A dream vacation in a distant destination is a far-fetched reality for most us. The biggest hurdle we face is the lack of funds at the right time. Just like travel requires planning, it also requires a dedicated funds to make it happen. Many of us even abandon the thought of travelling thinking we will not be able to save sufficient money for the trip. But that is not true. Every problem has a solution. If you start saving money for your dream trip the right way then there would be no destination far from your reach. There is one thing that we firmly believe that money should not be a constraint in realizing our dream trip.
In this blog we have listed some of the best tips that you can use to save money for your trip. Initially it might feel a little troublesome to cut off your day to day expenses, but when you are going to board that plane, click some pictures and tell your travel stories, it will be worth it.
Travel Budgeting is the first step
People who know their destination, are the ones that reach it. Before you start saving for your trip you need to know how much you need to save. This can be done with help of proper planning. The first step is finalizing the destination you want to head to. It could be anywhere in your country or someplace in far foreign land. Once you have finalized the destination, you need to start setting up your budget.
Budget or Luxury
Decide if this trip is going to be a budget trip or luxury travel.
Air, Rail, Road
Find how much it’s going to take to travel to the place, by air, or by rail, or by road.
Expenditure per day
Set an upper limit on how much you are willing to spend in that destination in a day.
Hotel or Hostel
Find how much the cost of hotels or hostels in the region is, and decide if you are going to stay in a hotel if so then what star, or you are going to stay in a hostel.
Cost of Meal
Now search the internet thoroughly, to find out what is the average cost of meals in the destination. Plan ahead if you are going to dine in the in house restaurants of the hotels, or will you head to the popular restaurants of the destination to grab a local meal.
Mode of Transportation
Visit the local tourist website of the destination to find out what all modes of transportation are available there, and what mode of transportation you are going to take. Decide if you will commute by a taxi hired for a day, or will you use a transit rail, or local buses.
Touristy Experiential Attractions
Find out if there are any other touristy experience sites in the destination that you want to explore. In seaside regions it could be whale watching, or simply partying on a yatch. In hill stations it could be adventure sports, or wildlife safari. Find their cost, and adjust them in your itinerary.
Decide how much amount of money you are going to spend on souvenir shopping.
After finding all these expenses you will have a rough budget of your trip. Remember that the actual spends is going to fluctuate. Actual spends could be more than you anticipated and the god news is that they could also be less. After you have derived a budget, calculate the 20 percent of it and keep it as a buffer fund which you might need in unforeseen circumstances. We know that calculating budget like this could be a little difficult as this all theoretical. In that case refer to your previous trips and you will know what the essentials are for you and what your spending frequency is.
Set a separate fund account for your travel
This is very easy and the best way to save funds for your trips. We all at one point of our lives have paid EMI’s, and all of us regularly pay bills like that of electricity, water, and gas. It is a recurring expense, that happens every month. Now what you have to do is, select an amount that you can separate from your monthly income, and route it to a fund account. For example you can route 5% or 10% of your monthly income to a separate fund account meant for your trip.
Now how to create this separate fund account for your travel is very simple. You can use the online money saving applications available in the market, to set up this account. The best part is that with automation, the money will be deducted every month without you having to make that transaction.
The only thing that you will have to bear in mind is not to touch that saving fund no matter how much you are allured. Think of this fund account as an investment, which you have made for future.
Save in your day to day activities
Saving money is easier than you think. You do not need to have a million dollar income to save, but just a mindset. You will have to set your priorities, ad decide what is more important to you, that one trip which will rejuvenate your soul or that extra penny that you spend every day to make your life easier. Here are some things where you can save on day to day basis. Trust us, these might sound insignificant, but by the end of the month you will yourself see what great amount you have saved.
If you dine out regularly, then cut on that, and resort to cooking in home. Just think it in a way that instead of not eating in your favorite joint on this day, you can save money to eat the local cuisines in the destination you are planning to travel to.
Make use of unnecessary stuff
We all have some stuff in our place that we no longer use. So why not make some money out of it, and also get rid of unnecessary belongings. Sell this stuff on one of the many online marketplaces available in your country. The best part about it is that these online marketplaces have free listing feature. The item you are going to sell could be an old laptop, or a pair of dumbbells.
Save on Gym Membership
Gym membership can cost you some real bucks. The membership fee in itself is significant and the diet you follow to maintain that fitness also costs you significantly. For travel it’s time to cut on that cost. WE are not saying to abandon the fitness routine of your body, but instead of that follow a jogging or running routine. You can also follow some home based exercises to cover your fitness.
Make use of spare room
Many of us choose to live in AirBnB’s when we travel, but now is the time to use AirBnB to make your travel happen. If you happen to have a spare room in your house or in your apartment, then rent it out on AirBnB. With this you can earn a significant amount of money that you can use for your trip.
Save on Coffee
Drinking coffee is like part of life for many of us. Many resort to fancy coffee shops like Starbucks, or some other high end outlets. This is a great saving opportunity. You can prepare coffee at home, and cut on these costs, or you can get your coffee prepared at your workplace through those machines or in the pantry, and save a huge amount by the end of the month.
Use Discount Coupons
We have to agree that we live in a world where everything is commercialized. It might sound cynical but there are upsides too which we call by the name of coupons. In present times there is a coupon for almost everything. Make use of them while making purchases, for grocery, for public transportation, for online shopping, for mobile recharge, for virtually everything that can be covered by them.
One of the biggest time consuming event of our day to day lives is commuting, and it also consumes a lot of our money. To save for your trip, resort to using public transportation, or using car share. This way you will not only save money, but also contribute to lesser carbon footprint.
Everyone in this world has some or the other means of livelihood, or some talent in a particular domain. It is time to make use of it, and do some side hustle. If you are accountant then you can pick up some accounting, or book keeping freelance work. If you are a singer, you can pick up a gig to sing at a joint near your house. If you are a writer, you can pick up some freelance writing work. The point is to capitalize your skills in your free time for earning some extra money.
OTT Apps or TV
We all must agree that travel is better than any form of entertainment, not only because travel is an enjoyable experience but also because it refreshes our body and mind. For the same reason we must keep the trip above any form of entertainment. The point is to cut on your expenses occurring in watching movies at theater or attending a standup comedy show or a music festival. Instead you can binge on TV or OTT apps on weekends.
Staying motivated is the key
Saving money for your trip can be a long journey, especially if you are planning to travel to foreign destinations like Europe. It will require loads of funds and months of cost cutting. During all this time, you will get thoughts of abandoning your saving efforts, and get back in your normal life. But you will have to resist that temptation, and be patient. During this time you will also get thoughts that you won’t be able to save enough for the trip. But you will have to stay motivated, and keep reminding yourself that you can do this, and this trip is meant to happen.
Save it for a trip!