Raise your hands, who here has their sights set on a dream trip and needs some tips and tricks for how to save money for travel?
Maybe you want to hit up Italy for a pasta tour (2020 Pasta Tour, baby), soak up the sun on the deck of one of those private huts in the Maldives (could be a worse waste of an afternoon…) or hang out with Winnie the Pooh and friends while eating croissants and drinking French wine at Disneyland Paris (basically my dream).
These are all great, totally fathomable goals, pending you save money for your trip… with that in mind, here’s how you can do it:
Create a travel budget
Before you can start to save money for travel, you need to know how much you need. A trip to Paris, Italy or the Maldives is considerably more expensive than a weekend to Las Vegas or an all-inclusive vacation to Mexico.
So when it comes to planning to save for travel, you need to build a budget. Your budget will determine how much you need to save and how long it will take given your disposable income.
Once you know where and when you’re planning on going, it’s time to do some pricing. Build your dream trip, that will determine your budget and how much you need to save!
Create your travel savings goals
Once you’ve built a budget, it’s time to set up some goals. Your travel budget goals should be reasonable while still saving you the amount you need to head out on your big trip.
If you have to save $1,500 for a five-star all-inclusive that you’re taking in nine months, you know you need to save about $167 per month. But you need to take into consideration when you’re going to book your trip because you won’t want to throw it all onto your credit card if you can’t pay it off for six months.
Let’s say your trip happens in nine months, but you’re planning on buying tickets in six months. Maybe your $1,500 accounts for $1,100 in resort fees and flights and $400 for on-the-ground money. In that case, you’re looking at saving around $184 per month for six months, then around $134 for the remaining three months.
Build yourself reasonable, achievable savings goals to help you get to your budget.
Open a dedicated travel savings account
Saving money for travel is much easier if you put the money into a separate, dedicated account instead of lumping it together with the rest of your savings.
Opening a dedicated travel saving account should be relatively easy if you use online banking. I personally use an online-only account for specific saving goals. That way I’m not tempted to access my funds from my account. And I can see the savings grow!
How to make extra money for travel
If you’re looking to save money for travel but you honestly don’t make enough to swing the extra amount you need to monthly, there are a few things you can do to make extra money for travel:
Pick up a part-time job
A part-time job can be a great way to make some extra cash, especially if you’re trying to save money for travel.
If you’re working a full-time job during the day, pick two weeks a night where you can add a shift and one day on the weekend. If you have five-hours shifts, you’re working an extra 15 hours.
That 15 hours might not seem like a lot, but even if you’re working minimum wage you can bring in an extra $850 to $1,000 a month (depending on minimum wage where you’re from—here in Alberta it’s $15 an hour).
Do some freelancing
Chances are you have a skill that you can freelance for some extra dough. Are you a graphic designer that has time to pick up some logo work? Perhaps you’re a writer who can pump out a few articles a week.
Whatever your skill, you can definitely find some way to use it to bring an extra few hundred in a month.
Run a rideshare or delivery car
If you have a car and a few hours a week, you can bring in some cash running a rideshare through a company like Uber or Lyft.
But if you’re not willing to drive people around all evening, you can still use your car for some extra cash by delivering food through a company like Skip the Dishes. A few hours a week can go a long way when it comes to saving money for travel.
Sell things you don’t use
Maybe you don’t have extra time or you’re simply too tired after work to take on a new job (no judgement here), then you can make money for travel by selling things around your house that you don’t use.
Chances are there are a ton of things that you don’t use around your house that other people can use and will pay for! This can go a long way when you want to save money for travel.
Cut back your expenses
If you can’t add any money to your income, your choices are slim but not non-existent. If you really need to save money for travel, you can always cut back on your expenses.
When it comes to cutting expenses, start with the things you don’t need. Dinners out, movies, shopping sprees can all be put on hold to save for travel.
Anyone can save money for travel
Saving money for travel can be done by anyone. Seriously, anyone.
Yes, it will take some budgeting, sacrificing and work, but if you want to travel you can absolutely make it happen. I believe in you!
How do you save money for travel? Share your tips and tricks in the comments below!