To travel and see the world bits by bits is a gift that not many can enjoy but that more could if they wanted to. These proven tips to save money will get you started in no time; follow them and you shall see the results.Unfortunately even if you have a well-paying job finding the extra cash to travel is not always easy. Putting the bill on your credit card is something we wouldn’t recommend unless you can pay it off in 3 months or less and if that is the case, then why not simply wait 3 more months to save the cash and sail away.
It is all about resource allocation and prioritizing. Below some ideas where you can start saving money but be warned; it will take some sacrifices:
- Start saving even before you know where and when you want to go.
- Segregate your savings:
- You should always have an emergency fund separate from your travel money.
- You can; keep a separate bank account, track your savings on a spreadsheet, or write what percentages of your savings will be allocated to each of your saving goals.
- However you decide to do so, make sure you have a clear and written understanding of what portion of your savings is destined for travel.
- Monitor your expenses:
- Backtrack 2-3 months so you have an idea of where you can make simple updates or sacrifices.
- Have an expense journal but make it simple so you don’t drop it after the first week.
- Have a monthly and weekly budget and do not go over it.
- Eliminate Debt:
- If you have a lot of debt try getting rid of as much as you can before you spend money on a trip. You may not be able to take long and expensive trips at first of you may have to wait longer to initiate your travels but it will help you sleep better at night.
- Earn extra cash:
- Cashing in on things you like to do – if you like photography or making jewelry, try selling some of your art online. Who knows maybe not only your mom thinks you have talent and getting paid to do what you love is a sweet deal.
- Getting a part-time job or volunteering for overtime – Craigslist could be a good source for odd jobs that can bring in some extra cash.
- Sell items you don’t need or no longer use.
Below some tips to save money you can start implementing immediately to reach your goals:
- Search for bargains instead of paying full price for any of your purchases (discount stores, sales, coupons).
- Buy in bulk and use over time. This saves money down the road (toilet paper, shampoo & conditioner, lotions, soaps).
- Personal care:
- Cut down or completely eliminate “mani” & “pedis” (then get one right before going on your trip while you flaunt about your destination).
- Only go to the hair salon if you need a haircut.
- Groceries and food:
- Pack a lunch.
- Hit the grocery store and avoid runs to your local market or pharmacy to stock up on essentials like (milk, bread, soups, coffee).
- Pick up the specials at the grocery store you may find items that can substitute something on your shopping list.
- When you eat out, get an appetizer or a desert but not both. Consider sharing a plate with a friend. That way you won’t have leftovers but you will spend less.
- Do one economy meal a week. Don’t overdue this one because you do need to stay healthy and enjoy life.
- Dry cleaning and laundry – for your less expensive items try using some of the at home dry cleaning products like Dryel. Pay less in laundry or water bill if you wait until you have large loads of laundry instead of doing laundry each week.
- Cable, internet and phone- see how you can cut down your bill.
- If you live in a large city and have the room, try getting a roommate over the summer to offset some of your rent or mortgage expenses.
Final thoughts: Keep in mind your final goal with every sacrifice you make. Involve your friends and your family so they don’t judge you for your cheap ways (if that affects you) or maybe even help you with ideas or referrals.
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