Travelling is more than just a hobby. A lot of people work hard most of their lives to create a travelling budget. Travelling is a luxury in today’s time, and if you want to travel as soon as possible, you must follow a savings plan.
Before we dive into the details, you need to think about how much money you actually need to save? Is it going to cost you more than your 3-month salary? How high can the airfare cost go for you? There are so many calculations and planning you must do before you start packing!
No matter how much money you have in your bank account, it doesn’t hurt to have a plan in place. Listed below are some of the most effective ways you can save money for travelling to your places. Read ahead and follow them!
- Draft a Savings Plan
This is the first tip on the list because following a strict plan is the best way to achieve your goals. A good and effective savings plan will involve these 5 steps for certain:
- Assessment: Assess your financial situation and compare your trip plan to it.
Are you realistic and flexible with your plan and situation? Be honest about your situation and take decisions, no matter how hard they might be. It’s for your benefit. You can create a comparison chart of expenses vs. income once you’ve figured out the overall cost of your trip.
- Goals setting: Include short term and long term goals in your savings plan. Create realistic goals and list them in order of priority. Aim high but maintain your enthusiasm by being honest.
- Build a plan: Once you’ve evaluated your financial situation and set your goals, create detailed savings plan to help you accomplish your goals. Set a strict spending budget and subtract any unnecessary expenses.
- Implementation and monitoring: Begin following your plan strictly and monitor the changes every month.
- Be Dedicated
Following a routine, schedule, timetable, or plan is never easy. You will face challenges and temptations, but it’s important to remind yourself of the reason you’re doing this. Put pictures of the places you wish to travel with the money you’re saving, create a trip route, and envision yourself in those places. It’s important for revalidation. Be committed to this plan, and It’ll benefit you in the long run. You can achieve anything when you’ve set your mind to it!
- Cut Down On Expenses
Unnecessary expenses will drain your bank account in no time. Instead, focus on simplifying your life. Sell stuff you don’t need. Save money where you can. Eat at home some days and figure out your needs and wants respectively. Eliminate your wants for a little while and focus only on things you need at the moment.
You can purchase the dress you really wanted on the trip instead. Narrow down your regular purchases and make sure you only fulfill your needs. Keep a notepad by your side to jot down your purchases and daily expenses.
- Save Up on Your Meals
This is where most of us end up spending involuntarily without paying any attention. You might think you’re doing yourself a favor by not buying a $2.50 drink, but unless you’re spending less than $7 to $8, it’s not working.
Make a point of saving up on your meals. The money you save on meals will eventually add up to a significant amount you can add to your travel fund. Trim the lunch cost you spend in 5 days from $15 to $8.
Learn how to cook from YouTube, The Food Network, and many other great recipe platforms. Enjoy saving $40 to $50 every week by prepping meals for yourself. Unprocessed, healthy foods like beans, rice, potatoes, vegetables, chicken, and pasta are great healthy options for a fantastic dine-in meal
Another great way to save money in this area would be to cut back on coffee or avoid spending a fortune. We know getting rid of coffee forever is impossible, and cafes are important for students, workers, friends, and family to study, work, and socialize. However, if instead of $5 every day, you spend $2 on coffee, you’d be saving more than $1000 every year.
Pack your own lunch for work or eat dinner at home to save more money. Once you start to learn and live by the tip, you won’t go back to spending half your savings on meals. Instead of going all out on fancy caffeine drinks, you can rely on a drip and instant coffee to do the trick!
- Save Up on Internet and Cable
You’ll be shocked to know how much you can save up by switching to a reliable cable and internet service. People spend more than $120 per month on just cable TV. That adds up to more than $1400 per year.
This is where bundled services come in handy. Instead of spending a fortune on a single service, you can enjoy more than one service at the price of one. AT&T is a reliable internet provider that offers internet, phone, and cable services at cutthroat prices.
Their packages and bundles help subscribers save a lot of money every month. Check out the AT&T internet cost and subscribe to cost-effective bundles now!
- Reduce Your Utility Bills
By being more efficient, you can reduce your monthly utility bill by a huge margin. You can do so by:
- Keeping the heater on low
- Turning on the air conditioner only when you need it
- Switching off lights in empty rooms
- Taking short showers
- Letting natural light and air come in through the windows.
- Doing laundry in fewer loads
- Going green and conserving energy
- Cancel Your Gym Membership
If you have a gym membership you haven’t used in a while; then there’s no use in having it. Instead, you don’t need a gym at all to stay fit. You can work out in the outdoors and enjoy the fresh air!
Instead of letting the gyms debit a hefty amount every month, save the money and earn the benefit by working out outdoors.
The Bottom Line
Stick to these tips, practice them months before you start traveling. Ensure you stay determined and dedicated to your goal if you want to save money the responsible way.