Unless you have a Trust Fund or a fairy godmother just waiting to transport you across the world (we can always dream!) chances are you’ll need to save up before you start travelling. Here are our top tips on saving for travelling.
Be inspired by your financial travel goal
Research where you want to go, how much money you’ll need and when you want to leave. Then stick a chart up on your wall showing what you will save each month and surround it with images of the fantastic places you want to see. It’s a great way to stay focussed on saving for travelling when your finger’s hovering over the “buy” button on ebay.
Sell, sell, sell
Look around your room. How much stuff do you see? And how much do you actually need? Whether you opt for a yard sale, ebay or a trip to your local vintage store, selling those unwanted extras can give a brilliant injection of cash into your travel savings – and it means you’ve got less to pack up when you’re ready to leave.
Track your money
Money comes in and money goes out – sometimes VERY fast. Set up a simple spreadsheet and track everything (and we mean everything) that you spend over the next few weeks. If you know where your money’s going now, you’ll find it a lot easier to work out where you can start saving for travelling.
Open a travel savings account
We’re sure you’d never dip into your travel funds for a great night out. But if you keep your travel savings in a completely separate account you won’t even be tempted. Pick a savings package with the best interest rates and you’ll see your travel fund increasing all by itself. Perfect!
Ask for money
No, we’re not saying you should sit on a street corner begging. But we definitely do think it’s worth asking friends and relations for cash towards your travel savings fund instead of a birthday gift. Or, if this seems too tricky, what about a voucher for a shop that sells travel essentials like backpacks instead?
Need not want
Take a long hard look at your current expenditure. Do you really need each item? Or could the money go into your travel savings instead? You can choose where to draw the line – but remember, if you decide that a weekly scrumptious smoothie really is essential then you may be staying at home for a while longer!
Stop the money trickles
Money trickles away in so many little ways. Aim for 5 ways to save £3 each week – whether that’s walking instead of taking the bus, having one less drink on a night out, making a cup of tea rather than buying a coffee or moving to a cheaper utility supplier. You’ll be up more than £60 by the end of the month, almost without trying. And you can buy a flight for that!
Transfer before you spend
Set up a direct debit to transfer a set amount of your wages into your travel savings account on the day you get paid. If you never see the money in your current account you’ll be far less tempted to spend it.
Make more money
Saving isn’t all about cutting back. One of the quickest ways to meet your travel savings target is by making more money. Take on an extra part-time job; offer your services freelance online; sell handmade cards at your local craft market … And the added bonus is that if you’re working, you’re less likely to be spending. Win / win!
If you simply cannot wait to start travelling why not look for ways to earn as you go? Have we mentioned that TEFL is a brilliant way to work your way around the world?