Saving cash to travel is something that many people ponder on without trying to implement any wise steps. Most people don’t realise it, but minor changes in your everyday lifestyle can help you save wealth to fuel your travel plans.
Everything automatically falls in place when you have the will to travel. Once you have finalised your destination, the next step is to figure out the approximate travelling expenses.
Tips to Save Money Smartly for your Travel Plans
You can savour every moment in your life and still save a tremendous amount of travelling. Here are some realistic tips that can help you save money to aid your international travel plans:
Set a Savings Goal
After picking your destination, examine the approximate cost to visit that country. This gesture will help you figure out the amount you need to save.
A beneficial tip is to set a 10-15% markup to the cost of the travel. If, for instance, the expenses to travel to a place is GBP 100, then set aside at least GBP 115 for your travelling purposes.
Setting a savings goal and saving cash for travel is extremely important because it works as an initiating point to begin your road to preserve wealth. After planning how much money you want to save for travel, convert the total savings into daily savings.
Pen down all the necessary expenses that you must meet every month. These expenses are essential, which are crucial for survival. Mark it as List A.
Then note down all non-essential expenditures. These expenses include dining out, drinking, movie tickets, apparel, and others, that are not necessary for survival. Mark it as List B.
It would surprise you to find out how much you can save by cutting down on List B and possibly even from List A if you consider them non-essential.
Open a Savings Account
Open a savings account in a bank that is meant exclusively for travel expenditure. Whatever amount you save, transfer that to the savings account which you have created for your travelling goals.
Saving wealth in this account will help you set the travel money aside from everyday expenses. Besides, the money which you will deposit in this savings account will build-up due to acquired interest.
Start this habit a year before, so when you check this bank account, you will notice that you have saved enough wealth to visit your dream destination.
Settle Credit Card Dues
The interest you pay on your credit cards for late payments adds up to an enormous amount. Take out the last three months’ credit card bills and sum up the late payment fees and the interest paid by you.
If you would have planned wisely, then this calculated figure could have added to the net amount that you are setting aside for your international trip.
Another rule to follow to save money for travel is that if you cannot afford it, don’t buy it as it will raise the chances of credit card usage and the odds of defaulting the payment, which will lead to a dent in your travel savings.
If you have a bad credit history but wish to get a loan for your trip plans, you can look for loans for poor credit.
Obtain a Travel Rewards Credit Card
There are several credit cards provided by banks that help you travel economically. You can ask for an airline credit card or travel portal credit card from your bank.
Using such credit cards for daily shopping will provide you with additional points. Using these points, you can conveniently save money for travel as these points can get redeemed for flight bookings.
However, before applying for any credit card, conduct a thorough analysis of all available cards offered by various banks. Every bank provides different offers; therefore, you must choose the one which benefits your case the most.
Go for a Part-Time Income Source
Everyone has some hobbies such as painting, blogging, photography, baking, and many more. To save money for travel, start monetising your hobby if you are good at it.
For instance, if you love to cook, then you can conduct cooking or baking workshops. You can prepare food and sell it in small boxes from the comfort of your home.
This gesture will produce additional income and will add up to the net savings for your travel. Don’t get your hopes high that you have to earn a tremendous amount from this income source, as even a few pounds will help you hit your goal.
Cut Down on Your Internet Bill
Internet bills add up a hefty amount to your everyday expenses unknowingly. You might have WiFi at home and also be using a high data usage plan for your smartphone. If you check either of their usages, you will notice that you are consuming 70-80% of the provided data.
Visit your operator and downgrade your internet plan accordingly, which will significantly cut down on your internet bill.
Also, consider taking a minimum data usage plan for your mobile and shift the internet consumption on your home WiFi.
Avoid Dining Out
Rather than eating out or ordering food, start cooking at home. You will save tons of cash which you would have spent on restaurant food.
Also, by the time you will travel to your dream destination, not only will you have saved money but also learnt to cook a couple of dishes.
International travel plans can be expensive, depending upon your destination and their currency value compared to the one in your country. Therefore, if you wish to explore the world, it is imperative to start early and cut down redundant expenses.
If you are looking to apply for loans, you need to see whether you have a good or poor credit history; and then consider your options.
Follow the tips above to get rid of irrelevant expenses, save more, and enjoy travelling without having to worry about spending less so you can get through the next month when you return home.