Have big plans for traveling around the world? Well, you are not alone. However, it remains a dream for most people because they don’t manage their funds well. But, you need not worry because there are some brilliant ways in which you can save money for a vacation. The key is to save up money for travel well before you sketch the travel itinerary. For travelling abroad in relative luxury, you would need to plan well ahead.
If you think about it, it is not much different from what you would do if you needed to pay off a loan. But saving for travel is much more enjoyable. you are doing it by choice. It’s a tradeoff between following your passion and making some small sacrifices that won’t affect your standard of living in a big way.
Saving Money for Travelling Strategies and Tips
- Make a savings plan: The first and foremost step for saving money is to write down a plan for savings. It would tell you how much you need to spend on what. You could use a financial calculator to see the probable savings that you could make if you follow the plan.
- Make a budget: Make a weekly or monthly budget. Allocate a fixed sum every week and try to limit your expenditure within that sum. A lot of people make the mistake of not paying attention to the small unplanned expenditure that happens every day but these add up to become a substantial variable cost on your budget. Try to use your money wisely and try your best to cut down on unnecessary expenses.
- Quit smoking: If you are a smoker who has plans to accumulate money for going on a trip around the world, turn this as a motivation that would help you to overcome this vice. You would not only be saving a lot of direct costs that you can channel into your travel fund but also reduce the chances of running huge expenditure on health bills.
- Stop drinking in bars and pubs: If you are serious about saving money for a travel tour, stop wasting money on drinking in expensive bars and nightclubs or even pubs. You can buy wine or beer creates in bulk and then drink at home. This saves you from paying a lot of additional taxes that yu pay when drinking out. Moreover, when you are binging with friends, it becomes difficult to pay attention to the attention to the quantity of food or drinks that you intake.
- Reduce the frequency of eating out: Try to eat as much home food as possible. Don’t snack out. Prepare and carry your lunch to the office every day. This will not only save up a lot of money but also keep you healthy. Avoid eating out in fine dining restaurants as much as possible.
- Create a travel fund: You should definitely create a separate fund for maintaining the money that you have saved for travel. It could be a physical account like piggybank or create it online. Try to credit money in this account as frequently as possible. Make it a habit. Putting small amounts every day or every week can take you a long way.
- Skip movie shows in theatres: Stop going to theatres for watching movies. Surrender your movie subscription packages on Netflix and the likes or move to lower plans. You can save a substantial amount which you can divert to the travel fund.
- Cut down on coffee: Do you have any idea about the amount of money that you save by cutting down on the number of glasses of coffee that you have? It can really make a difference to your monthly savings plan, especially if you have the habit of buying coffee from cafes.
- Minimize the use of credit cards: Credit cards can help you to notch up more frequent flyer miles and also has some other benefits but many studies in Canada have shown that people who use credit cards have a tendency to buy more than when they use. You can save almost $3000 annually if you limit the use of credit cards to emergencies.
- Reduce bill son utilities: Try to do away with the landline connection. Limit the use of internet at your home as well. Be thrifty with the use of electricity as well.
- Adjust the thermostat so that it saves electricity: Use a smart thermostat which can reduce the consumption of electricity drastically. It is intuitive enough to take into account the presence of bodies as well as surrounding weather conditions to give the most effective heating or cooling without energy wastage.
- Save on auto bills: Try to do away with cars, in case you have more than one. You will save a lot of money on gas and maintenance. Start using public transport instead as far as practicable.
- Invest money in a high-interest online saving account: There are quite a few in Canada. The minimum deposit could be as small as $100 and could go up to much more. But, these savings accounts pay much more than ordinary bank accounts and some of them are flexible enough to allow you to deposit money as and when you can spare.
- Stop splurging whenever there is a sale: Every time, there is a sale, don’t jump on the bandwagon, even if you don’t need to buy stuff. Being frugal is the mantra if you want to save money for traveling.
- Choosing generic over brands: Start buying generic brands where you don’t need big names. Stop splurging on designers handbags and party dresses. Don’t forget your goal.
- Move in with your parents: As an idea, this may not be appreciated bu all readers but if going for a trip to Seychelles mean that much to you, you will have to make adjustments. If your parents are okay with you moving in, use it as an opportunity to move closer to your goal.
- Start pooling in money with your partner: Since, most people go for holiday tours with their families or partners, it makes sense to ask all “stakeholders” to contribute to the travel fund. Pool as much money as possible and explain the need to save to everybody including children.
- Join an online forum that discusses budget travel deals: You will learn a lot. You will always be in the loop of special plans and deals offered by hotels, airlines and travel agents which will help you yo choose the best deals.
- Every time you get a paycheck or a raise, transfer a portion to your savings account: Mark a portion from your paycheck which you would save for travel. every time, you get a pay hike or a cash reward or gift, put it into the travel fund.
- Second-hand things can offer value: There is a misconception that anything second-hand must be poor in quality. There is not always the case. There are many sites that help you to buy second-hand consumer items at a reasonable price. Try it if you want to save some money for your future trip.
If you are not really a millionaire, you would have to plan beforehand every time you want to travel to a far off location. But it’s worth it. The sacrifices help you attain something which you have always wanted. try these steps because they are really helpful. If you feel the urge to go on vacation now and will start using these steps after, then try a Cashco flex Loan that will get you where you want to be today!