ve traveled, in fact it’s not even purposeful, it’s more out of reverse culture shock. However, if you’ve done your research on where you’re visiting and know prices, thinking this way can be a strategy for staying on track and saving.

10. Keep track of your spending

So you created a budget and you’ve made some sacrifices and have begun to cut back. That’s amazing! But you won’t really know how successful your plan or cut backs are unless you keep track of your spending. By keeping a tab on your expenses throughout the saving process, not only are you holding yourself accountable, but it gives you the data to assess your behavior and new budget.

Are you reaching your target savings every month? If not, why? Assess and adjust your plan or give yourself a kick in the butt to get your sh*t together. Jk – I don’t recommend being too hard on yourself, budgeting doesn’t always have to be exactly perfect, but saving does require being real with yourself.

11. Have more than one source of income

The more money coming in, the better. There are tons of opportunities for side gigs out there, whether it’s something online or a second job on the weekend. My personal favorite is bartending because it’s outside the time of a day job, and it’s quick cash if you’re good at it. However, there are tons of other options out there available to you. With gigs available at your own personal time like Uber, Rover, Instacart, there’s really no excuse. Even if you do it once a week, it will add up. The key is to not be picky about it; don’t put yourself above doing certain tasks. You need a second job, not a second career.

12. Stay motivated!

Saving and cutting back in the ways that I’ve mentioned is not easy. It takes a certain level of determination and passion for the end goal. So it’s absolutely essential for you to stay motivated. Constantly remind yourself why you’re doing this. Follow travel pages, watch videos of where you’re traveling in order to constantly spark your interest. Take time to plan your trip, not just for preparation, but to build up your excitement! Separate yourself from financially irresponsible people. Keep track of your budgeting so you can give yourself a pat on the back for how much you’ve saved. Acknowledge that this is difficult, but you’re doing it.

When I’m saving money, I’m constantly looking for inspiration and motivation. I watch a lot of youtube videos and vlogs, some of my favorites are here.

Saving and cutting back in the ways that I’ve mentioned is not easy. It takes a certain level of determination and passion for the end goal. So it’s absolutely essential for you to stay motivated. Constantly remind yourself why you’re doing this.

13. Push yourself, but find balance.

Give yourself some leeway every once in awhile in order to prevent burnout and find consistency.

In order to reach a goal, no matter what it is, consistency over time is key. Consistency is a combination of motivation and determination, but another key component is balance. Saving money takes a lot of will-power, hard work, and sacrifice. But it can backfire on you if you burn out. Yes, you need to be real with yourself and cut back where it’s necessary, but if there are certain ways you spend your money for self care or to keep yourself sane, allow yourself that one thing once a month or week.

When I save, I tend to be extreme in my ways. Sometimes that looks like isolation from working too much and from not spending money and allowing myself social time. But this can lead to feelings of burnout, depression, and ultimately it puts on too much pressure, and you unconsciously begin to believe that traveling will be the “end all” to your happiness. But this is a completely unhealthy mindset. In making sacrifices in order to travel, remember to not make sacrifices to your well being. Traveling is a beautiful thing that should enhance your life. It’s not all about the destination, remember to enjoy the journey, as well.