How to save money for travel

how to save money for travel, ways to save money for travel, saving money, travel

Having money saved to go travelling is essential no matter where you're travelling to or for how long. The amount of money you need obviously depends on a lot of things from where you're going, to where you'll be sleeping, the food you want to eat and the things you want to do. There isn't a specific amount of money I can say you'll need for your travels, as everyone's travels are so different. I can however hopefully help you out with some specific ways you can save money for travel.

1. Open a separate bank account so you have a place to put all your new found savings. Find an account that gives you bonus interest if you don't withdraw money from that account. It'll help to stop you from dipping into your savings.

2. I luckily don't drink coffee but know how much money people can spend per week dosing themselves up. If you can't entirely switch to the basic coffee at your workplace, then try to minimise the amount you are buying every week, trust me the savings will add up.

3. It's the same with eating out for lunch or dinner. It's not difficult to make lunch for yourself everyday and bring it to work instead of heading to your favourite local cafe and spending between $10-$20 on lunch everyday.

4. On the same line as number 3, try batch cooking your dinners to save on the cost of food. I'm the type of person that can eat the same things every day. So on a Sunday night before I go back to work I cook up a curry or something I can freeze, so throughout the week I have something to come home to eat for dinner and I'm not caving and buying something off ubereats for dinner.

5. Create a budget of your monthly wage and how much you're spending. Be honest and include everything so you can get a clear picture of where your money is going. From there you can see where you can cut back. Are you using that gym membership, if not cancel it. Search for cheaper prices for things like car insurance or your internet or mobile plans.

6. Cut down on shopping. Now here I say cut down and not stop because that's completely unrealistic. When I was in my early 20's I bought whatever I wanted and I ended up with a closet full of clothes, and realistically I hardly wore them. Over the years I've learnt what suits me and I purchase clothes that can be worn for more than one season. Every time you go to buy something, always ask yourself do I actually need this?

7. Have a look at expenses such as having a car. Do you really need it or are you living in a city with a great public transport system you could be using instead? When I moved to Melbourne I was living in the inner city and realised I actually wasn't using my car as much anymore and didn't really need it. So I sold it. Not having to pay for insurance, petrol, rego and running costs saved me thousands of dollars each year.

8. If you're saving for long term travel, is it possible to move out of your rental and move back in with your parents? While I still pay rent to my parents while living at home it's a lot less expensive than if I was to be renting by myself in Melbourne.

9. Stop buying magazines. I love magazines and used to have a very large collection of them. The amount of money I used to spend on magazines every month was ridiculous especially considering the amount of information on the internet for free. If you're a fashion magazines lover, head over to your favourite blogs or instagrams instead to get your inspiration instead.

10. Sell items you no longer use. With the likes of Ebay and Gumtree, it's never been easier to sell stuff online. Do you have an old laptop or camera you no longer use, sell it. A television collecting dust, sell it. Clothes you no longer wear, but are in good condition, sell them. Your life will be less cluttered and you'll also get some cash back on items you no longer use.

I hope this has given you some inspiration on how to save for your travels. If you have any other ideas please put them in the comments section, to help out other people.

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