Travelling is a hobby which can cost everyone a big chunk of the budget. By the way, things like airline tickets, hotel accommodations and even car rentals are getting higher and higher every year. These costs can be taxing to you but also an opportunity to save more for your next vacation. Since I myself enjoy travelling often, I figured it’s time to help you out by sharing some useful tips that could help you save more for your next trip.
Travelling can be expensive, be it in South America, Europe, or any specific country like Mexico. But there are ways to save money on your travels. Here are a few tips to help you save more for your next vacation:
1. Discover How Much You Need to Save
One of the most important things you can do to save for travel is to figure out how much you’ll need to save. If you don’t, it’s easy to get discouraged when you see how far away your dream destination is from what you’ve saved so far.
It’s helpful to write down exactly how much money you need, as well as when that amount will be available in your account. This way, when life gets in the way, and other expenses come up, you’ll know that there’s still time left to reach your goal.
Once you have a realistic target in mind, it’s time to start saving. The best way to save money is by cutting back on unnecessary spending or increasing your income or both.
2. Figure Out When You Want to Travel
Deciding when to travel can help you save a lot of money. If you travel during the low season, when prices are cheaper, and school kids and families are not around, you will save more. You should also research what time of year is best for visiting a particular country. For example, Thailand is notorious for the monsoon season.
If you want to save more for travel, it makes sense to set up a dedicated savings account. This will help you keep track of your money and make it easier to see where it’s going.
You can even use this account as an emergency fund if things get tough. You can put money in there every month or week so that no matter what happens, you still have some extra cash available when you need it most.
There are different types of savings accounts available, so while choosing a savings account, make sure you go for an account where you can collect money, build a fund, and then withdraw without penalty. A zero-balance savings account will be ideal for people who are looking to save money for their travel expenses.
4. Automate Your Savings
When you automate your savings, it means that you don’t have to do anything manually. You can set it up so that the money is automatically deposited into your bank account on a regular basis.
This is particularly helpful if you have a job where you’re paid regularly (e.g., hourly or salaried) and don’t want to miss out on the opportunity to save money.
For instance, if you have Rs.1000 per month in disposable income, then try setting up an automatic transfer from your checking account into a savings account every month. This will ensure that you get some money set aside each month so that when the time comes for travel expenses, there will be no issues with cash flow or budgeting.
5. Let Go of Old Junk (and sell it!)
If you have old items that you no longer use, it’s time to let them go.
Selling things from your closet is a great way to get rid of clutter and earn some extra cash.
Not only will this help you declutter your home, but it will also help you save money by selling your unwanted items.
Sell online or at an auction site such as eBay or Craigslist. There are plenty of people who would love to buy your unwanted items!
If you’re looking for a new way to save money on your travels, consider taking up a side hustle. Side hustles are essentially jobs that supplement your primary income. The key thing about side jobs is that they don’t have to be an all-or-nothing deal. You can do them in your spare time and still have time to focus on your main gig or hobby.
There are many ways you can make extra money — from driving for Uber during the day and then working at home during the night, to starting a blog or doing freelance work as an additional source of income.
7. Shop Generic
Shopping generic is one of the most popular ways to save money on your international travel. When you buy generic, you’re not paying for brand-name products or services, but still getting the great quality and service, you would expect from a high-end brand.
The beauty of buying generic is that it’s cheaper than branded products, without sacrificing quality. Sometimes, it’s even better!
Travelling to another country can be expensive, but purchasing generic items can help you save money for your trip.
Closing Thoughts
While it is great to dream about going on a vacation, it is even better when you get the chance to go there. One of the best things that you can do to prepare yourself for travel is to save up some money so that your expenses while on the trip are kept to a minimum. It is important to be smart and cautious when spending money before travelling so that you do not end up in trouble when it comes to finances.
Johnny Thompson is a senior reporter for Generator Research in Los Angeles, reporting on technology, business, finances, and more. He previously worked as a reporter for the Wall Street Journal and got his start at newspapers in New York, Connecticut, and Massachusetts.
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