Travelling is great but can also be expensive. If you want to travel more but feel like you never have enough money, then consider taking measures to cut your costs and outgoings. Here are ultimate tips on how to save more for your travels, and you’ll find these tips split by finance, lifestyle and home.
1. Put money aside each month
A top way to save money for travel is to put money away (save) each month. Some banks have special savings accounts where you save a set amount each month and earn higher interest, but you can’t withdraw during a certain period. Ideally, try and save around £150 (approx) a month or more, and this should quickly add up and get you closer to your next trip.
2. Take out the cash you need for the week
Having a card in your wallet can make it easy to buy things you don’t need, as well as lose track of your spending. Instead, consider withdrawing the cash you need for food and other items. This should help you only spend as much as you really want to based on your budget, and allows you to save much more towards travel.
3. Avoid getting overdrafts and loans
Overdrafts and loans are big money makers for banks. The reason being is that they take customers a long time to pay off. This is due to the large amount of interest and fees that you will be fighting against in every payment. Try avoiding overdrafts and loans and being more aware of your spending throughout the month. Do this by keeping an eye on your balance and budgeting your money over the course of the month.
4. Save by using interest-free deals on credit cards
Some credit card companies have deals for new customers where you get interest-free for a certain number of months, this can even be as long as 18 months. If you’re unable to save for a trip but know you can realistically pay the money back within the interest-free period, then hey presto your solution is right there. Please note I am not encouraging credit cards if you can afford to pay for your trips in hard cash, but I do always recommend saving money whenever possible.
5. Create passive income streams
A good way to save money for travel is to create passive income streams. This could include selling your travel photographs through agencies, making money online through a blog or website, writing a book, selling podcasts, creating an app, the list is endless.
Once you have your stream of passive income the next step is to save that money each month for your next holiday.
Note creating a nice passive income does take a bit of work up front, but once you are up and running then it takes a lot less work down the line.
6. Get a Monzo account
Monzo is an online App based bank and is a great way to manage your finances. You can track all your spending, set budgets, create saving pots and much more. As a result, you should hopefully have more money that you can then put towards travel.
6. Cut down on partying and going out
Going out partying might be great fun, but it’s also a good way to make your money disappear. Especially with the over-convenient Contactless payment system. If you can’t resist going out then consider leaving your bank card at home and only taking cash.
7. Spend less on clothes and other material items
If you like shopping for clothes and other items and are an impulsive spender then try avoiding going into shops altogether. By not seeing things you want then you’re not going to buy them. Alternatively, try having a set amount to spend each month and strictly only spend that amount.
8. Use public transport
Public transport is often cheaper than getting taxis, Uber, or owning a car and driving yourself. This can vary though depending on where you’re going and if you’re travelling with a lot of people. For example, if you are travelling in a group you may find driving/hiring a car is cheaper than the accumulated cost of all the tickets. So essentially do the maths when deciding on the cheapest option for you.
If public transport isn’t an option then look to see if it’s possible to carpool. Is your colleague driving past your road on the way to work each day? Carpooling is an excellent way to save money and splits costs when possible.
10. Eat out less
Everyone loves eating out, but all the money you spend on eating out could instead pay for a nice meal at home, or better yet more for saving towards your travels.
11. Consider working out at home or in the park
Gym memberships are expensive and the cost will add up over the course of a year. Consider using body weight or the local park for a workout, or a good long-term option is to buy your own equipment and having a home gym.
12. Get a cheaper phone contract
Do you really need all those minutes, SMS and data? If not then consider downgrading your phone plan and getting something a lot cheaper. A lot of decent phone companies allow you to monitor your data usage using an app or other means which is great for checking this.
13. Keep an eye out for deals in grocery stores
Deals and buying in bulk can be a good way to save money in grocery stores. You should always be aware of your spending and also check your receipt in case of pricing errors (which actually happens a lot).
14. Downsize your television contract
Instead of having a television package giving you hundreds of channels, consider cheaper ways to watch Television, such as Freeview (UK), Netflix and other cheap or free entertainment services. Alternatively, cancel TV altogether and try doing something new. You could also consider using your time for blogging and photography.
15. Turn off lights and other appliances
Simple things like turning off lights, the television and other appliances when they are not in use is not only a good way to save money, but also a way to not waste energy and help the environment.
16. Buy eco-friendly whitegoods
If you have old appliances you may find they use a lot more energy than more modern appliances, which can have a big impact on your electricity costs. So when possible try and change to a more energy efficient model.
17. Downsize where you live
The area you live in and the size of your accommodation may be more than you need. Having to travel a little more from a different area could save you tons of money, especially if you are in a big city. Having a big apartment may also be costing you a lot more by needing more energy to heat and power it.
18. Only use ECO lighting
More ECO-friendly lighting such as low-energy bulbs are a great way to save money on electricity costs. The popular halogen lights although look good are high-energy.
When trying to save money for travel you should think about all the things you spend your money on, and then consider if it’s a cost that you can reduce or remove. Be strict with yourself when you do this, and as a result, you will hopefully end up being able to save more money that you can then use for travel.