Budgeting for a trip is not as daunting as it sounds. Cutting back on avoidable expenses to facilitate regular savings and doing a bit of groundwork to capitalize on the plethora of deals on offer can help one, tick destinations off from bucket list without burning a hole in the wallet. Let’s discuss some of the ways on how to save money for a trip :
1. How much do you need to save for a trip?
First of all, one needs to understand how much money is needed to be saved for a comfortable trip.
Where in the world would I like to trip to – and what do I want to do while I’m there?
You need to have a general idea about the type of trip you’re planning. If you’re keen to hike for example, then it’s likely to cost you a lot more than a trip to a couple of cities where you visit museums and other top-rated attractions. Also, the distance will play a part in this as well; a trip to Los Angeles and Australia is going to cost you a lot more than a trip to Indonesia and Thailand. So, it’s important to work this out first.
How long do I plan to trip for?
1 week? A month? Without a doubt, one of the largest variables on your trip budget is how long you plan to trip for.
2. Keep your trip money separate
Once you’ve decided how much money you’re going to need to save for a trip, you really need to keep these savings separate from your everyday accounts to help you avoid spending it wherever possible.
Seeing money in your bank account feels great. It makes you think:
“I can totally buy that dress. After all, it’s in the sale…It’s cheaper.”
Surely, you can go for an old-fashioned savings jar or simply investigate opening a savings account with your bank (you might even get a small amount of interest from the bank on the money you’ve saved). Either way, make sure you’re able to track the amount of money you’ve saved so far, to keep you motivated towards your trip money goals.
3. Maintain your daily budget
We all are living in a modern world where we have now hundreds of free mobile and web applications to help us track how much money we’re spending and what on. Browse the market, internet by Googling for the best app that suits your lifestyle and requirements. Use it to see how much money you’re currently spending and ways you might be able to cut back as it will help you in saving a lot of money.
4. Cancel or renegotiate your monthly Direct Debits
While you’re seeing where your money is going let’s look at those pesky Direct Debits. Cancel the ones you no longer need or use or are lying just wasted because you thought for it and purchased it. Yes, I’m talking about the memberships you signed up back and quickly forgot about because you got bored and found something else.
Next, another important thing is to renegotiate those monthly direct debits that you can’t live without or you have made necessary.
5. Mobile phone Charges
Check how much your charges are per month. Does the bill amount you’re being billed each month? If not enquire why.
Next, look at when your contract runs out. If it’s already run out move straight over to a Sim Only contract and save yourself upwards.
Check your allowances and see what you prefer most then go ahead and speak to your provider and see if they can change your plan to suit your needs and most importantly your requirements (which will hopefully save you a lot of money).
Shop around, use a comparison website, and see if you could transfer to another network and save yourself a handful amount of money. With a trip in mind look for ones with discounted rates for use abroad.
Any other subscriptions you might have taken that are over-burden to your daily lifestyle. Cut that expense immediately to save money for your trip.
6. Sell your unwanted belongings
If you’ve finished your University or college, then you’ll be no doubt surrounded by textbooks and a lot of papers you no longer need (thank goodness!). Consider selling them online via websites such as eBay or trade them in for cash with mobile applications such as Music Magpie, or any of your local app used for that particular thing to sell old items.
If you’re planning on tripling long term, consider doing the same with many of the physical possessions that you don’t plan on tripling with.
7. Pick up extra shifts at work (or get a job)
If you already have a job – great! See if you’re able to pick up extra shifts wherever possible.
If you don’t already have a job, then go out there and get yourself a part-time or temporary job (depending on how long you plan to trip for).
If you are struggling to find a job or want to earn some extra cash alongside your pre-existing job, then consider doing one or more of the following jobs:
- Online surveys
- Work as a TV Extra
- Mystery / secret shopper
So concluding, these are some of the ways how one can plan and save money for a trip. Cutting your daily expenses, being more frugal, and downgrading to a simpler way of living will allow you to save money for your trip around the world without having to find extra sources of income.
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