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How to Save Enough Money in Order to Travel Well

Travelers Today       By    Staff Reporter

Updated: May 31, 2019 10:26 AM EDT

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Travelling inevitably makes it onto many people's bucket lists. In reality, what sounds better than island hopping or country cruising, soaking in the culture, eating the food, and living as locals in various locations around the world? Nothing you might say, but it does cost, and it especially costs if you don't want to scrimp by on the bare minimum. Although it may seem like money is your enemy here, as with most obstacles, there is a way around it. Below are just a few of the effective ways you can save money to travel and do it well.

Make a Savings Plan

Take it back to basics, and make a plan of your savings. The perfect savings plan will include these five things:

  • Assess your situation, and compare your planned trip to your current financial situation. When you've done the work and have an idea of the overall cost of your trip, create a spreadsheet of all of your ingoings and outgoings to see how it all adds up.

  • Remember to set goals, both short term and long term. Don't be afraid to go for gold

- really aim for the trip of a lifetime - but don't overwhelm yourself so it feels unachievable. Small steps, big goals.

  • Create the plan. Whether you set a strict budget, seek additional income or remove expenses that you feel unnecessary or not currently of priority. Remember reaching your goal is the focus.

  • Put the plan into action and maintain it. Even if you have to cut back now, it'll be worth it when you're jet setting around the world.

  • Finally, keep tabs and monitor your plan carefully. See what's working and what's not, where you could make cuts or gain further money, and reassess if necessary. It's easy to get in a rut if you don't keep assessing and reassessing your plans.

Saving or Making Money

You've done the sensible thing and made a plan. Now you need to figure out where you can save the money, or how you can possibly make some.

  • Think of where you can save. Have you ever considered how much you're paying for gas and electric, and whether you're being overcharged? Price comparison websites are a great way to shop around for the best deal for you find out the cheapest price you can pay, from a reliable source. The money you could save monthly on utilities could easily go into your travel fund each month and build it up quicker.

  • Now you've got a bigger goal, think about how the little things you buy in your day to day life, and how it might affect your finances in the long term. Do you find yourself rushing to work on a morning without the time to make food, and grabbing a coffee and lunch while you're out? Well just by thinking in advance a little more, simply getting up ten minutes earlier or setting a little time aside the night before to prepare lunch and a flask could save you a little bit each day, which adds to a large amount each month.

  • No matter how much you cut back though, food still costs money - and if you're feeding more than one person it can become quite expensive. Keep your eye out for the supermarkets with the best deals on, and look for available coupons that you can use. It's not much, but every little helps!

  • Of course you might be looking for a quicker fix solution because you feel you want to up and off on your travels sooner rather than later. This you'll need to an influx of money, and fast. You could look into getting a second job, selling your car, or you could even go one step further if you're looking to go travelling for a longer period of time, and sell your home. If you're tied into a mortgage, do you really need to keep that going if you're off travelling the globe for several years? Companies such as https://www.readysteadysell.co.uk/we-buy-any-house/ will value any home for free and buy it for cash. Not only will it save you the hassle of having to put your home on the market, but it'll save you money on the extortionate estate agent fees you're likely to pick up along the way. Of course, the finality of this option isn't for everyone, but if you're looking to fly away with no return in the foreseeable future, it makes sense.

No matter what your preferred saving method is, there's something out there to suit everybody. Happy travels!

See Now: The U.S. had the highest number of Most Wanted properties, dominating the Hotels.com Loved By Guests Awards 2018

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