If you ask anyone what’s on their bucket list, they’ll almost certainly mention travel. Travel will always be on a bucket list, whether it’s a trip to the Bahamas or a luxury resort in the breathtaking Disney World. Part of this is due to the high cost of travel, and the other half is related to the perception of travel as a luxury. Most people with families and occupations do not go to faraway regions around the world on a regular basis. Traveling is something you save to fit into the vacation time your employer gives you each year, but that doesn’t mean it’s impossible for you to do.
Once you have a number in mind, the concept in your head transforms into a viable strategy that you can readily implement. Finances will be your largest challenge, but if you know how to save, you won’t have any problems. The most difficult part is getting the finances together in the first place. Fortunately, we have several suggestions for saving money and getting on that plane to your first location. Ready? Let’s get started!
Get rid of debts
Before you jet-set around the world, it’s a good idea to pay off some debt. The simplest method to achieve this is to take out a single loan or look into short-term loans for people with terrible credit and pay off all of your debts at the same time. This means you only have to make one payment every month to cover all of your debt. When you know you can travel the world without worrying about monthly expenses, it makes travelling the world a lot less stressful. Being debt-free can improve your overall financial situation and give you more money to spend on travel.
Accommodation will vary in price depending on where you’re travelling. For example, a hotel in a small village in the UK will cost much less than, say, a hotel in a big city in the UK like London. However if you are staying in a big city you’ll want the knowledge of where to find the cheapest deals. The internet is a super useful tool for finding these prices, and you can even find the cheapest hotel deals in NYC to help save yourself a few pennies here and there.
Monitor your spending
Try reducing your expenditures altogether to free up even more money for your budget. Set a daily challenge for yourself, limiting the amount of money you can spend on a daily basis. Make a grocery list that reflects what you want to eat for the entire week and stick to it. The better off you are, the more you plan each individual spending and eliminate the items you don’t need to spend money on. If all else fails, stop bringing your bank cards out with you when you don’t need anything from the store and use an app like this to manage your spending and budget. This will prevent you from overspending while you are out.
Put travel at the forefront of your mind
You’ll go out into the world and do something if you want to. The issue is that, like anything else, you must make it a priority in your life. If you wanted to buy a house, you’d set aside money in your budget to accomplish your own savings objectives. The same is true if you want to travel all over the world; if it’s a priority for you, you’ll make it happen. You’ll have to make sacrifices in order to make it happen, but they’ll be well worth it! If you find your mind wanders from your travel goals, leave little reminders around your house, car and work to keep you on track! This can be anything from photos of previous travelling experiences to postcards of the destinations you’d like to visit. That should be enough to keep you on track.
Decipher what you want over what you need
Is Netflix something you want or something you need? Do you want or need a takeout order? Identifying the distinctions can assist you in determining whether or not travel is genuinely what you desire or merely a fantasy. Move money to your savings account whenever you have a wish rather than a need. It’s amazing how many times a week a desire can accumulate!
Learn what saving really means
Save your money before you buy the shoes, the bag, or the night out with your pals. If you can still afford the shoes after paying your bills and rent, the next question is what colour you want to get them in. The same goes for travelling. You still have financial obligations in your life and that’s totally understandable! Whatever is left over is yours and can be transferred to another account for your travel fun. It may take some time, but it’ll be totally worth it.
Reduce your expenditures
The amount you pay on your bills is determined on the agreements you have. Many comparison goods can be found online that may help you save money on your bills, phone, and even debts. You don’t need the most expensive phone or the nicest car ever; just buy what you can afford and stick to it. Once you start looking for ways to eliminate one bill, you’ll be able to cut more and more until you have enough money to schedule your next vacation.
A little known fact is that most providers will be able to offer you a cheaper tariff on many expenditures such as your phone contract, utility bills and car insurance. Take the time to speak to your providers on the phone and use some haggling skills to help get the best deal possible. That newly freed up money can then be put into your travel funds providing it’s not needed elsewhere.
Pick up some more hours, or monetize an unused skill
Finding a new career isn’t always easy, but if you can get out there and locate one or sell a skill that you already have, you should. Your abilities deserve to be recognised, and by offering your services as a freelancer, you can supplement your income without having to go to work every day on top of your regular employment. It’s important to supplement your income in any way you can, and you’ll be able to travel with the money you save.
Utilize your credit card rewards
There are numerous credit cards that give incentives that you can apply for. You can earn cashback, points, and miles, all of which can help you save money on your next trip. Miles, in particular, can get you from point A to point B rapidly without requiring you to save a lot of money. As you use your cards, your miles will accumulate and cost you far less than you think! Take the time to chat with your credit card provider and discover what they have to offer, and you’ll be able to fully appreciate your rewards.
Earn as you go
Traveling the world doesn’t have to be expensive, especially when you can work a variety of occupations while you’re on the road. When you run out of money, you might take on another responsibility abroad and keep travelling. The more you work, the more international experience you’ll gain and the more money you’ll be able to save while travelling. This allows you to travel from one location to another while spending very little money. Travelers can always find English teaching and bar/waiting jobs, but you must put yourself out there to get one.
Alternatively, as mentioned briefly earlier, there is always the chance to continue earning as you travel through freelance work. For example, if you’ve got a keen eye for proofreading, spending a few hours each day proofreading could earn you enough money to pay for your hotel and any food you might want to eat.
Don’t be afraid to ask for a job if it’s something you want to do; there will always be thankful individuals prepared to give you the opportunity to work if you ask. With a little faith in yourself, your travel aspirations can come true, so don’t wait to see the world!
Working while travelling is a fantastic idea for those who don’t have a lot of savings, but think about the practicality of it before you go. Have you already secured a job and saved enough money to see you through the first few weeks? Don’t just walk into this without planning anything (even though we know it’ll be enjoyable), as it could put you in a difficult situation, so plan ahead.
You’ve Got This
Don’t panic if you’ve got the wanderlust but that dark cloud over your head, which we like to call your personal finances, is trying to keep you stuck where you are. There are plenty of options for kicking it to the curb and getting back to exploring. Whether you work while travelling or save enough money before leaving, make sure you’re financially prepared for your once-in-a-lifetime adventure!