Firstly, before planning to save more money for your next travel plan, you should have a Travel Plan.
Do remember, there’s no planning without a Goal.
What is your next goal?
Where do you want to travel?
When do you want to Travel?
How much time do you have?
Secondly, since, you have already decided about your next location, calculate an estimated cost of your travel. This will help you to how much you need to save money.
Decide whether, you would like to go on Budget Travel, Luxury Travel or Backpacking.
Calculate the following costs once you decide your number of travel days:
- Return Flights
- Visa Cost
- Hotel Stay
- Major Tickets of Attractions (Like Disney Land, Adventure Park)
- Average Food Cost
- Insurance Cost
The above bullet criteria would give you an estimated cost for your entire travel plan. Now let’s move on to our main objective of this blog.
How to save more money for travelling the world?
There are many many ways to do that and save for your next travel plan. Just small savings here and there every week/month, you can save a lot at the end of the year.
1. Create a Realistic Budget & Time
If you just started earning after your studies, you cannot save $5000 USD in a month for travelling next month. Thus, track your monthly expenses and then plan your Goal in a realistic manner.
Let’s assume, you want to go backpacking in Southeast Asia next year. You have 365 days to save around $5,000 USD, so just divide 5,000 by 365 and all you need to do is set aside an extra ~$14/day and you’ll have a really great budget for your trip.
This is a great way to approach saving for a trip in a more relaxed way that doesn’t require being strict about a budget every single day or week.
For your ease, you can download the Free Printable below and track your expenses for this month.
2. Open a Separate Travel Account
On your payday, you will have to religiously save before spending all your money. In order to do this, try dividing your money into 3 parts.
- Saving (Not just for Travelling, start saving for your future as well)
- Monthly Expenses
This is a golden rule for smart saving. You can also set an automatic withdrawal option to your Travel Account from your savings account. Now, it will your decision to keep how much amount for your future, emergency, or travelling.
You also have an option to open a different saving bank account with higher interest rates, to put aside your savings so it’s not easy to reach.
3. Prep your own meal. Skip eating out.
Believe it or not, cooking at home saves a lot more money.
By the time, you try out Expenses Tracker, you will clearly have answers to these questions.
- How often do you eat out?
- Are you going out and eating daily or occasionally?
- How much do you spend on drinks and food items?
Instead of going out and trying all type of junk, prep your own meals. Replace Fruits with other high calories preserved food items.
Now since you all have experienced Quarantine (Due to Coronavirus), few have tried dishes from the internet. Why don’t we continue doing this when everything becomes normal.
Cooking at home is healthier, you just have to spare some extra time in the kitchen.
4. Skip buying Tea/Coffee every day
Yes, you have read this Tip almost everywhere on the internet. Guess what, we never realise but skipping buying coffee every day can save more money.
Let me again tell you something. The coffee I or my mother make at home tastes far better than the coffee I buy from Costa or Starbucks, and I am not kidding. The coffee served in Cafe’s are loaded with sugar and preservatives.
Separate your needs from your wants. Just have a look at a small calculation below, why will you spend ~$1800 USD every year for Coffee, which you can make at your home and save money.
Try making a habit of doing things at home, be it a coffee, meal, or trying a new cuisine.
This will help curb your expenses in a big way because you won’t go out shopping and saving a little more money for fulfilling your travel goals.
5. Meal Planning and Smart Grocery shopping list
Meal planning for every day helps you to save money by utilising the ingredients in the best possible manner. What I personally do is, I plan the dishes for the next day beforehand in my mind.
I keep a check on the quantity of ingredients and start preparing my grocery shopping list accordingly. On Saturday, when I go out for grocery shopping, I just buy things present on my shopping list.
Once a while, buying an ice-cream or a packet of chips is fine, you are really not really fasting actually. We are just saving.
Thus, be resourceful when creating your grocery list. If you have a main ingredient, just buy the other side ingredients to utilise the main one first, rather than ignoring it completely.
Buy fresh vegetables and fruits in limited quantity, no one likes wasting. Keep a check in your refrigerator, sometimes, you may forget to reheat your last night’s leftover food which ultimately goes into the dustbin after days of not touching it.
6. Skip going out for Movies. Use Netflix, Amazon Prime Videos
If your plan to save money, a single basic subscription of Netflix or Amazon Prime Videos will keep your entertained 365 days. You don’t necessarily need to go out and watch movies if you are planning to travel the world.
Thus, skipping going out for movies can save around ~$250 USD even if you go out once a month. While a Netflix subscription may cost you ~$120 USD for 12 months. Almost half the cost, isn’t it worth it?
7. Cancel your Gym Subscription
If you are serious about your fitness, you not definitely need a Gym Subscription. Cutting the gym membership can be tough, however, this can be a significant boost to savings to get you to your destination, too!
Depending on the location of your house, you can always decide how to work on your fitness goals.
- Explore YouTube for great workout videos
- Try Learning and Practising Yoga Online
- Go Outdoors for a walk or run
8. Quit Non-Essential shopping
Here comes another golden rule for your savings spree. The 10-second rule while shopping. Just give yourself 10 seconds before picking a product and keeping it in your basket at the store.
While you are planning to save more money, please stop the habit of impulsive buying. Also, compare the prices of the products with other brands, and choose the one which is at a lesser price.
Apart from Impulsive buying, you can also quit Non-Essential shopping and trying the following activities:
Cut your own Hair
Sometimes, DIY tutorials for haircut will help you save a lot. This is a suggestion for both males and females.
Skip visiting Salon for Spa and Facial.
Despite my long hair, I take hair spa at home and manage facial as well. Saves a lot of money if you calculate for 12 months.
If you are a smoker, you can quickly calculate how much you are spending on your smoking habit. You can save some money by either quitting or reduced smoking.
Do not get lured by SALE and Online Shopping
Here, I would again repeat about rethinking before swiping your card and shopping again. Follow the 10-second rule to evaluate, if the product is a want or need.
9. Start a Passive side Income from home
Thinking about your daily schedule, you know how tired you are at the end of the day. If you cannot manage a second job or a part-time weekend job, there are many other options to earn while working from home.
I am sharing a few brilliant ideas to save money which you can transfer in your travel saving account. Legitimate jobs of course !!!
- Tutoring Online
- Work as a Freelancers by signing on Fiverr, Freelancers, UpWork
- Sell off things which you don’t need anymore on eBay and B2C websites
- Start selling online for some commission (Amazon)
- Freelance Remote Jobs (LinkedIn, Xing, Monster, Indeed, Facebook Jobs)
- Be a virtual assistant and work 3-4 hours every week
- Join communities and groups on Facebook that conducts events
All you need do is stay alert and active in finding a job opportunity that gives you a side income. Save money, Travel more.
10. Stay Focussed
Once you start working on savings spree, there won’t be much time, when you will feel demotivated. Likewise, we all start our New year resolution and it’s left somewhere in midway.
Stay Focussed by reminding your self again and again, why you want to save.
If you want to explore South East Asia or few European Countries, set a picture of these places on your work station, closet or the door of your room. If you will continue seeing your travel goal, your idea of saving money will be on track.
Another excellent way to keep you motivated is by sharing your travel plans with your family and friends. It won’t be long when others will ask you about your travel plans and you will stay focussed and motivated.
I hope the above guidelines will help you to maintain your financial travel goals.
PLEASE DON’T FORGET TO PIN THE IMAGES
I love travelling and I hope you all love travelling as well. Since travelling the world is not free, I hope these guidelines are helpful to you. Please let us know with your views in the comments below. Happy Planning.