7 Ways to Save Money for Travel

7 Ways to Save Money for Travel

We don’t need to be the ones telling you that Millennials are broke – you probably already know from experience. Between the rising cost of living, the extortionate price of education, and the cost of avocado toast, there isn’t much left for luxuries like travel.

However, there are ways around that, if you learn some smart ways to save money. Here are 7 ways to set money aside for travel:

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1| Cut back on your unnecessary expenses.

First thing’s first – if you want to save money, you can’t live like you don’t have a care in the world. That means cutting back on some things. Whether we’re talking about that weekly shopping spree, the in-game purchases you make when you’re playing on your phone, or the impulse purchases that attract you at the register, this type of spending needs to be reined in.

You wouldn’t believe how much money you are just throwing away on stuff you don’t need, and you don’t even realize it, because you never stop and think about it. But take a moment to sit down and go through your expenses – how many of them are things you don’t need, or even want? Exactly.

2| Share a house.

If you want to get really serious about saving aggressively, then getting a roommate can do the trick. Rent or mortgage payments are easily the biggest money munchers in one’s budget, so if you could reduce that by even a little bit, it would already make a huge difference. If you can halve it, then you’re golden.

You can easily do this by moving in with a romantic partner or friend, or you can temporarily move back in with your parents or a sibling. If neither of those are viable options, then finding a stranger online is not necessarily a sketchy idea. Plenty of people live with roommates who are strangers, and as long as you perform a basic background check to ensure that they have good credit and are decent people, you can enjoy your savings.

3| Get a side gig.

Of course, if your schedule allows, you’d ideally be able to get a second job or a side gig of some sort to supplement your income, at least for a while. Thankfully, nowadays there are lots of jobs you can take up. You can go for a more traditional part-time job in retail or food service, or you can take up something you can do from home.

Online jobs abound, whether we’re talking about doing freelancing work (in graphic design, copywriting, or programming) on a platform, or getting involved with something like blogging or freelancer writing.

4| Monetize your hobbies.

You may not even need to get a proper “job,” because almost anything can be monetized these days, including talents and hobbies. If you are an artist, you can open up your own Etsy shop and sell your creations, or market them through Instagram or through platforms like Reddit.

Alternatively, you can even receive sponsorships or donations through platforms such as Patreon, or even through Twitch. Streaming is wildly popular nowadays, and people are willing to pay their favorite creators. So, if you are just playing your favorite video game, doing arts & crafts, or performing a song, you can essentially hold an online class – or even just provide entertainment – and viewers will be happy to contribute.

5| Stick to a budget.

Okay, cutting back on unnecessary expenses is one thing, but setting up a proper budget is another level. You can actually save up a lot of money if you are able to exercise a decent degree of self-control and are willing to live frugally for a few months.

There are lots of little things you can do to save money on your daily expenses:

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  • Replace your brand-name products with store-brand, especially for groceries and such. A lot of the time, there is no difference in quality, or the difference is minimal, compared to the price tag.
  • Swap your daily little luxuries with home-made versions, whether that’s your daily Starbucks coffee or your lunch. There is nothing wrong with taking a brown bag and a thermos to work for a while, if it translates to big savings.
  • Operate on the envelope method of budgeting: you put money in several different envelopes for different purposes: groceries, rent, fun, etc. You’re only allowed to spend what’s in the envelope, so it really helps with staying within budget.

6| Track your spending.

Sometimes, cutting back isn’t even that hard, as long as you start tracking your spending. Once you have an expense tracking app (or just a spreadsheet) where you input every penny you spend, you will quickly become…horrified, probably. We don’t often realize just how much money we spend on a daily basis, so seeing the total, or being able to track it in real time, can give us a much-needed wake-up call.

Plus, this can help you rein in your spending by showing you patterns of your own behavior. This way, you’ll be able to identify that you overspend in certain stores, or in certain parts of town, or on specific days. That helps you become more aware of your own habits and change them in the future.

7| Take advantage of deals.

Searching for and taking advantage of deals is a good tip, regardless of what you are looking to buy, because it’s an excellent way to save money. But especially when it comes to travelling, it’s even more important to be aware of the deals and discounts that are available to you.

You can save a lot of money simply by booking in advance, whether it’s plane tickets or hotel rooms. The earlier you book, the cheaper it will be, especially if you’re booking during off-season. Otherwise, remember to look online for retailer discounts. January is typically the month of discounts and deals on air travel, so maximize your savings by carefully planning your shopping.

Ready to Take Off?

Saving money doesn’t have to be difficult – in fact, it can be really easy! You just have to be aware of all the little things you can do to add to your income or save money you are already earning.