How to Save Money for Travel
The dream of exploring the world has always been cherished in my heart. But if you’re like me, financing these trips always felt like a hurdle. In this blog post, I will share my journey towards saving money for travel. From setting clear financial objectives to money-saving strategies, my outlook on how to save money for my travel trips has been transformational.
Setting Clear Financial Goals
To kickstart my endeavor to save money for travel, we have to start by setting realistic financial goals. Personally, I started with a small target of a couple hundred dollars (USD) per month. This provided me with direction and purpose towards greater goals later! You have to start somewhere!
Creating a Well-Structured Budget
A well-structured budget was thoughtfully designed, ensuring income and expenses were balanced efficiently. I cannot stress how important creating a budget is. It might sound tedious (and it is!) but budgeting is a great way of keeping tabs of our travel expenses and avoiding overspending.
How to save money for travel by Eliminating Unnecessary Expenses
We all make unnecessary purchases from time to time. Progress in saving money for travel involves looking at our monthly purchases and asking myself “Did I really need that $8 Venti latte from Starbucks?” It’s simple decisions like this that start to build up over time and in return save you money.
Transitioning to Preparing Meals at Home
A significant but simple lifestyle change I included was preparing meals at home over eating out most nights. You won’t believe how much this saved me IMMEDIATELY. You can start saving anywhere between $50-$100 (USD) per week immediately by buying groceries in bulk versus dining out 4-5 nights a week. Not only do you benefit financially from preparing meals at home, but it is also healthier! This often gets overlooked but there is no traveling if we are not in good health.
how to save money for travel by Exercising Caution with Impulse Buys
This point goes back to my earlier point regarding eliminating unnecessary expenses. In the past, I would buy the latest iPhone because it was trendy or buy another pair of shoes just because I thought they were cute. Once I started restraining myself from impulse buying, I started noticing my credit card bill decreasing month to month. And this honestly was the motivation and incentive I needed to stop. Now I spend the money I normally would have spent on impulse buying towards my travel budget and I couldn’t be happier!
Embracing Coupons and Discounts
Waiting to buy an item on sale or buying groceries using coupons has been a game-changer! There are always sales at most stores that I’ve taken advantage of to save money. And most of these places offer discounts to get you to be a repeat customer. This is a win-win in my book as I’m saving even more money buying something I would have paid full price for otherwise. Stores like Target, Wal-Mart, or Costco also send you coupon books in the mail that I usually look through to use towards my purchases. My theory is the more I can save on everyday items, the more I can spend on my travel budget!
Increasing Passive Income
While reducing expenses is crucial, increasing your income is just as important. I recently started to explore passive income streams to fund my travel adventures. You can look into starting your own travel blog this one, look into affiliate income, sponsored posts, etc. Look at one of my previous blogs on how I make money as a travel blogger. By creating more income streams, you can fund your travel lifestyle better and treat yourself from time to time depending on your budget!
How to save money for travel by Investing in Stocks and Bonds
You’ve probably heard a lot about this one in the past couple of years as it started to become trendy. But I’ve started investing in stocks and bonds as another way to fund my travel trips. This allows my money to work for me while I’m traveling and creating content.
Creating an Online Business
The digital world opens numerous opportunities for everyone when creating an online business, if you have an idea for a service or a product, consider creating an online business to fund your travel adventures!
Leveraging Savings Apps
The integration of savings apps really helped my approach. Apps such as Rakuten, You Need a Budget, and Mint are great for setting a budget, managing bills, saving on deals and so much more. Using these apps, you can save a good chunk and set it aside for your travel goals.
Directing Paychecks into a Savings Account
If you aren’t already, start depositing part of your paychecks directly into a savings account using direct deposit. I started using this account to keep track of my travel budget and automate payments into this account without manually depositing.
How to save money for travel by Traveling During Off-Peak Periods
When you book your travel plans is crucial! When possible, I try to book my trips during off-peak periods depending on where I am traveling. The main benefit of traveling during the off-peak season is you enjoy lower prices, avoid the crowds, and get a more enjoyable experience as a result. You’re also able to splurge a bit more and still save money compared to if you booked during peak season. It’s the ultimate bang for your buck!
Leveraging Loyalty Programs and Credit Card Rewards
Many airlines, hotels, and car rental companies offer great loyalty programs and rewards. I typically fly out with United and stay at Hilton Hotels when I can. Often, I am upgraded into a suite, or I get an extra day for my rental at no charge! These companies want you to stay with them exclusively and will offer these rewards the more you book through them. Eventually, this will lead to greater discounts and greater rewards, which makes your travel experience that much better!
Choosing Budget-Friendly Accommodations
I love to choose budget-friendly lodging when traveling. Hostels, guesthouses, and vacation rentals reduce travel expenses while giving you a unique and different experience than the usual hotel or resort. If you do decide to stay at a hotel or resort, consider booking one that is an all-inclusive stay. This will save you money on food and drinks which we know can REALLY add up when we are traveling. Also, who doesn’t like endless drinks when you are out on vacation?
Conclusion
Saving money for travel is an ongoing journey filled with some sacrifices and choices to allow you more freedom during your travels. Setting clear financial goals, creating a well-structured budget, and cutting back on unnecessary expenses are important steps. Try and generate multiple passive income streams, automating savings, and choosing budget-friendly stays for your next adventure.
In conclusion, this is not something that is going to happen overnight. It took me a month or so before I started seeing the savings start piling up. But once you start saving, you will be motivated to continue this path and will not regret it! So, if you’re dreaming of far-off destinations, begin your journey today and save money for travel – your future self will thank you.
I hope you find this guide helpful as you plan your next vacation. Certainly, look at my other reviews here to plan your next vacation! Be sure to subscribe and bookmark my blog and follow me on Instagram @TheHotelHaven and Facebook for more travel tips and inspiration. Until next time, happy travels! All opinions are my own and not swayed by outside sources.
