There are many styles of travelling available today depending on your preference. These can range from backpacking to expensive luxury vacations and everything in between. One thing is true about any form of travelling: it costs money. There are many inexpensive options available, but for the average tourist (like me!) who is looking for a middle-of-the-road vacation, savings are needed! I make it a priority to save money for travel throughout the year, bot sometimes it takes some creative thinking.
Don’t get me wrong; you can certainly find deals, look for inexpensive options, and penny-pinch to make your travel funds go further. Eating only rice, becoming a hermit, and working 24/7 might help save you more money, but that’s not a realistic way to live your life. Here are 15 ways you can save money for travel that won’t have a dramatic impact on the quality of your life.
15 Ways to Save Money for Travel
- Set a clear goal for your travel fund. Do you want to go to a specific destination? Do you want to save a certain amount of money? Do you have a short term or long-term goal? Decide this up front so you are motivated to put your savings plan into action and save money for travel based on this goal.
- Set up a separate savings account with your bank that you cannot access via your debit card. Set up an automatic transfer every pay to go directly to your travel savings account. Every time you have a few extra dollars in your account, transfer them to your savings account. If you get cash gifts throughout the year, deposit them into your savings account. The key here is that you can’t access the money from your debit card, making it a little more difficult to spend.
- Cut out an expensive habit. If you buy your lunch every day, start making it at home. If you buy lattes each morning, try making coffee at home or work. If you smoke, ease up or quit altogether (this is also healthier for you in the long run!).
- Start a change jar. Most people don’t like to carry around heavy change these days, so empty your change into a jar at the end of every day/week. Or, if you want to keep some change on you only save the loonies or toonies (Canadian $1 and $2 coins).
- Set a budget for your expenses. Understand where your money goes to have better control over your spending. This can help you stay on track, but not sacrifice your hobbies or entertainment activities.
- Cook more. Instead of eating at restaurants or doing takeout, try cooking more (or all) of your meals. There are tons of blogs and YouTube videos with easy and inexpensive recipes that you can use as inspiration. Or head to Pinterest for some recipe ideas.
- Sell things you don’t need. There are many online sites to list items you don’t need like Kijiji, VarageSale and buy and sell groups on Facebook. De-clutter your room/apartment/house and make some money in the process.
- Pick up a freelance or part time job. If your work offers overtime, try to pick up extra shifts. If you already work full-time and are paid a salary, try to find a side-hustle or part-time gig to help save additional money.
- Cut out expensive cable packages. If you can’t survive without cable, try getting basic cable. Alternatively, get rid of cable altogether and get a Netflix subscription if you need some entertainment.
- Eat more vegetarian meals. If you are trying to cook more at home, save money on your grocery bill by substituting some meat products for vegetarian alternatives. A can of beans costs less than $1.00, whereas a small low-grade steak, pork chop, or chicken breast can start around $4.00 and go up from there.
- Price match or shop around for deals. If you do find that you need to make a purchase, do your research. Look for sales or deals at other stores; try to price-match and if you are shopping for food or home products see if you can find any coupons online.
- Find a savings buddy. Sometimes you need someone to hold you accountable for your spending/savings. If you’re saving for a trip with a friend, significant other, or family member, do a monthly check-in to hold yourself accountable to your savings goals.
- Carpool, walk, ride a bike, or take public transit. Some people don’t really need a car. Or, if your family has two cars, perhaps you can sell one or drive it less. If you sell it, you get the price of the car, and you save monthly on insurance and gas. If you can ride a bike, walk or do something else to drive less, you save on gas – and that could be a significant savings each month!
- Stop buying things you don’t need. I get it, sometimes you need to buy new things – we all do. I’m not saying to stop buying things altogether, I’d just suggest asking yourself if you really need this item, how often you will use it, if it will make your life happier/easier, and if it’s worth the cost. If the answer is yes to any of these then go ahead and buy it! But refer to tip number 11 above.
- Drink at home with friends/family instead of at the bar. Instead of going out to a bar, try to socialize at friends or family members’ houses. You can still have a great time, and both food and drinks are much cheaper than at a bar or restaurant.
Summary
Obviously if you’re rich or just won the lottery, these tips probably won’t apply to you. If you have a large family with children, I suspect taking family vacations would be even harder on the wallet and savings might be more of a challenge as well. Not all of these ideas will work for everyone and I’m sure there are many other suggestions to save money out there. I have also put together some ideas of how you can save money on food when travelling if you need some vacation savings tips!
Do you use an alternate way to save money? Share it in the comment section below.
