Tips on saving for a trip
Once the decision to go on a round-the-world trip has been made, the hectic saving period begins. For some, this can be the toughest aspect of the planning phase. Firstly judging how much you’ll need and secondly, reaching that goal. Luckily, there are plenty of resources out there which show you how to travel for cheaper, but it’s still important to have some funds at your disposal.
If you’re at this stage and finding it a little tough to get your savings together, I thought I’d share my tips which can be used to help grow your own trip fund.
Start tracking your money
Firstly, it’s important to know what you’re spending all your money on, so start tracking every cent you spend for a couple of weeks. This will give you a good gauge on where all your money is going and what areas you can cut back on. Do you really need cable for the next 6 months? Can you save on fuel by taking public transport or walking to work? Do you really need that new shirt? It can all add up very quickly, so you need to start prioritizing your spending.
Make a budget
Once you’ve cut back on unnecessary expenses, it’s time to start putting aside money for your trip. Depending on your income and how much you can sacrifice, you should be putting away a certain amount each week into a separate bank account. Consistency is the key here, if you aren’t consistent with how much you set aside, you won’t reach your goal.
Open a separate savings account
As mentioned above, it’s important to have a separate bank account for your travel funds. When opening an account, it’s vital to request that it doesn’t have an ATM card linked to it, so you can’t spend any of the money in there before departing. This is a must if you’re frivolous with your money.
Once you’ve opened an account and have started to put some money aside, you’ll find that watching your savings grow is terrific motivator and will inspire you to keep on living frugally.
Make your own meals
It may be boring, but it’s cheap and healthy. Averaging $7.50 for lunch per day, that will be a saving of $2,000+ over 12 months. You’ll still have to buy your own lunch ingredients, but it’s amazing how far a loaf of bread and peanut butter will stretch. Making your own lunch and dinner is an incredibly easy way to pump up your travel fund and it’s something you can start doing today.
Buy a coin jar
I first got this idea from my father who would buy a coin jar and over the course of a year, put in it all his loose change that he would accumulate throughout the week. Once full, he’d crack it open and use the money on whatever trip he’d be going on next. A full coin jar would always net him an extra $400 – $600 for his trips. That’s a huge bonus for those travelling on a budget.
If your friends love to go out, it’s all too easy to spend your savings each weekend partying. Simply explain to them what you’re saving for and I’m sure they’ll understand when you decline their invitation to hit the pubs. They may not be happy about it, but they’ll understand.
Saving for a round-the-world trip isn’t easy, but if you follow the tips above and live as frugally as possible, reaching a modest savings target is definitely achievable.
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