Want to travel but don’t know how to save money? Believe me you don’t need to be rich to begin your travel adventure.
Let me share with you some of my tried and tested practical ways on how to save money for travel in this very personal guide that I have been following for many years now.
Practical Ways To Save Money For Travel
1. Create a Dedicated Travel Fund
Start by creating a dedicated savings account. For instance, consider using an online bank like Ally or Capital One 360, which offer higher interest rates than traditional banks.
You can automate transfers to this account each payday. For example, if you transfer $30 every two weeks, you’ll save $780 per year.
I as a frequent traveler, saved for my trip to Italy using this method. I was surprised by how quickly my savings grow without much effort that has been helping me a lot now to save money for travel.
2. Cut Down on Non-Essentials
Audit your monthly expenses and identify non-essential spending. You should cancel unused subscriptions like that gym membership you never use or streaming services you rarely watch.
Cooking at home instead of frequently dining out can save you a significant amount. For example, if you spend $10 on lunch daily, switching to homemade lunches costing $3 can save you $1,750 annually.
Websites like Mint.com can help track and categorize your spending to find these savings opportunities.
3. Budget Wisely
When you actually want to save money for travel, It’s important to list all your income and expenses to find areas to cut back. Create a budget using tools like You Need A Budget (YNAB) or a simple spreadsheet.
Additionally, reducing your entertainment budget from $200 to $100 a month frees up an additional $1,200 annually for your travel fund.
I used this budgeting app to cut unnecessary expenses and saved enough for my two-month trip to Europe.
4. Sell Unused Items
Always remember to declutter your home and sell items you no longer need. Platforms like eBay, Facebook Marketplace, and Posh mark are excellent for selling clothes, electronics, and household goods.
For example, selling an old smartphone for $150 or a rarely used designer bag for $200 can quickly add to your travel savings. Check these 6 money hacks to live debt-free life to travel more!
5. Take on a Side Hustle
Consider side gigs like freelancing proofreader on Upwork or Fiverr, driving for Uber or Lyft, or delivering groceries with Instacart.
For example, working just 10 extra hours a week at $15 per hour can bring in an additional $600 a month, or $7,200 a year. Check out these 21 hobbies that make money as a side hustle.
6. Use Cashback and Rewards Programs
Sign up for cashback apps like Rakuten or use cashback credit cards for your regular purchases. For instance, a card offering 2% cashback on all purchases can earn you $20 for every $1,000 spent.
Over a year, with monthly expenses of $2,000, you could earn $480. Additionally, joining grocery store rewards programs can lead to further savings.
7. Plan Budget-Friendly Activities
Explore free or low-cost entertainment options. Websites like meetup.com can help you find free local events, while libraries often offer free workshops and events.
Opt for activities like hiking, biking, nature walking, or visiting free museums. Instead of a $50 night out, a $10 picnic in the park with homemade snacks can be just as enjoyable.
Believe me, this has saved my hundreds by choosing hiking trips over expensive weekend outings.
8. Track Your Progress
Use apps like Personal Capital or a simple spreadsheet to track your savings progress. Set monthly goals and celebrate small milestones. If your goal is $3000-$4000 in a year, breaking it down to $250-$350 per month makes it more manageable.
This way you can track your savings and treat yourself to a small reward each month as you hit your target, keeping you motivated and on track for your dream vacation.
Save Money For Travel App
Check out these apps that can help you manage your finances more effectively, making it easier to save money for your next travel adventure.
1. Qapital
- Automate savings with customizable rules.
- Set specific travel goals.
- Available for iOS and Android.
2. Digit
- Analyze your spending habits to automatically save small amounts.
- Helps you save without overthinking.
- Available for iOS and Android.
3. Acorns
- It makes sure to invest your spare change by rounding up your overall purchases.
- Offers a feature to set up specific savings travel goals.
- Available for iOS and Android.
4. YNAB (You Need A Budget)
- Helps you create a budget to stick to it effortlessly.
- Tracks your spending and savings.
- Available on iOS, Android, and desktop.
5. Simple
- This is an online bank with a built-in budgeting and savings tool.
- Allows you to set and track savings goals at the earliest.
- Available on iOS and Android.
6. Personal Capital
- A financial planning app that tracks your spending and savings to achieve your financial goals.
- Provides insights to assist you to effectively save more.
- Available for iOS, Android, and desktop.
7. Pocket Guard
- It’s made to help you track your spending and find areas to save.
- Offers budgeting tools and savings goal features.
- Available for iOS and Android.
Let’s Recap….
Being able to afford to travel often requires making a few sacrifices, but the rewards are totally worth it. Adjusting your lifestyle and spending habits might take a little time and you might encounter some bumps along the way.
However, if you stick to these eight practical ways and keep your eye on the prize, you’ll soon be jet-setting around the globe! Plus, as you save money for travel, you’ll uncover the amazing benefits of living a more frugal and eco-friendly life.
FAQ
How much money should I save to travel?
To begin your travel adventure, you actually do not have to make big savings. The secret is to keep consistency towards your savings to achieve your pre-defined travel budget.
How can I save a lot of money for vacation?
You can save lot of money by doing side hustle with your regular job to save for more. Check out how to make an extra $1000 a month.
Ready To Save Money For Travel?
By applying these enhanced strategies and practical ways, you’ll find it easier to save money for travel. Embrace these methods, and you’ll be well on your way to funding your next adventure without financial stress.
Let me know how these tips made you save money for travel ahead in the comment below.
Happy Traveling:)
