Let’s face it, if you want to travel, you need money. The longer your trip is planned for, the more money you will need. If you’re going to mainly developed countries, you will need more money. It’s important that you figure out the budget you will need for your trip, then set a savings goal. Set your money target and a time limit. I’d always make the target higher than the budget you have worked out, just incase. Then you need to save that money. How? Saving money isn’t always the easiest thing to do. Here are my ten tips for how to save money for your travels:
1. Set Up A Savings Account
First, you need somewhere to save your money (under your mattress is not a good option as you’ll make no interest). Look around your banks to find the best offer on savings. Don’t be loyal to your bank, if you can get better elsewhere, go for it.
Look for a good interest rate and don’t choose an easily accessible account if you’re likely to be tempted! Choose one that you have to physically go to the bank to withdraw money and you’ll be less likely to bother!
Make sure you have a dedicated amount to go in each month or week and set up a standing order, so you have no choice and can’t forget. Put any extra money in too!
2. Cut Down The Drinking
I’m not saying don’t have a social life! Just cut back. I know I can easily spend £50 on a night out, and that soon adds up! Instead of going for a night out with friends, why not have them over? It’ll be much cheaper than going out and just as much fun! And you may even get the bonus – when your friends leave the rest of their booze!
3. Work, Work, Work
If you want more cash, take more overtime. Work as much as possible. Yes, it may affect your social life, but will that matter when you’re jetting off on your adventure?
You could even take an extra ‘casual, cash in hand job’ to help. Maybe ask your family and friends if they need any odd jobs doing for a small fee.
Any above-and-over money that you earn, put it straight in your savings account! Pretend it was never there!
4. Make Your Own Lunch
If you’re working so much you may be tempted to go out for lunch. Don’t, it soon adds up! £3 on lunch every day for, lets say a five day work week, becomes £15! Over a month that’s £60!
Not only will it be good for your savings to make your own lunch, it’s good for your health! You’ll be eating fresher food with only sugar, salt and additives that you add to it!
5. Cook At Home From Fresh
Don’t buy processed foods because they’re ‘cheap’. Cooking yourself from fresh ingredients is cheaper! What’s more you’ll learn a new skill! Leave the supermarkets behind and head into the high street, is there a market you could get fresh produce from? A local butcher? Not only will you be helping your bank balance, you’ll be helping your local community!
Cooking from fresh is also healthier for you! Worried that you don’t know how? There’s loads of online recipe sites that can help you out! Believe me, it’s not as hard as you think!
Smoking is an expensive habit, save money by stopping! Once again, you’ll be healthier too! If you can’t quit completely, even cutting down will help. Restrict yourself to so many a day. Obviously quitting is better, but harder.
7. Don’t Buy Food Out
Cut out coffee, snacks, bottles of pop etc. when you’re out and about. It’s amazing how quickly these little expenditures mount up! If you’re into the habit of buying a bottle of pop, or water everyday, that can easily be £30 a month! Get a metal water bottle to carry around with you. It’s better for you, your bank balance and the environment!
8. Stop All Subscriptions
Magazines, gym membership, cinema membership, do you need these? You won’t need them when you’re on the road, so why not stop before your trip?
If you’re worried about being unhealthy quitting the gym, why not try running, it’s free! Walk more places to get your exercise. There’s loads you can do at home, for free, rather than keeping the gym membership!
9. Ask For Money As Gifts
Got a Birthday before your trip? Christmas maybe? Perfect! Ask family and friends to donate money for your trip rather than buying you stuff. Put that money straight into your savings account – don’t touch it! Pretend it was never there!
Sell things you don’t need, an easy way to make a bit of extra cash. Do you need all your DVDs? Jewellery? Sell online, or try a car boot sale. Just be sure you don’t buy anything else whilst you’re selling!
What about the car? Do you need it? You won’t when you’re travelling. If you can walk, cycle or get public transport to work, sell your car before you go. That way you’ll save on petrol and running costs too! Not convinced? Check out how budgeting guru Jordann Brown cycles her way to massive yearly savings.
Saving for your trip is an important part of the process of getting ready and planning your trip. Make sure you figure out the budget you need and set a savings goal above that figure! The easiest way to save is to give up and cut down on certain things. Any extra money you have should go straight into your savings account, so you can’t be tempted to spend it. Remember, missing out on a few things means you can do more as you travel!
Make sure you also look out for deals when planning your trip. And figure out what’s best for you. There are also ways to save on the road and during your planning. For instance, should you:
- Get a Round The World Ticket?
- Should you WWOOF?
- Should you work?