Do you want to save money for travel? But you don’t know how? No worries, I’ve been there and done that. It’s not the funniest thing to do in life, but if you’re doing it right you could accomplish your dream to go on a longer journey in only six months (depending on your lifestyle today and how much money you earn, of course).
Most people spend more money than they need to, and most of the times it’s just about prioritizing and stop wasting money on things you don’t need or are bad for your health anyways.
In this article, you’ll find my best 15 tips to save money for travel!
Track your expenses
Perhaps the most important thing on this list with money saving tips. Not tracking your expenses is your best way of not getting the all the money you need. It’s easy to spend money, especially if you don’t have a clear view on how much you actually spend. We humans often tend to underestimate how much money we spend in total.
We humans often tend to underestimate how much money we spend in total. Track all of your expenses, using an app or write everything down. You’ll need to set up a maximum spending budget, which allows you to live, but also to get enough money for that trip you’re dying to go on!
Use a bicycle for transportation
Sell that car if yours if you have one. Cars are expensive and so is gas. Public transportation could be an option, but in the long run, you’ll save more by using a bicycle for transportation (plus you’ll get exercise and train for those amazing hikes you want to do on your trip).
If it’s too far (like 2 hours away) perhaps public transportation will be better. As long as you don’t drive a car, you’re saving money for travel! If you don’t have a bicycle today, you could buy it cheap second hand.
Start cooking for yourself
Eating out is expensive, and if you’re serious about saving money for travel, it’s necessary to start cooking for yourself. Spending 10-20 bucks on food or drinks every other day is not something that your bank account is going to like. It’s easy to spend 300-400$ a month just by eating out. And even if you’re not a big spender today, you’ll still see some savings by cooking your own food
And even if you’re not a big spender today, you’ll still see some savings by cooking your own food, and most of the times also healthier.
Adjust and buy groceries that’s on weekly offer
This advice goes hand in hand by preparing the food yourself and takes your money saving to the next level. If you adjust your cooking after what’s on special offer in the store, you’ll soon see some serious savings. For example, instead of buying those tomatoes at the original price, you’ll go for the vegetable that’s on sale.
Another good tip here is to buy products with a short date. Food stores often lower prices on unsold products when it’s near their best before date. Of course, the food is still edible and fresh. Sometimes these products got 20-50% off or even more. Doing this week after week will save you a lot of money!
Doing this week after week will save you a lot of money!
Do free things
Stop spending money on entrance fees and activities that cost you money. Explore what your city has to offer for free (you might be surprised by the wide range, at least in a bigger city)
Cut alcohol and cigarettes
Let’s be honest. Alcohol is expensive (at least if you’re buying the drinks yourself). The same goes for cigarettes. Neither of these two is good for your health or wallet. If you don’t feel like quitting alcohol, at least quit smoking (you will thank me later).
Let’s say that the cost of a package of cigarettes costs about 3$. Let’s say you buy five packages every week. This will set you back 60 bucks each month, and 3120$ for a whole year. That’s money to travel 2-3 months in South East Asia right away, just by quit smoking.
Open up an online savings account or lock your money
Let’s face it; it’s easier to spend money if you have quick access to them. A good way to make yourself spend less money on products you don’t really need is to open up an online savings account, where you can’t access the money directly.
That will stop you from those stupid purchases that you make on impulse. An even better tip is to lock your money for 3-6 months and get a better interest rate.
Reduce your phone bill
Always having the latest phone comes with a price, and even though you think the new iPhone is a must have item, your wallet might not agree (at least if you’d like to save money for travel). If you got a subscription and it’s possible to change it, you should. Paying 50-70$ a month for a phone ain’t going to cut it if you want that extra money on your bank.
Settle for a cheaper subscription, or even better pre-paid. Most places have Wi-Fi nowadays, and you probably already have an internet connection at home, so it’s not that you’re going to live in a cave somewhere without Wi-Fi (even if that could be a nice getaway as well).
If you’re able to save at least 20-30$ by reducing your phone bill, you’ll have 120 or 180 bucks more on your travel account.
Move back home
Number one saving tips is probably to move back home to your parents. The cost of renting an apartment is often the biggest expense each month. Let’s say you pay 600$ in rent each month, and you move back home for six months.
Then you will be able to save 3600$!
Find a roommate
If moving back home ain’t an option, you might want to get yourself a roommate to split the bills with. That rental fee of 600$ will then become 300$ each month, saving you a total of 1800 bucks in 6 months.
Candy, sodas and so on is not good for your health, and certainly not for your wallet. You might not think of candy and soda as expensive because you only pay a small sum every time. However, when snacking becomes a habit those small amounts will quickly add up.
I’ve been a “victim” myself and was shocked when I discovered how much money I spent on Coca-Cola. I bought 2 liters every day which I shared with my girlfriend. Every 2-liter bottle sat me back 2$, which means that I spent about 730$ each year on soda!
My example is crazy I know, and luckily I almost never drink soda anymore now, but you get the point. Snacks and soda may cost little each time you buy them, but in the long run, you will end up spending hundreds of dollars on stuff you don’t need.
Make saving a priority
If you’re not committed to saving money, or at least committed to your goal to travel more, then you will have a hard time achieving that dream of yours. The same goes for everything else in life.
To really make a difference and change one always needs to make it its top priority!