Travel is something that enriches everyone’s lives. It gives you experiences and teaches you about yourself and others. It can also just be a great and well-deserved break from reality. Unfortunately, most traveling can be rather expensive. Flights, hotels, food, and excursions can all add up quickly. Thankfully, there are a few tried and true tips to help you save money specifically for travel. With these few tips, you will have saved money for your dream vacation in no time.
1. Start A Separate Travel Account
Setting up a savings account at your bank just for travel is a great first step. This ensures that your money is being used towards your goal of traveling only. Keeping this money separate will reduce the chances of that money getting spent on other things. This money will be out of sight and out of mind, which will help you reach your savings goal even quicker. I recommend making a separate account from your general savings account as well. You will eventually be using the money from this account, so you don’t want to end up taking away from your other savings account while doing so.
2. Set A Savings Goal For Each Month
The next step after starting a separate savings account is to deposit money into it. I recommend setting a certain goal of money that you want to put aside each month. Make sure this amount is attainable and works with your current budget. It shouldn’t be too high of an amount because you still need to take your other expenses into account. However, it should be enough money that it will add up and reach your goal in the long run. Find an amount that works for you and stick with it.
3. Auto Transfer Your Savings
This step will make the saving process as simple and thoughtless as possible. I can’t recommend setting up auto savings enough. Through your bank, you can automatically set up a certain amount of money to be transferred to your travel savings account as often as you want. I find the best way is to take your monthly savings goal and divide it by 4. Then, you should set up a weekly transfer of money into your savings. This step makes saving less intimidating. Having money directly taken out of your checking account requires no effort on your part. You might not even notice that money has left your account. Turning this into a weekly schedule makes it so that not as significant of an amount of money is leaving your account. For example, saving $25 a week will likely be more gentle on your account and expenses than taking out $100 at one time once a month.
4. Find A Side Gig
Another great idea is to find a side hustle where you can put all the extra money towards your dream trip. You likely already have a job that helps you cover your expenses and helps you make ends meet. So, if you find another way to make income, that extra money can go right into your savings. Some ideas can include babysitting, dog walking or house sitting. You can likely find these types of jobs in your neighborhood by word of mouth. You can also rely on apps to find jobs. Apps like Uber, Lyft or Postmates are always hiring people to work for their company. This can be a great opportunity because you get to work on your own schedule and you can make good money because of tips from customers. Another way to find extra money to save is to work overtime at your main job. You can cover shifts or ask your managers for more hours in order to give you some extra income.
5. Cut Unnecessary Spending
This might be the hardest step of them all. However, it can help save a lot of money in the long run. Think of ways that you can cut back your spending on a daily basis. For example, if you have a daily Starbucks routine, try making coffee at home and bringing it with you instead. You’d be surprised to see how much saving $5 a day can save in the long run. Also, try to cut back on fun shopping for things like makeup, clothes, shoes, and accessories. Try to see how long you can go without shopping and turn it into a challenge for yourself. Or, just make a promise to yourself to only buy something new when it’s truly necessary. If you stop going to the mall just for fun and only when you need something, you can save a lot. When you feel like spending money, just think of how saving will help get you closer to going on your dream vacation. Spending less money can help you save more.
6. Eat At Home More
Another major way to save money is by cooking and eating at home. Going out to eat or for drinks can become expensive very quickly. I recommend limiting how often you go out to eat. Try and save it for special occasions only. Start by limiting yourself to only eating out 2-3x a week and see how it goes. The most cost-efficient way to eat is to load up on groceries and cook food for yourself throughout the week. Buy ingredients to make simple meals and load up on snacks to keep you full throughout the day. Meal prepping can also be a great option for those with busy schedules. You’ll be shocked to see how much money you save by eating out less.