7 Practical Ways To Save Money For Travel
By M L | Updated January 20th, 2022
Whether you want to travel the world nomadically or want to take an epic vacation saving money for travel is important. Starting with small changes today will leave you surprised by how quickly you can save for travel when you put your mind to it.
These 7 practical ways to save money for travel will help you to make your travel dreams a reality.
1. Track Your Spending
A great way to start the money-saving process is by tracking your spending.
It’s easy for your money to get lost in the shuffle of day-to-day life.
Take a day to go through all of your accounts to find out exactly what your finances look like. You’ve got to do this on a regular basis to keep tabs on your spending habits. Look at things like how much you spend on food a week, monthly expenses, and credit card debt.
2. Create A Budget
Next, you’ll need to create a budget, firstly for your everyday life, and secondly for travel. The best way to do this is by creating a running budget and assigning strict limits to recurring expenses.
In order for this to work, you’ll need to stick to the budget.
Having complete control of your finances can be freeing and it will certainly make it easier for you to save for travel.
3. Get A Travel Credit Card
A travel credit card can give you many rewards such as free money, free rooms, and free flights. You’ll accrue miles and reward points on your everyday purchases, and redeem them for freebies while traveling. This is a great weapon in your budget-friendly travel arsenal.
With most travel credit cards, you will get a sign-on bonus when you sign up for a new card that usually equals points for dollars spent in a 3 month period.
4. Develop Habits That Save Money
Developing habits that save you money is generally easy and can really help to save money for travel. For example, learn to cook at home so you don’t spend as much money eating in restaurants. Make your coffee at home instead of grabbing it on the go.
Reassess if you really need some of the things that you are paying for, how important is Netflix to you right now? It’s small but this shift in mindset really does help!
5. Open Online Saving Accounts
To help your money grow while you are saving, consider opening a high-yield savings account online. You can easily net a few hundred dollars before your next trip by simply
moving your savings to a high-yield account. Make sure to pay attention to the interest rates when deciding on an online financial institution.
6. Use Price Comparison Sites
It’s great to cut back on expenses but you will still have essentials such as gas, electricity, insurance, internet, and phone.
Using price comparison websites will help you to compare hundreds of financial services, products, and enable you to get the best deal. You can also use these websites for supermarket and shopping comparisons, and many stores price match.
Don’t forget to use sites to do a bit of travel hacking, too, with things like booking cheap hotels, flights, and rental cars.
7. Live Below Your Means
This one is easier said than done, but it’s the best advice to save money for travel.
If you can ditch your car that will take away the expenses of a car payment, insurance, maintenance, and gas. For those who live in more rural areas, you can use price comparison sites for both insurance and gas. You can easily stream instead of paying for cable and downgrade your phone plan.
The rewards for living below your means will be considerable – more travel!
These seemingly small changes will have a huge impact on your finances and will help you to save money for travel.