Every traveler has fantasies of jetting off around the globe to secret African villages and the world’s most beautiful islands. But the crushing reality is that travel costs money and for most travelers, this is not a limitless resource. There’s a popular myth floating around that travel is an expensive hobby. Certainly, people who travel a lot must have been rich, have lucrative lottery winnings, inheritance or work high paying jobs… right? The key to any holiday is being smart with your money and that starts even before you hit the road! It’s important to know how to save and plan your trip so you don’t find yourself running out of money on the road. Here are our best tips and tricks on how to save money for any trip – even if you don’t make a ton of money.
This is the first thing to do when you start your saving journey. For one week, write down every cent you spend. And what you spend it on. This gives you a clear direction on how to achieve your travel goal. Then get some pretty highlighters (but don’t buy them, find them) and highlight which are NEEDS and which are WANTS. Then be honest about those wants. Be honest about your financial capabilities. Understand that at times you would need to sacrifice some of the wants to be on that trip.
Now let’s get to it…
A monthly budget, where you put money aside to pay for the desired trip. You are making a significant long-term commitment that’s sometimes going to be hard to stick to. Saving up enough money for travel, or anything for that matter is tough and demands sacrifice, which is why so few people succeed. The right mindset is everything!
Commitment is important especially the financial commitment. This is simply about awareness. You’re looking at your financial situation right in the eye.
Affordability comes with sacrificing some wants to limit your expenditure also prioritizing on what is more important. Spend less on shopping, cut back on fancy coffee drinks, eat out less often and reduce or eliminate your car usage.
A travel bank account that is designated for entertainment and travel purposes. This account may be used to purchase plane tickets, pay for hotel stays, and/or food. A most financial institution like banks offer travel accounts, look up products that may be suitable for your budget.