Everyone wants to travel more. With 2020 written off, those feelings have escalated ten fold. We are ALL ready for a well needed holiday more than ever. While your chosen destination might be a while off, it’s a great time to think about how to save the funds for it. Here is my 21 tips on how to save money to travel.
Looking at your current lifestyle is your first clue
When it came to settling down I decided to build a modest two bedroom home when most were purchasing four or five bedroom mansions. I knew I didn’t need all the bells and whistles and I certainly didn’t need to follow the crowd. My monthly mortgage is probably less than what many people pay per week. That was my first and best decision I ever made toward living the life I always hoped.
I wasn’t earning a tonne of money either so I needed to live “within my means”
A nice fancy house sounds amazing but if you are constantly stuck within those four walls crying over your financial status then it is it really worth all the pain?
When I make plans to travel I go into serious savings mode. I still want to live comfortably but I realize I’ll need to sacrifice a few things to make it happen.
How much you want to travel, only you know. What you are willing to give up is the question.
HOW TO SAVE MONEY TO TRAVEL
As i explained, how much do you need all those bells and whistles? Are you living within your means or just trying to keep up with the Joneses? Do you really need that fancy new car when a second hand model would be sufficient. Or a new thermomix when you don’t really cook that often.
TRACK YOUR SPENDING
Savings start when you begin to understand what you are spending. Write all expenses down from utilities, food, clothes, insurances, fuel and anything else. Look at where the money goes and now decide what areas you can cut down on. Remember, it only takes a saving of as little as $50 per week to save over $2500 per year. I could spend a month in South East Asia for that.
VISIT YOUR BANK MANAGER
When is the last time you spoke to your bank about your finances. Well I hadn’t even considered it until a phone call from my bank manager inviting me to come in for a chat. After a quick discussion I found out they had a lot to offer to get me saving more. I changed my insurance, opened up a couple of new savings accounts to help track my spending and changed my credit card which gained me free travel insurance. It was a worth while visit so there is no harm in trying.
OPEN A BANK ACCOUNT FOR TRAVEL
After a visit with the bank manager, I opened up an account just for my travel. I poured as much into as I could and it gave me a clear idea of where I was at with my savings. So set an amount you can commit to each week and any extra is a bonus.
STOP EATING OUT SO OFTEN
It’s nice to have a night off cooking but it’s not always cheap to go out every week. Try cooking your favourite takeaway food as a cheaper option. You can always double up on your recipes and make enough for tomorrow night too. You’ll get to have the night off then.
BUY A COFFEE MACHINE
I never buy takeaway coffee. Instead I invested in a Nespresso machine and a good coffee thermos and have never looked back. At $5 a day for takeaway coffee – 5 days a week,that’s $1200 per year JUST FOR COFFEE !!!!!!
PACK YOUR OWN LUNCH
Buying lunch every day just doesn’t go under the cost effective banner. Even taking your own lunch 2 or 3 times per week can help you save.
HAVE A SHOPPING LIST OR PHONE SHOPPING APP
I use the “My shopping list” App for my weekly groceries. That way I stick to my list and not get carried away with food browsing.
STOP SHOUTING EVERYONE
Are you a generous soul. Always splurging on your friends and family. Picking up that drinks bill when you go out? Time to tighten up the purse strings. You can still be generous, just not as often. It also works for birthdays and Christmas. Put a spend budget on presents and stick to it.
Compulsive buyers beware! You won’t hit your targets by being weak. Do you really need 10 jackets, especially when you only really like 3 of them. We have all bought something that we didn’t love that much, only to have it sit in the cupboard year after year.
SELL YOUR UNWANTED CLOTHES ON E-BAY
Take a look in your cupboards, you might find some hidden money hanging in your wardrobe. Unloved, unused and unwanted clothes, shoes and accessories can add up to a mini break or even a week in Hawaii. If you are not sure about how to set up an E-bay account, do what I do- google it.
SELL YOUR PHOTOS ON SHUTTER STOCK
Though I don’t personally use it, some of my friends do. They simply load pictures on Shutter stock and wait for people to buy them. You can upload travel pics, animals, architecture and more. And you don’t have to be a professional photographer with an expensive camera. As long as the photos are high quality they usually pass. My mother has sold pictures of birds and cows and even a birds foot. You could take a photo of your clothes line and it might sell. You never know what others are looking for.
HAVE A GARAGE SALE
Are you a hoarder in desperate need of a clean out. A garage sale might be a great idea to earn a few hundred dollars. Long weekends in particular can attract more people so consider when you plan to have one.
CHANGE YOUR MOBILE PHONE PLAN
So I was paying over $100 per month for a phone plan which is outrageous, I know! Once my plan was complete I decided not to upgrade as usual but instead kept my original phone. I then changed to a prepaid plan at only $30 per month.
PAY YOUR BILLS ON TIME
Late payments can mean late fees so pay your bills on or before their due date. If you are like me and lose track of time, opt for direct debit or set reminders.
CUT BACK ON POWER
Electricity is one of the highest utilities we pay these days. Cut back on power by investing in energy efficient light bulbs. Buy power saving appliances and turn off appliances and lights you are not using.
Next time you need a new TV, fridge or straightening iron shop around. The same appliance can be $100 cheaper from a different supplier. Don’t jump the gun before you have researched where else you can buy it. This applies for anything really. Needing a new dress for that wedding coming up, try going to the factory outlets for a fraction of the price of this seasons fashion. I love buying classic wear that will last for years.
HAVE A FEW DRINKS BEFORE YOU GO OUT
Not driving tonight? Ask your friends around for a couple of before party drinks rather than buying them all whilst out.
TAKE SNACKS TO EVENTS
The cinema has to be one of the most marked up food locations ever. Concerts, zoos, activity centres, sporting events and even airports can have you paying three times the price. You’ll almost always hear the terms” are you kidding” and “you can’t be serious ” at these type of venues. So pack some snacks for the kids and yourself next time you go out and put the money you saved into that travel account we talked about.
ASK FOR CASH PRESENTS
It’s so hard to buy for birthdays and Christmas. Some people have the knack but I don’t. I usually go with cash or vouchers. So why not ask the same in return. If you feel a little awkward then at least drop some subtle but obvious hints next time your birthday comes around. Your loved ones might ask you straight out so don’t forget…cash please.
The simple yet effective coin jar. All that loose change floating around in your wallet or the bottom of your handbag needs a good home. Once you start, you really can’t stop. Watching that little pile of coins grow into a full grown mountain of cash. You can easily save from $500 to $1000 a year doing this. Even more if you getting cracking now.
Do you have any other tips to share in order to save money to travel? Be sure to share in the comments box below.
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