20 January 2017

How to save Money for Travel

how to save money for travel, how to save money to travel the world, saving for travel
The first overseas trip I took to Europe when I was 18, I saved up for all by myself working at Woolworths in high school. I started saving at the start of year 11 and by the end of year 12 I had enough money for my month long trip away to Europe. I have saved up for every trip after this in exactly the same way, and I'm going to show you how you can save up for your next trip as well. Travel can seem expensive and out of reach but if a high school student working at a supermarket can save up for a trip I'm pretty sure anyone can.

1. Figure out where you want to go, for how long and then estimate how much it will cost: You can't start saving to travel without knowing where you're going, for how long and how you want to travel. Backpacking through Southeast Asia is going to cost you a lot less than staying in hotels around Europe. Once you know all this information do some research and come up with an amount you think you're going to need, and this is your starting point.

2. Create a budget: Next we need to see where our current pay check is going and how much we can save a week or month. I usually write my budget down on a piece of paper (I'm a bit old school), but you can write it anywhere. Your budget needs to show how much you make per month, and then all your expenses for the month. Minus your expenses from how much you get paid and that's what you have left over to save. I usually leave a little bit of a cushion for random things that can come up, usually $100.

3. Look at your expenses: If what you're left with isn't a substantial amount of money, I'd definitely take a look at your expenses and if there is anywhere you can reduce your expenses. Do you spend money on coffee everyday? Or do you go out to dinner a few too many times per week? There are so many places you can reduce your expenses, and if you're really serious about saving money for travel you will find the money.

4. Open up a separate savings account: Once you've got the amount you can save per week or month, open up a separate savings bank account to deposit your savings into. You can usually find a savings bank account that will give you interest on the amount in the account. If possible make it really hard to get into this bank account, either put a lock on it by contacting your bank or be prepared to have some serious willpower.

5. Watch your travel funds grow: Once you know you're going to get to your target budget the fun part starts, organising your travels.

Goodluck!
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