How To Save Money For Travel And See The World
How To Save Money For Travel And See The World
What do you want most out of life? We all appreciate nice things and accumulating wealth, but wouldn't life be so much grander if you had a wealth of experiences? Imagine a life full of adventures with friends and family.
There's nothing wrong with holding onto a job that can provide financial security, but you shouldn't forget to live while pursuing a career. For many of us, happiness and fulfilment can only be found through travelling. We want to meet new people, see new places, and experience new things.
However, this means learning how to save money for travel. We can help. Keep reading for our top tips on saving money and travelling affordably.
How to Save Money for Travel
If you're going to commit your life to travel, you may not be in the business of making millions of dollars. But don't worry, there are plenty of ways for you to make money and travel the world.
Primarily, it comes down to being smart with your money. Put yourself on a budget and stick to it. Stay motivated by posting photos and images of the places you want to travel around your house to remember why you're saving money.
Here are a few ways to make some extra cash and cut back on expenses.
1. Find a Side Hustle
We recommend taking a proactive approach to getting more money for travel. There are a lot of things you can do to earn money on the side in a capitalistic society. Starting a side hustle can be anything from starting a second job or small business to renting your car out on the weekends.
Here are some other options:
- Drive for Uber or DoorDash
- Manage social media accounts for small businesses
- Create online content for small businesses
- Clean houses and apartments
- Walk dogs
- Babysit kids
- Fill out paid surveys online
Finding ways to earn extra money for travel isn't difficult. It just depends on how much time and effort you're willing to put in.
2. Sell Stuff Online
Like most people, you probably enjoy shopping and buying new things. This can lead to an excess of personal possessions in your home.
There are probably things you never even look at, let alone use. In fact, studies show that the average person only uses about 50% of their wardrobe. Instead of hoarding all these items that are taking up space, post them for sale online and make some money.
3. Rent Out a Spare Room
Learning how to save money for travel could come down to sharing your personal space. If you have a spare bedroom, why not rent it out for a recurring monthly income?
This will also help you pay the rent or mortgage while you're away on travel. Not only that, but you'll have someone you know watching over your home while you're gone. You won't have to worry about intruders, emergency repairs, etc.
4. Downsize Your Living Situation
If you're planning on travelling as much as possible, do you really need a big or luxurious home? If you're hardly there, what difference does it make?
We suggest downsizing your home to save money for travel. You could save hundreds of pounds per month by finding a small house or apartment. The money you save each month can go into your travel funds.
5. Replace Your Car With an Older Model
For some people, living the good life means having nice, new, expensive things. For someone like you, someone who's primary goal is to see the world, life is more about meaningful experiences than material things.
If you want to save for travel, downgrade your car to something more affordable. If you're travelling the world, you won't be able to take it with you anyways.
6. Pick Up More Hours at Work
Learning how to save money for travel likely means working hard while you're not travelling to save up for your trips. Choosing a life where you travel more and work less requires sacrifice. In this case, it means putting in extra hours whenever possible.
Ask for more hours at work. If this isn't an option, perhaps you should find a part-time second job.
7. Stop Dining Out
You can also cut expenses by limiting how often you dine out. The average restaurant meal in the UK is 15 to 25 pounds. Alternately, the average weekly grocery bill for two people is only 80-100 pounds, and this includes toiletries and other personal items.
Going out a few times a month to eat is understandable. It's a great way to socialise with friends and family and provides a great one-on-one dating experience. Just remember that each time you dine out, it cuts into your travelling budget.
8. Set Up an Automatic Transfer to a Travel Savings Account
One of the best tips on how to save money for travel is by automating the process. Set up an automatic transfer from your checking account into a savings account designated for travel funds. This should be a recurring monthly transfer that's out of sight, out of mind.
How much you contribute to the account depends on your budget and other financial obligations. If you have extra money left at the end of the month, add it to the travel account.
9. Give Yourself a Budget for Your Monthly Expenses
Another way to save money for travel is by putting yourself on a strict budget, as we mentioned early. Let's talk about how to do it effectively.
First, dig into your bank and credit card statements to get a better idea of how you're spending your money each month. Most people think they understand their spending habits but are shocked when they take a closer look. Identify your net income, your necessary expenses, and your non-essential spending habits.
Then, give yourself a strict budget for each category, such as:
- Bills and debt
- Non-essentials (TV streaming services, gym memberships, clothes shopping, etc.)
Basically, you are giving yourself an allowance for each area of life. The surplus each month should go directly into your travel funds.
10. Stop Impulse-Buying
Do you know how much money you spend on non-essential items? What about impulse shopping? Nearly 80% of British adults admit to online impulse shopping, costing over 30 pounds per purchase.
If you fall into this category, you're killing your travel funds. Learning how to save money for travel means learning how to say no (firmly) to impulse shopping.
This mentality can also be transferred to your weekly grocery shopping. Never shop without writing a list beforehand. Go through your kitchen to see what you need and grab only those items at the store.
11. Cancel Memberships and Subscriptions
Some of the biggest expenses that cut into one's budget are memberships and subscriptions. Being fit and healthy is important, but do you need to pay for a yearly gym membership if you travel all the time? Perhaps you can find a month to month plan?
Additionally, while we all enjoy streaming our favourite movies and TV shows, you probably don't need more than one service. Many people have Netflix, Amazon Video, Hulu, HBO, Disney Plus, and even more memberships all at once. Save money for travel by limiting yourself to one TV/movie service.
12. Cut Back on Expensive Habits
It's also important to eliminate expensive habits from your lifestyle that can cost you hundreds of pounds a month. For example, the average price of cigarettes in the UK is just over 10 pounds. If you're smoking a pack a day, that's costing you over 300 pounds a month.
The same can be said about drinking alcohol, especially if you do your drinking at bars and clubs. Finally, it's no secret that gambling is a great way to lose money. Sure, you could also win some, but there's a reason casinos make a lot of money - the house generally wins.
13. Change Your Shopping Standards
Just because something isn't excessively overpriced, it doesn't mean it doesn't have value. Sure, we would all love to walk around with Gucci handbags and backpacks, but it's not worth paying thousands of pounds for a logo. Instead, make practical purchases.
For example, you can find quality large capacity rucksacks perfect for travel with affordable pricing. And for other things like soap, laundry detergent, clothes, and other daily essentials, buy generic, off-brand items. If you need more expensive items, like a TV or other electronics, consider buying used.
Tips for Cost-Effective Travelling
Now that you know how to save money for travelling, let's talk about how to save money while travelling. After all, every pound you save on one trip is a pound that can go toward your next.
We're not saying you must travel so frugally that you don't enjoy yourself, but there are definitely ways to cut costs. This will help you scratch-off the places on your bucket list faster.
1. Fly Coach
First, we know that long flights can be tedious, especially if you're sitting in coach on a crowded aeroplane. However, if you're travelling on a budget, wouldn't you rather spend your money on seeing the sights and eating good food than being mildly less uncomfortable on the plane?
A first-class ticket can cost hundreds of pounds more per flight. Yes, you'd be more comfortable during the flight, but is that the part of the trip you're going to remember most?
2. Book Your Tickets In Advance and Travel Out of Season
If you have the ability to plan ahead, we recommend booking your plane tickets and lodging accommodations in advance. Booking and paying ahead of time can save you hundreds of pounds. The closer you buy tickets and lodging to the date of departure, the more in-demand, and therefore, expensive they'll be.
Secondly, learning how to save money for travel can be easier if you can choose when you leave. We recommend travelling outside of the typical tourist season. Research the tourist season of each destination before you go to make sure you're visiting at the right time.
However, don't ruin your trip by falling too far outside of the season. For example, Rome is less packed with tourists after the summer, in September and October. However, if you visit Rome in December or January, you're going to be cold walking around the cobblestone streets and seeing the sights.
3. Learn Everything You Can About Your Destination
As noted above, you need to learn about each destination before you go, but this goes beyond learning when to visit. You can learn how to save money while travelling by learning what you'll need. For example, learning what you should pack for a hike in Ireland.
In popular tourist destinations, it's important to learn how to avoid troublesome situations. Street vendors can spot non-natives a mile away. They know you don't know much about the area and likely have money to spend.
They'll try to sell you knock-off purses, cheap memorabilia, and more. Some will even guilt you into paying them for something you didn't ask for. Never accept a "gift," even if they physically place it into your hand.
4. Buy Package Deals
When planning your next trip, we recommend looking at vacation packages. These typically include the price of the flights and the hotel or apartment you stay at. However, some package deals even include rental cars.
There is a myriad of sources online to choose from. Shop around the various vacation package sites to find the best deal. You can shop for a specific destination or allow yourself to be motivated by the best deal you find, which can make things more interesting.
5. Don't Blow Your Budget on Lodging
Finally, you can learn how to save money for travel by limiting your costs on lodging. If your goal is to travel often, you don't want to spend more money than necessary on hotels, apartments, or B&Bs. After all, you're not there for the hotel, you're there to experience the culture, see the sights, and eat the food.
You can save a ton of money by staying at hostels, though you'll sacrifice some privacy and comfort. Ultimately, you need to decide what your priorities are while travelling.
For some people, they find great comfort and relaxation through expensive, luxurious rooms, and that's not wrong. It just means you're trip is going to be more costly.
Looking for More Travel Tips?
This life is what you make it. If you're reading this article, it means you live in a world where you have the freedom to travel and devote your life to your passions. You may need to learn how to save money for travel, but you have that option.
If you're looking for more advice for your next trip, we can help. Check out some of our other articles for more valuable information, like what four items every traveller needs. Finally, be sure to check out some of our travel-friendly products before you go.
Good luck on your travels!