How to Save Money for Travel – 10 Tips to Get Started Now
How do you save money for travel and still live a full life at home?
The other day I read something online that most millennials are willing to give up Starbucks, Netflix, & shopping to travel. So what would you give up to save up to travel the world?
10 Ways To Save Money For Travel
Don’t Travel on Borrowed Money
Our number one rule for traveling is to never travel on borrowed money. Take it from me, coming home to a mound of debt after a life-changing travel experience is not what you want to face. Debt is stressful and if you can avoid it, you’ll live a happier life. If you don’t have the money saved up right now, visit a cheaper destination or spend more time exploring your own backyard until you save enough money.
2. Create a Travel Budget
Ask these questions to help you identify how much money you’ll need to travel:
What will your daily travel budget be?
How much are you going to spend on a hotel nightly?
What is your allowance for meals?
What is your excursion budget?
How long are you traveling for?
3. Set Up an Automatic Travel Fund Savings Account
Now that you know how much money you need to travel, we suggest setting up an automatic withdrawal to go into a travel savings fund. In the same way that you have automatic withdrawals for your bills, your investments, and your rent. Set up that fund and have it come out of your bank account every single month.
4. Track Spending
Do you have a Netflix, Amazon Prime, and HBO Max account? Maybe you only need one. Check which subscriptions or memberships you rarely use and get rid of them to save money!
5. Pay Off Your Credit Cards
Pay your credit card bills every month before the due date. Don’t throw money away by paying interest on credit cards. If you can’t afford something, don’t buy it on a credit card hoping the money will magically appear.
But that doesn’t mean don’t use credit cards. You can actually put everything on a credit card. It is the easiest way to track expenses. You can check your statement each month and see where your money is going. And it is the easiest way to save money for travel. Plus, when you get the “right” credit card you can earn money for travel as you pay for your every day expenses. Live within your means and do not incur unnecessary debt!
Which leads us to number 6…
You’d be amazed how quickly you can earn travel points and rewards when you buy things like groceries, toiletries, and even medication on your credit card. Rewards add up fast. With a travel rewards card, you also get a sign-up bonus. Just by signing up, you could get a lot of money for a flight. Do some research to see what card is best for you. What card offers the flight rewards you want? Chase Sapphire and American Express offer great travel rewards!
7. Sell Your Things
If you are paying for a storage unit, having a garage sale is a great way to make money while cutting monthly costs! When you get rid of the items in your storage, you will feel so much better and not only have more money, but more time and energy, too! Declutter your home, clear out your closets, and see what you can sell!
8. Lifestyle Change & Mindset
When you need money to travel, one of the most obvious places to look at is your lifestyle. By changing a few habits you can put away more cash for your next trip. This includes cutting out daily trips to Starbucks, cooking at home instead of dining out and learning to be content with what you have right now.
Just because a new version of the iPhone was released doesn’t mean you *have* to have it! This is true for any purchase you feel you need to make in order to be happy. Challenge yourself to be grateful for what you have, and put the money you would spend on a new item toward a future vacation or new experience instead!
9. Cut Entertainment & Hobby Costs - Find Free Things To Do Instead
This one is pretty self-explanatory. If you have expensive gear from a hobby you learned 10 years ago but rarely touch now, sell it!
If you are used to spending lots of money on concerts, nights out at the club, or at other events with steep entry-fees, opt-in to free entertainment. Spend more time in nature, hangout with friends and family, take a short road trip, etc! Bigger cities always have free events on weekends, you will be surprised how much money you save!
10. Think Positive!
I know it seems like a lot, but it can be done. If you take things one step at a time and follow these tips for saving money, you can achieve your goal of traveling the world! Make a list, take stock of your expenses, debt, and income and figure out what you need to do to follow your dream.
It might seems overwhelming at first, but after you save that first $1k, you will be motivated to continue saving. Every little dime adds up! Set your mind on achieving your goals with ease and as stress-free as possible. Remember, you are not limiting yourself, you are investing in your future and the memories you will make! Take a chance on your own happiness and follow your dreams. Let them lead you to new experiences that have the potential to change your life forever!