For many of us, the idea of traveling the world is a dream come true. Exploring new cultures, trying new foods, and meeting new people are just a few of the reasons why so many of us are drawn to travel. However, one thing that can often hold us back is the cost. Traveling can be expensive, especially if you want to see the world in comfort and style. But fear not, as with a little bit of planning and some creative thinking, it is possible to save money for travel without sacrificing the experiences you love!
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how to save money for travel Why save for travel
Traveling is not only a fun and exciting experience, but it can also be incredibly beneficial for your personal growth and development! It allows you to step out of your comfort zone, learn about different cultures, and gain a new perspective on life. However, in order to fully enjoy your travels, it’s important to have enough money to fund your adventures. Here are a few reasons why saving money for travel is so important:
- It allows you to have more freedom and flexibility in your travels
- It gives you the ability to splurge on once-in-a-lifetime experiences
- It helps you avoid debt and financial stress
- It allows you to travel for longer periods of time
How to save money for travel
Ok, now that we’ve established why it’s important to save money for travel, let’s dive into some practical tips on how to do it!
Set a savings goal
The first step to saving money for travel is to find out how much you need to save and then set a savings goal. Figure out how much money you’ll need to fund your travels/ trip, and then break it down into smaller, more manageable goals. This will give you something to work towards and help keep you motivated.
Start by looking at the costs of flight tickets and the overall general cost of the country you want to travel to.
An example; let’s say: on this trip to Japan for yourself, flights average about $1,500 but if you set google price alerts, you can save some money. You’re planning to stay for 7 days and averaging about $200 for hotel and 100 for food a day. transportation will be $100 a day, Add 20% for discretionary and you will need to save about.
- flights: $1,500
- Hotel for 6 nights: $200 x 6 = 1,200
- Transportation: 100 x6 = $6,00
- Total = $3,300 + 20% discretionary spending = $3,960 rounding up to $4,000
With a goal of savings of $4,000, you can set a realistic timeline and see how long it will take you to save this amount and how much monthly savings you can put towards this goal. For money savings tips, continue reading.
Create a budget & Savings Plan
Create a separate savings account just for your travels
Link this account to your checking account and whenever you get paid, automatically transfer a set amount per paycheck to that account. You won’t notice the money missing from your check since it’s automatically withdrawn on the day of deposit. This adds up quickly! I would budget however much you can and with each pay raise, increase it! And above all, do not touch this account.
Cut back on unnecessary expenses
To save money for your travel, you may need to make some sacrifices in your daily spending. Consider cutting back on expenses such as eating out, shopping, and entertainment. Look for creative ways to save money, such as cooking at home instead of eating out, using public transportation instead of driving, or canceling subscriptions you don’t use. Do you really need that Netflix or Hulu subscription for the next year?
Find ways to earn extra money
If you’re struggling to save money for travel with your current income, consider finding ways to earn extra money. This could mean picking up a side hustle, freelancing, or selling items you no longer need.
Can you sell things on Etsy? Pick up a few additional hours at work a week? Sell some of your less-worn clothes on Poshmark. Get creative and think outside the box!
Use travel rewards programs
Travel rewards programs are a great way to save money on travel expenses. Sign up for credit cards that offer travel rewards or loyalty programs for airlines and hotels. This can help you save money on flights, accommodations, and other travel-related expenses. Learn to travel hack for free travel and flights! Sign up for cards that offer great sign-up bonuses and rack those up (Responsibly! Don’t go into debt in effort to save money)
Travel during the off-season
Traveling during the off-season can be a great way to save money on travel expenses. Flights and accommodations are often cheaper during these times, and you’ll also avoid the crowds that come with peak travel season.
March-May and September -October are considered “shoulder season” and that’s usually the best time to score cheap flights and accommodation. An extra perk is it also comes with fewer tourists during this time! You may experience some mild rain, but a little rain is worth the money savings!
I usually travel shoulder season and never pay more than $700 for my flights. Most of the time I’m point-hacking to get free flights or cheap flights.
Last-minute trips can be fun, but they can also be expensive. If you want to save money, then it’s time to start planning ahead. Book your flights and accommodations in advance, and keep an eye out for deals and discounts.
Consider alternative accommodations
Hotels can be expensive, especially in popular tourist destinations. Consider alternative accommodations like hostels, Airbnb, or camping to save money on lodging.
Set up a Price Alert
Set price alerts on Google Flights! You’ll be alerted when the price drops. Find out how to set up price alerts on google flights.
Plan ahead for transportation
Transportation can be a significant expense when traveling, so it’s essential to plan ahead. Research the cost of flights, trains, and buses well in advance to find the best deals. Consider alternative modes of transportation, such as carpooling or renting a bike, to save money! I always book my transportation ahead.
Book activities and tours in advance
Booking activities and tours in advance can save you money and time. Many attractions offer discounted rates for booking in advance, and some may even have free admission on certain days of the week. Additionally, booking in advance can help you avoid long lines and ensure availability.
Research free activities
Finally, research free activities at your destination to save money on entertainment. Many cities offer free walking tours, museums with free admission, and outdoor activities such as hiking or swimming. Check online for local events and festivals that may offer free admission.
Use budget airlines
Budget airlines like Ryanair, EasyJet, and Southwest offer cheaper flights than traditional airlines. Keep in mind that they may have additional fees for things like checked bags, so make sure to read the fine print before booking.
Buy generic brands
Buying generic brands is a clever way to save some money. Oftentimes it offers nearly an identical product but for the fraction of the price. Take Costco for example, Kirkland brand for TP is a great way to save some money instead of buying popular big-name brands.
Get a Better Deal
Okay, you don’t have to give up all things you love and things that are important to you! If your health and working out are a priority, try signing up for a discount deal with a friend. Get a cheaper version of your subscription. Can you get Hulu with ads and save money? Can your daily coffee/boba habit be reduced to 2 times a week instead? There are ways to find better deals and cut back without having to sacrifice what you enjoy all together.
With the rise of Youtube university, you can do almost anything! Need to build a fence? You can learn that on youtube. As a recent new homeowner, my husband and I had to get creative and learn how to do some home projects ourselves. We saved a lot of money by not paying for labor.
Use The 50-20-30 Rule
A general good principle to use for budgeting overall. Don’t know what this rule is? See my FAQ below.
Get a Free House/Pet-sitter Home While Away
If you have pets and need a free housesitter, check out Facebook communities and websites that do free house/pet sitting in exchange for accommodation. Check out “Worldwide house sitting and pet sitting group” on FB! Also, Trusted House Sitters is another great community!
Buy Second Hand
Facebook Marketplace is on trend. You can often find almost new items for a much better price! Always do a quick search on FB Market before purchasing anything. I’ve purchased a new Vitamix for 1/4 of the retail price!
Wait For a Sale
There is always a sale just around the corner. By practicing a bit of patience, you can score 10-40% off. This works for big-ticket items such as cars and furniture as well! Usually, sales happen during holidays and major season changes. You can sign up for their email newsletter, and often times they will email you a 10% off code right away!
Become Your Own Restaurant
Ok, if you can make a sandwich you have your own restaurant. I know It’s not always convenient or easy to cook meals daily but try to cook meals that will last you 2-3 days and enjoy those easy and delicious leftovers. Eating out at restaurants during lunch and dinner can add up to be the largest monthly expense next to your rent or mortgage.
If you can find ways to cook more often, you will see those savings start to add. quickly!
Find Cheap Flights
Being flexible on travel dates can save you a lot of money. Learn to use Google Flights to find cheap flights! Consider traveling during off-peak times, choosing less popular destinations, or being open to alternative accommodations to save money.
Read the Detailed Full Guide on How To Use Google Flights
Saving money for travel is not always easy, but it is possible. By setting a savings goal, creating a budget, and finding ways to earn extra money, you can fund your adventures without breaking the bank. Use travel rewards programs, travel during the off-season, and be open to alternative accommodations to save even more money. With some planning and creativity, you can make your dream of traveling the world a reality. So start saving, go forth and explore, and don’t forget to send us a postcard!
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