With the coronavirus pandemic putting a halt on major travel plans, now is the time to begin saving. While we can't predict when the current state of affairs will return back to normal, one thing we do know is that this won't last forever. That means you'll be able to continue on with your bucket list and check off all of your must-see destinations.
However, traveling isn't cheap, and it requires a lot of planning and money to make it happen. If you have your eyes set on a dream getaway, now's the time to begin saving. Take a look at our top 4 tips for saving money for future travels below.
1. Create a Budget
When saving up for anything in life, whether it be a dream car or your first home, you need to create a budget. The same goes for traveling. Going on vacation isn't always cheap. Hotels, plane tickets, rental cars, food, activities, tours-these are just some of the expenses you need to budget for if you want to have an enjoyable and stress-free vacation.
To ensure everything goes to plan, start budgeting for your trip at least six months to one year ahead of your departure date. One of the most popular budgeting methods is the 50 30 20 rule. This rule goes as follows:
- 50: Each paycheck, 50 percent of your earnings goes toward essentials, such as rent, utilities, car payments, food, and transportation costs.
- 30: Each paycheck, 30 percent of your earnings goes toward wants, such as entertainment, going out to the bar with friends, clothes, your cell phone plan, coffee, and any subscriptions like Netflix.
- 20: Each paycheck, 20 percent of your earnings goes toward savings and debt repayment, such as student loans and retirement plans. This also means savings for your future travels.
With this budgeting method, you can easily begin saving up for your dream endeavor. In some cases, you may be able to save a little bit of extra. Rather than dedicating 30 percent of each paycheck to your wants, try bringing it down to 25 percent or even 20 percent, and put the extra 5 or 10 percent toward savings. Going a few months without Starbucks coffee or an expensive drink on the week will be worth it when you're traveling the streets of Rome or hiking up Mount Kilimanjaro.
2. Pick Up a Part-Time Job
Depending on your obligations and current schedule, you may have time to pick up a part-time job. There are plenty of businesses looking to hire part-time workers, especially on weekends. While you may not like the idea of spending your Saturdays and Sundays dealing with customers, the wages earned from those few hours of work can seriously add up. Then, once you take your vacation, you can leave your part-time job and stick to your day job! There's nothing wrong with working for a few months or years, companies are always hiring, and it's just the reality of business. Some part-time job opportunities you may want to look into include:
- Restaurant servers
- Retail workers
- Dog walkers
To find a part-time job, look through ads in your local newspaper, job postings on career sites like LinkedIn and Monster, and "Now Hiring" signs on businesses located in your area.
If you want a more laid-back schedule compared to picking up a part-time job, you may want to consider freelancing. With freelancing, you can choose your own hours, which means you can easily have a weekend to yourself if you need it. There are numerous freelance sites where you can pick up contract work, such as Fiverr, Upwork, and TaskRabbit. Some freelancing ideas include:
- House cleaning
- Content writing
- SEO strategy
- Web design
- Web and mobile development
Whatever skill you have, you're sure to find a company or individual willing to hire you for your services.
4. Monetize a Hobby
Working isn't always fun, but if you have a side hobby that brings you joy, you may be able to monetize it. Sites like Etsy and Shopify make it extremely easy for artists, designers, and other creatives to sell their products to the masses. Whether you love pottery, drawing, digital design, or woodworking, these online store sites can help you make money from your side projects.
Vacation is a time to relax and unwind. However, finances can be a major nuance when it comes to planning for your travels. To ensure money doesn't get in the way of your enjoyment, plan ahead and begin saving. With these four tips, you'll make unforgettable memories that will last a lifetime on your next adventure.