10 TIPS TO FUND YOUR NEXT TRIP
Who said only wealthy people can travel? While it’s true that endless resources mean endless possibilities, you can afford pretty much anything with good planning and strong will. Here are 10 tips to help you save money for your next trip!
1. Make a Reasonable Budget
You’ll have to make three calculations: your current income, your monthly expenses and the anticipated cost of your trip. Be as accurate and conservative as possible, and if you don't have a particular country in mind, plan an amount that will give you access to a broad range of destinations. These calculations will allow you to determine how long it will take to save the anticipated cost of your trip or how much you need to save on a monthly basis to reach your goal in time. If you need help with your travel budget, have a look at our blog post Planning Your First Trip , it contains interesting tools.
2. Open a Savings Account
Call your financial institution to see what their most advantageous options are. Open an account specifically dedicated to your travel project and periodically deposit a predetermined amount into it, according to your budget. Make sure you can’t easily access this account to avoid spending the money you’re saving. It’s worth contacting multiple banks because welcome packages can be interesting.
3. Always Pay Cash
Based on your budget, withdraw the amount you need for your weekly expenses (groceries, transportation, etc.) and pay everything you can in cash. Avoid using your debit card; it’s much easier to keep track of your expenses with the money in your wallet.
4. Avoid Unnecessary Spending
Assess the real need for each purchase before making it. Cutting expenses may seem limiting and frustrating, but keep your travel goal in mind every time you decline an invitation. Patience will pay off since that money will be used abroad and it will be super rewarding! Refusing to go out or buy random stuff will become easier over time.
5. Put Your Loose Change in a Travel Jar
Aw, the good old piggy bank; bet you haven't had one since childhood! At the end of each week, put your remaining change in it. Ideally, choose a container that doesn't open to prevent you from cheating and taking money off of it. Plus, it will be exciting to open it and count its content before leaving!
6. Join a Reward Program
If you’re financially responsible and only if, you could consider travel hacking. It's quite simple; you get a credit card that accumulates points for flights or lodging and use it to pay for everything. It’s a very common practice. You can find a lot of information on the subject online. Credit cards with rewards programs usually offer additional perks, such as travel insurances, airport lounges, voided international transaction fees and optimal exchange rates. However, this requires exemplary rigor because failing to pay the full balance at the end of the month could create a pretty bad debt. Remember that credit companies make money with the interests they collect, so only opt for that strategy if you’re responsible enough to use it to your advantage.
7. Find an Additional Source of Income
Put your free time or special skill to use! Selling craft or your unnecessary belongings, finding an evening or weekend job... there are many ways to earn a little extra income that will take you one step closer towards fulfilling your dream trip. Offer your services to your entourage or consult the classified ads to find opportunities (cooking, cleaning, lawn mowing, babysitting, etc.).
8. Take Advantage of Use Christmas and Your Birthday
Talk to your friends and family about your project as early as possible to involve them in the process. When Christmas or your Birthday comes, ask for money or travel equipment; they’ll be happy to contribute if they know how much this means to you. With a limited budget, consider homemade gifts to treat your loved ones in return.
9. Create a Flight Alert
Air travel represents a large chunk of a travel budget. A good way to reduce this expense is to create an alert on flight-booking sites to receive a notification when the price for your chosen destination reaches its minimum. You can also create an alert for specific dates if you need to take your vacation at a predetermined time, but don't know where to go yet.
10. Apply for a Travel Grant
Each year, YTF awards grants to support a variety of individual and group travel projects. You could receive the little extra money you need to fund your next adventure. Click here for more info!
Pssst! Have you watched our webinar No money, no worries ? Kenton de Jong (travel blogger) shares his tips on budget travel. A must!