HOW TO SAVE MONEY ON YOUR DREAM HOLIDAY

Ever thought about how you could save enough money for your dream vacation? We have all been there. It can be difficult to save money for travel, especially when the cost of living keeps rising year after year with unexpected costs. These things can cost you money, whether it’s an expensive inspection of your car or a leaky kitchen. Sometimes it’s a bad habit like buying clothes or eating out every day. Other times, it’s a lack of knowledge about saving money.

Ever feel like you get paid, but then suddenly your money vanishes? Yes, us, too! It can seem like our money is lost forever if we don’t keep track. It’s not all doom & gloom. You can save money by using cost-effective methods. If you aren’t sure where to start, saving for travel can seem daunting. But we have the ultimate guide below to help you plan your next trip.

MAKE A BUDGET FOR ALL EXPENSES & EARNINGS

A spreadsheet is the best way to track your money. The spreadsheet can be divided into different categories such as bills, food shopping and eating out/takeaways. This will allow you to see where your money is going and help you determine where you can cut it. This is an easy way to reduce your takeout spending by $50 per month. A portion of the $50 can be deposited directly into your travel account. This feature is available in certain mobile banking apps, making it even simpler if you are lucky!

We don’t suggest that you get rid of everything. In these tough times, everyone needs something to look forward to. Don’t lose sight of a hobby you enjoy and use to relax. Consider how much money you’re spending on your hobby, and then set a limit.

PAY OFF HIGH-INTEREST DEBT

High-interest debt repayments are an important part of financial independence. This is true regardless of whether you’re planning a vacation or not. Banks and credit cards take more of your hard-earned money each month to pay interest.

Online bill payments and reminders may help you keep top of your debt. You can plan how much and when you will pay for it. Payees who support electronic billing can send you payment reminders or eBills.

Consider the snowball method when paying off your debt. This works by starting with the smallest debt and paying it off. Then, you roll that same payment towards your next balance. As you progress up, the largest balance will be paid. This strategy can help you gain momentum as each amount is paid.

SET UP AUTOMATIC SAVINGS TRANSFERS

Saving money for your travel is one of the best ways to save. You can save money by putting some money aside each month. You can use the budget spreadsheet to figure out what you spend on food and how much you have to save for your expenses.

This is a great way to get started. You can put any extra money you get into your savings account as soon as possible.

REDUCE YOUR SHOPPING

This is a very common spending pattern for many people. It’s best to stop if you are saving for a vacation. Clothes can be expensive, especially if you want to buy designer pants (yeah! we are calling you out!). You must first ask yourself if you need them. Or would you prefer to spend it on a flight?

We have good news for those who love shopping for clothes and are willing to pay a fair price. You can wait and purchase outfits during your trip. You might find some amazing deals in the markets if you’re thinking of a trip to India or Southeast Asia.

You can visit local charities if you purchase clothes for your trip. It is cheaper to buy clothes secondhand than new, and it is better for the environment.

Reusing clothes can benefit the environment as it reduces the amount of landfill space and conserves energy. Shopping secondhand can help you save money and do good for the environment by giving clothes a second chance.

SAVE THE FAST-FOOD

We love to eat so this is an important decision for us! We love to eat out and enjoy taking our food home. It’s a great way to relax after a hard day at work. It’s easy to eat while watching TV, it doesn’t take much time to prepare, and there aren’t too many dishes to wash. Due to recent lockdowns, eating out has become more difficult than usual. You might consider cutting down on your takeout and making them more enjoyable to save money.

Although this seems like a straightforward task, it’s easy to lose track of it. You can plan your week by doing bulk shopping on weekends. This will save you time and allow you to stop snacking.

We’ll add another point to this list because it’s important: Never go shopping hungry. You’ve been there. You see everything once you get there. Your eyes are larger than your stomach, and you end up spending a lot. This is an easy adjustment we recommend.

Stop wasting money on alcohol.

It’s not about how much you spend on drinks. It’s not just about how much money you spend on drinks. Alcoholic beverages are still more expensive than other soft drink options, but that’s only part of the story. You can save more than just the price of a couple of beers or a bottle of wine by going out on a night without alcohol.

Drinkers may also incur other incidental expenses to maintain their drinking habits. Uber is your homecoming journey because you have ‘become involved’ in the Uber ride and either missed the last train or could not drive. You can pick up takeout on your way home because it is too late to cook.

GET A PART-TIME JOB

Part-time work can help you save money in two different ways. Either you can make extra money by doing side jobs or reduce your spending by getting rid of unnecessary items. Combining the two may allow you to save even more money. You may be able to save even more money if you take a job that you work once a week on Friday nights. This will allow you to earn more and means you won’t have to spend as much money on Friday night. One shift per week could be enough to pay for the entire trip. You could also save money if your employer offers a discount to employees or a grocery store.

Part-time work is a great way to save money, but it requires effort and dedication. If you can find ways to cut your expenses and make extra cash through other avenues, you may be able to start saving sooner than you think.

EXTRA MONEY GOES TO TRAVEL FUND

It would be best if you directed all your income, including tax returns, gifts, refunds, credits, and other items, to your travel fund. As we mentioned earlier, this is a great way of increasing your travel account.

Unexpected tax returns can surprise you with $500 to $1000 in refunds from the government. This is in addition to the normal payroll deductions you make throughout the year. You can pretend you have never received this money and use it to increase your savings.

ASK FRIENDS and FAMILY FOR HELP

You can remind family and friends that you are going on holiday soon and that they would be grateful for a related gift.

Family and friends can gift you backpacks, cameras or microfiber towels, as well as money for your trip. Check out our blog for gift ideas for travellers you can ask before your holiday.

SHOP AROUND TO GET TRAVEL DEALS

If you are a savvy traveller, there are many ways to save money while on vacation. You don’t have to hike on a budget but want to save some money. These trips are usually less expensive as you’ll be travelling with a group, and all expenses will be planned. A one-time fee will be charged that covers the cost of most of your activities, many of your meals and all your accommodation. We also provide a budget guide for group trips to plan and estimate extra expenses.