8 Easy Tips for Saving Money for Travel
This post was contributed to Leisure Freak by Aatish Khanna of Money Club. Bringing some timely tips for navigating these financially challenging times to those who dream of travel.
Travelling to beautiful European villages and the world’s most beautiful islands is a fantasy most people have but cannot afford. Money is not a limitless resource, and that’s a crushing reality. You may have every intention to travel to your bucket-list destination, but your slim savings doesn’t seem to support your intentions. However, with a little planning and a few lifestyle changes, you can easily save enough to book a fabulous holiday for yourself and your loved ones.
Here are a few simple tips for saving money for travelling:
1- Start a dedicated travel fund
Most people use their emergency fund for travel. Your emergency fund is to be accessed only in case of an emergency; travel is a planned event and hence doesn’t qualify for an emergency. So, don’t confuse your emergency fund for the travel fund. Create a separate travel fund and feed it monthly, weekly, or daily.
2- Assess your financial situation
Figure out if your trip is feasible considering your current financial situation. While you’re researching, find out how much airfare, food, accommodations, and other activities will cost. Once you have an overall cost estimate, create a spreadsheet and list down your income vs your expenses to see whether the trip is doable or not.
3- Create a budget
Write down the total estimated cost on your calendar for your intended departure date. Count how many months/weeks you have until your departure. Divide the total cost by the time you have on hand to save. This will give you an estimate of how much you need to save each month/week in order to afford your trip. Once you get the ballpark figure, start saving.
Here are a few money-saving tips that ensure you stick to your budget and save enough to have a trip you have been dreaming of for so long.
4- Slowly eliminate your wants
Your daily/monthly expense spreadsheet should have two columns: “Needs” and “Wants“. Start eliminating the wants slowly from the things you purchase regularly.
5- Eat out less often
Trim your food costs by cutting down on the number of times you go out for food. Cook meals at home and stay in at night. Going to bars and clubs at night can easily shatter your travel goals. Instead, invite your friends over.
6- Sell your unwanted belongings
Consider selling clothes, appliances or any physical possessions that you are not using anymore. Sell them online or trade them in for cash. Eliminating the clutter will provide you with the much-needed cash and also give you a vast amount of mental freedom.
7- Online side hustle
Consider working part-time on freelancing projects and use your skills to save and earn money. Also, loads of apps allow you to earn money online by doing various easy tasks using your mobile phone.
8- Buy in bulk
Buying in bulk doesn’t always make sense. But for things you regularly use in the house, buying in bulk is the best way to save money. Things you can buy in bulk include paper towels, butter, soap, laundry detergent, etc.
All the above money-saving tips are easy to follow. With determination and a sprinkle of optimism, you can easily save up for your dream trip.
Thank you Aatish Khanna for sharing these 8 easy tips for saving money for travel.
Aatish Khanna works with the Content Marketing team at Money Club – a digital chit fund platform that makes saving, borrowing, and investing your money more efficient. He writes on topics to help his readers understand processes so they can make better financial decisions. He’s the go-to person that his family, friends, and colleagues turn to for all their money matters. He loves to play board games and aspires to one day build his one finance-related board game and app.