Money Saving Tips for Your Dream Adventure Fund
Knowing How to Save Money for a Trip Can Get You to the Destinations You’ve Been Yearning For
One of the hardest parts of travel is saving up enough money to get where you want to go. This can be even harder than trying to get a comfortable sleep in the middle seat of a plane, but you have to get yourself on the plane first. It can be a challenge to save up enough money to get you where you want to go, but we have some tips on how to save money for a trip.
Planning ahead financially for a potential trip takes a lot of discipline and forethought, but it is not impossible. The key is to take a clear look at your finances and make smart choices, so you can allocate as much cash into your trip fund as possible.
Here are some practical steps you can follow to save up for your dream travel adventure.
First of All, Make a Plan
The first step towards saving for your trip is to figure out exactly how much you need.
Of course, this depends on where you want to go and how much luxury you want to enjoy when you get there. A shoestring adventure around eastern Europe taking buses and staying in hostels will require a smaller budget than a trip to a luxurious resort on a Caribbean island.
Take some time to calculate the amount you will need for your trip. A good way to figure it out is to estimate the amount per day you will spend on a hotel, food, excursions and souvenirs. Then, multiply it by the number of days in your trip, adding at least an extra 15% to 20% just in case.
Also, do not forget to include the cost of the one-time expenses, such as your flight, travel insurance, a backpack, any visas you might need, etc. (Here’s some more inspiration for saving money for traveling.)
Once you have found a specific amount you want to save, you will be able to make a goal and calculate how long it will take you to get there. For example, if you figure out that your trip will cost you $2,000 in total and you want to get there in 12 months, then you need to save $165 per month. If you can save $333 per month, you will get there in only six months.
Are all-inclusive resorts worth it? We go over some of the benefits of booking an all-inclusive to help you decide if this is the right vacation for you.
Tips to Save Money for Trips
The first thing you need to do is make a list of your daily and monthly expenses and organize them into two columns: wants and needs. The needs are your essentials like rent and food, the wants are things that you can eliminate to cut back on costs.
Next, set up an automated deposit from your bank account into your savings account, so you do not have to think about it. It’s very important to track your progress! Seeing your savings account grow over time is encouraging and makes you want to continue. Whenever you get any surprise windfall (such as a bonus at work or some cash as a birthday gift) you can put it into your travel savings account too. It also helps to put your travel savings in a bank account with a high interest rate, so you can take advantage of the extra earnings. Also, having your savings in a different account that is harder to access makes it less tempting to spend the money.
You can also make a budget for your daily expenses. Look for ways you can make each meal cost less, such as buying ingredients in bulk and cooking large batches to freeze for later. Also, cutting down the number of snacks and junk food you eat can be a big help. Not only will you save money (as these foods are often expensive) but you will also be healthier.
Taking a look at the subscription services and memberships you are signed up for can help you save money as well. When’s the last time you really used some of them? Figure out which ones you can live without and put that money towards your travel fund instead.
Another out-of-the-box idea is cleaning out your closets and storage units to see if there is anything valuable that you are not using anymore. Perhaps you can sell it online and put the money in your travel fund.
Time to Save!
In the end, it all comes down to priorities. You will not always have enough money for everything you want, but if you decide travel is important, you can prioritize saving money for it.
If you make a plan, stay disciplined and look for ways to adjust your expenses. Then, you will be able to save money and make your trip happen!
