How to save money for travel

22nd December 2018by Joanna White

If you’re serious about going travelling, then you’re going to need to get a plan in place for how much you want to save. You’ll need an idea of how long you’re going for, where you plan on going and the things you want to do while you’re there.

Saving for travel can be a long-winded process and it will take a lot of effort and hard work in order to actualise your travel dreams. If you’re struggling with ways to obtain funds for your travels, then this guide on how to save money for travel will be perfect for you!

How to save money for travel

This guide will provide you with all the information you’ll need on how to save money for travel, as well as how to make extra money before you go travelling.

Travel certainly isn’t a cheap ‘hobby’, so you’ll need to find as many ways as possible to save as much money as you can!

Create a savings plan

The first thing you need to do when saving money for travel, is to create a savings plan. This will involve writing down all of your monthly expenditures, getting an idea of how much you plan to save, the length of time you’re giving yourself to save it, plus any other important information.

Once you’ve created a savings plan, you can hold yourself accountable for the money that you save as you’ll have goals in place that you’ll want to reach.

Don’t set yourself goals that are going to be unattainable at first; you might only want to set a goal of saving an extra £50 a week to begin with; but then you can increase your goals if you need to later down the line.

Reduce your expenses

This may seem easier said than done but you’d be really surprised at just how much money you can save for travel when you reduce even just a few of your expenses.

Make a list of your ‘needs’ which will include compulsory expenses such as rent, bills your future travel insurance and car repayments, and then create a ‘wants’ list which will consist of any items that you don’t absolutely need such as meals out, takeaways and extra makeup.

Start a dedicated savings account

You may have a savings account set up anyway, but if you’re 100% serious about learning how to save money for travel, then you need to start an entirely dedicated savings account that’s specifically for travel.

This way you’ll be able to see your savings ticking up when you add more money into your account and it’ll be such a great sense of achievement to see how much money you’ve saved.

You should also make it a rule that you can’t touch the money in your travel savings account; if you do need somewhere to keep emergency cash, then keep this in a separate savings account so you never need to touch your travel account.

Cut back on lunch and fancy coffees

If you’re a busy working person, then it can be so easy to just grab your lunch and a takeaway coffee everyday while you’re dashing between meetings.

However, you may not realise just how quickly the cost of your daily lunch and coffee racks up; the average person may spend between £5 and £10 a day on their lunch, which for a 5 day working week, will cost around £25 and £50!

Can you really justify spending between £100 and £200 on lunch every single month when you could be putting that extra money into your travel savings account?

In order to stop yourself spending this kind of money on food, make your lunch at home the night before and bring in your coffee from home. While it may not seem as fun or enjoyable to do this, it will certainly be worth it when you see how much money you can save for travel!

Stop any unnecessary direct debits

In order to deem a direct debit as ‘unnecessary’, it really depends on what each individual person would consider to be unnecessary for them.

The likes of gym memberships, nail salon visits and your Netflix subscription may seem like things you can’t live without but if you’re absolutely determined to save as much money as possible, then you’ll soon find yourself being able to live without them.

Don’t restrict yourself too much

While you may be absolutely determined to save as much money as possible for travel, it’s important that you don’t put too much of a strict restraint on yourself as you could find yourself being too limited.

This could mean you might accidentally slip up and make a large unnecessary purchase if you put too much pressure on yourself to not spend anything at all.

It can be a good idea to still treat yourself to something small every so often so that you don’t suffer from not spending any money at all.

How to make extra money before you go

Once you’ve got an idea of how to save money for travel, you can start trying to make a bit of extra money if you want to save even more money.

Take a look at the list below for some ideas on how to make extra money before you go travelling.

Start a side hustle

This might not be to everyone’s taste but one great way to make a bit of extra money in order to help you with saving for travelling is to start a side hustle.

Perhaps you’ve got a creative skill that you can utilise such as writing or graphic design, or maybe you can coach people on how to build their own business. Whatever you’re good at, you can turn it into a side hustle where you can make a bit of extra money before you go travelling.

Any extra money you make from a side hustle, you can put straight into your travel savings account.

Get another job

Again, this may be a little tricky to do if you’ve already got a busy working schedule but getting another little job could be a great way to make a bit of extra cash.

Even if it’s just a few extra hours a week, it can all add up and help you to save money for travel.

Sell some of your things

When you go travelling, especially if you’re going for a long time, you’re not going to want to take all of your things with you as it just won’t be feasible.

This means you’ll be able to save even more money for travel if you sell some of your things that you no longer need.

Sites such as eBay and car boot sales can be the perfect place to sell some of your unwanted things.

Take on extra hours at work

Instead of getting another job or a side hustle, you might just want to take on a few extra hours at your current job.

It might not seem like much, but even just a few extra hours a week can help you to save even more money for travel.

Conclusion – how to save money for travel

When you’re attempting to save money for travel, there are a lot of things you need to take into consideration. You need to get a proper savings plan in place so that you can hold yourself accountable for all the money that you save.

You should also try and cut back on your expenses such as takeaway coffees and meals out when possible as this will allow you to save even more money for travel.

Try not to put too much pressure on yourself to save lots of money; just set yourself reasonable goals and you’ll soon find yourself on your way to travelling!