There are few things more rewarding in life than travel. The opportunity to experience new cultures, see new sights and meet new people shouldn’t be missed. There’s just one small problem: travel doesn’t come for free.
That means unless you’re willing or able to work on the move, you’ll need to start building some savings. It’s easier said than done while pay continues to lag behind inflation, forcing savers to get even more savvy, but there are still practical ways to make your dream adventure a reality.
So if you’re suffering from a serious case of wanderlust, read practical tips for saving a travel kitty below.
Make a travel budget
The first thing is to decide where you want to go and for how long, then work out how much money you’ll need to do it.
You might have your heart set on travelling South America for three months or a week in the sun in Portugal. Whatever the case, you’ll need to craft a rough budget based on researching:
- How much it costs to get there and back
- Likely accommodation costs per night
- Typical food and drink prices in your destination
- Any must-do leisure activities
- Extra bits you might buy beforehand, like insurance and a backpack
Get smart about savings
With your intention and savings target clearly in mind, it’s time to start putting money away. Opening a separate savings account will help you keep your travel money organised while gaining interest on it over time.
If you’ve decided a set amount to save each month, it makes sense to set up automatic payments too. This way you’ll be less tempted or able to dip into your travel savings in the interim.
Trim your outgoings
Making a budget in step one may have shown you where your money is currently going and any areas you could cut back in.
The average person spends most of their budget on rent or mortgage payments, so you could make a big difference by reassessing your living situation. Other areas for major savings include bills such as utilities, phone and broadband, plus discretionary spends like food and drink, transport and clothes.
Sell what you don’t need
Can you boost your income as well as reducing your outgoings? Selling items you don’t want or need – particularly if you’re going away for a long time or indefinitely – is a logical way to free up some extra cash.
You could give up a car, for example, or focus on old clothes, electronics or furniture. There are plenty of online marketplaces that make the process relatively easy.
Could these money-saving tips help bring your dream trip within reach?