Not being a financial advisor but a constant traveler, I have learned through travel experiences those practical tips to save money for travel. Every traveler has different kinds of plans and expectations during the trip. It is advised to adjust these tips to your financial suitability to save money for travel plans.
I love traveling and I always wish that I had more money to travel. I often don’t like boring things budget and rules when it comes to traveling. But, saving is important to travel more and more.
With the help of these 21 practically tested tips, you can easily save money for your next travel plans.
1. Travel Budgeting – your first step towards saving for a trip
To save money for your travel, the first step is deciding a budget. If you have never done it, it might sound senseless to you. Those who have completed trips can understand exactly what I am saying. Travel budgeting is very important to save money for your travel plans.
- Pick the destination with activities at the destination
- Set the duration of the trip
- Set the general travel budget idea you can afford for the trip
These three basic decisions will help you in getting an idea about the expenses that your trip can incur.
2. Out of sight out of mind – The best trick to save money for travel plans
I follow the “out of sight out of mind” trick. It works well for me. You can put a savings account at two different banks than the one which you use habitually. Deposit any amount that is possible for you in your travel saving bank account. It can start to accumulate in bigger savings.
3. Choose your bank wisely
If your existing bank account is charging you unnecessary fees then it’s better to look around. There are options where you can open instant zero balance saving accounts. By choosing your bank wisely, you can save yourself from unnecessary fees. The second concern to take care of is the interest rate. Choose a bank that provides a better interest rate and see your money grow.
4. Automate your travel savings
There are no fixed rules to save money for your travel. However, automation makes your saving habit easier. You can choose any amount and simply send it to your travel savings account from your primary bank. Mark this transaction to take place every month. This way you don’t have to remember about savings.
Automation doesn’t mean that you become lazy with your money. It’s important to check in with your travel savings accounts regularly. This way you can ensure that no inappropriate transactions or fees are taking effect.
5. Choose the best cashback card for yourself
Earning cashback while making purchases is one of the easy ways to save money for your next travel. Apply for a credit card that pays you back for the amount you are already spending. A credit card provides 6% and higher cashback on groceries, dine, movies ticket booking from Pay TM or online shopping from a digital platform like Amazon, Flipkart, Snapdeal, etc.
Track your spending habits and find a card that will give you cashback for it and start saving money.
6. Use your Negotiation skills: (CC & Shopping)
Negotiations skills are one of the proven skills helpful in saving money. Research the actual cost of the product or service you want to buy or avail of. Set the minimum acceptable limits for the deal. Then, communicate and negotiate the cost.
It is also important to be prepared to walk away if the deal is above your acceptable cost. If you have this skill, you can save more by using it. If you don’t have this skill, develop it, and save more on every deal you make.
7. Entertain yourself at home
Instead of going out to hang out or theater for a newly released movie, try to entertain yourself at home. Each time you go out seeking pleasure or quality time, you end up spending a huge amount. You can plan your pleasure-seeking activities every month. You can catch up with your friends at the bar or the pizza place on a weekly or monthly basis.
Staying at home not only helps you get your pending work done but you can also save money. Home entertainment is mostly free. You are well aware of the cost that you spend on entertainment outside the home. Choose wisely, save smartly.
8. Cook food at home often to save money for travel
Food is a necessity and you may be spending according to your taste-buds. When you step out, you may find yourself spending more than you need to. If you are someone who eats takeout or home delivery, you can look at ways to minimize this expense. It is not necessary to cut it out completely.
If both husband and wife work, it is likely to be very difficult to cook food at home. One of the simplest ways my wife and I have been saving money right now is by cutting down on outside food items. We have learned to make some really good recipes from food tutorials available on YouTube.
By cooking food at home, you can save handsome amounts for your travel budget. If you are not able to cook food at home daily, cook when it is possible for you. Put the money that you saved on food delivery services that day in your travel savings account.
9. Review of your recurring bills
In the case that there are bills to be paid every month, time is to review these bills. Stop unnecessary bills that you have been paying till now.
Contact your telecom operator and enquire about better plans. The broadband service that you are using can be available at a lower cost from another service provider.
10. Think about the cost of your subscriptions
There are so many convincing and exciting subscription services out there these days. You may be having three to four subscription services. For example, maybe you have Amazon Prime, Netflix, Hotstar, Gaana, Spotify, etc. All these subscription services for an affordable price each month… right?
Unfortunately, when you pay little attention you may find that these subscription services are affecting your budget drastically. If you are struggling to save more money for your travel, it may be worth the cancelation of these subscriptions for some period.
Critically examine your usage and benefit from your subscriptions. Cancel all of your subscriptions that don’t fit into your travel budget. Consider canceling those subscriptions that you don’t use often.
11. Check your energy consumption – Set average usage billing plan
You can effortlessly save money by saving energy. Lower down your electric consumption to save money on your household electricity bill. Switch to LEDs and energy-saving devices.
You may be in a locality where you can take advantage of the weather outside. Open the windows to get fresh air and light.
12. Consider before you shop – Local shops or Online
I positively save a good amount while shopping online than offline shopping. Especially when you combine your online shopping with saving or cashback codes, you can save more money for your travel plans.
13. Save more on brand-name clothing
Start with simplifying your shopping list. I love this feeling when I go shopping and find that my favorite store is having a huge sale. It takes almost no time at shopping for what we don’t need because it was on sale. Don’t feel the need to fill your shopping bag. Before you plan to shop for new clothes for yourself, make a list of your needs and stick to it.
When you are in the supermarket section, don’t be afraid to ditch items at the last minute.
14. Why shop for new items – Consider OLX
Why purchase new, when you can easily get items lightly used. Several platforms are promoting local users to sell their household items, gadgets, etc. at reasonable and negotiable prices. You can use such platforms like OLX to save some extra money.
15. Sell your no longer needed items
If you are planning on long term travel, consider selling your unwanted belongings. If you have finished your graduation, then you can sell those textbooks that are no longer needed by you. Consider selling them online via mobile apps like OLX or you can sell at a local book shop.
16. Track your saving progress
It is important to track our expenses as well as our saving. When I track my savings progress, it motivates me to save more after seeing its growth. It’s useful to track down expenses and saving so that you can cut down your expenses which are not necessary and save more.
17. Pick up extras shifts and get paid
I know what it feels like when you pick up an extra shift at your work so that you can afford something. If you are in service, you may be earning additional pay or compensation.
Such additional payment may be paid to you in any form – such as bonus payment, hourly payment. Keep in mind that money earned from this extra shift is not your primary source of income. It is advised to save this money to meet your travel goals.
18. Rent your place or share your space
When you agree to rent your place, you agree to increase your source of income. If you have space available that can be rented, then it’s a wise decision to put it on rent.
19. Book activities ahead of time
With the help of technology, it’s easier than ever to pre-book activities. Many booking sites offer great deals on prior booking of activities. When you are sure that you are going to involve in an activity, book tickets. Prior booking of activities not only saves money for you, but it also saves your time from long queues at the tourist spot.
20. Expand your accommodation choices
When you are planning to travel a destination, you will also search for accommodation. This is the task where you can save a huge amount by using comparison sites for better deals on hotel booking.
21. Plan your travel in the off-season
It’s up to you if you want to travel off-season and save more money for travel or not. Saving money is not the only reason for putting it as an important tip. There are other benefits from off-season traveling like cheaper flights, Less Tourist, Cheaper accommodations, more availability, and good memories, etc.
That’s pretty cool if you ask me.
If you want to save some money during the trip, for the trip, and your activities, you should seriously consider using these tips right from the moment to save money for traveling to several destinations.
