How to save money for travels !!!
Updated: Sep 17, 2020
The hardest part of wanting to travel is figuring out how to afford it. There is this misconception that traveling needs to be expensive and that only people that are well off can afford the getaway. Well, let me tell you! That is a complete MYTH. If you want to save for future travels, what you will need is discipline.
Here are 10 ways to save money to travel more often:
(keep in mind traveling does not have to be international or lengthy)
1. OPEN A SAVINGS ACCOUNT
You should already have at least one savings account for rainy days and emergencies (if not get to it). Open a savings account dedicated to your future travels; that account gives you the chance to put some funds away specifically for exploring the world. Keeping that money separate from your other funds will help you avoid spending it frivolously. I recommend opening an account with a high-interest yield like that your money is making money.
2. SPEND LESS ON EATING OUT
Every time you eat out you spend on average $15-$20 per meal and that's being modest. Learning how to prepare a home-cooked meal for yourself can be very satisfying and delicious. There are many recipes online that are easy to follow to help you get started. Even in a country such as the United States, you can easily eat on $40 to $50 a week of groceries when cooking for yourself.
3. REDUCE YOUR UTILITY BILLS
Put on a long sleeve shirt and a sweater and keep the heat on low and instead of constantly using the air conditioner open the window for some fresh air. Of course, depending on your region, that might not always be possible, but a couple of dollars a month can go a long way. Take shorter showers in order to save on the water bill. In 2020, in the US, the average utility bill for apartment renters is $100-$150 a month and for homeowners, it's close to $400 a month.
4. ASSESS YOUR EXPENDITURES
Take some time to create a spreadsheet and make a list of your daily and monthly expenses. Split them into two columns: the Needs and the Wants. Little by little get rid of the "wants" and put that money towards your travel savings account.
5. SELL UNNECESSARY BELONGINGS
As someone told me before, "if you haven't used it in a couple of years you do NOT need it". Websites such as eBay or Facebook Marketplace are great places to sell things you no longer need. If you plan on traveling long term, you may consider doing the same with certain furniture. It will save you money on storage space and put money in your pocket.