Grow your travel savings
Personal Growth

Simple Money Saving Tips to Grow Your Travel Savings

I kid you not, I cannot wait for my next vacation. Honestly, I know I am not alone! The biggest challenge right now is saving for vacation. Travel savings can be hard to set aside but this post has got amazing yet simple money saving tips for your next vacation or even dream vacation.

I doubt if there is anybody who does not love traveling and if you are one, let me know in the comments. Saving in itself is a task let alone saving for vacation. This article will give you amazing tips you can apply to save for that dream vacation you have been longing for.

Travel and Money

Money never made a man happy yet, nor will it. The more a man has, the more he wants. Instead of filling a vacuum, it makes one.

Benjamin Franklin

Traveling is an amazing experience. You get to learn about different cultures and meet new people. It also opens opportunities for us and the best part is that you get to rest. The dark side of traveling is that it can be expensive. Money can never be enough; why not just have fun with what you have? It requires plenty of saving and depending on where you are in your life; it can be difficult.

Saving for vacation

Do not save what is left after spending; instead spend what is left after saving.

Warren Buffett

Start small.

The first thing you need to do is to tell yourself to start small. Start with a local trip before you decide to go too far. This will give you time to grow financially as well as your travel savings and hence, afford the longer trips. You also learn to appreciate the smaller things.

Another lovely thing about starting small is you learn tricks to save money during vacation. Starting small gives you a chance to make mistakes and learn. It is also a good way to implement and start off saving for travel.

Remember that if you succeed to saving for the first vacation and you enjoy your time, it will be easier next time to save for another vacation. Better yet, travel savings should grow forever til you can’t travel any more.

Decide on a location

Yes, we all want a vacation, but where? If you are starting, start small. It will easier to save. Choose a location you love and consider the cost. If it costs you more than a year’s worth of your salary, the place is too expensive. Not saying that you cannot go but it means you need to save for long and find other sources of income.

As you decide where you want to go, do not fall in the trap of going somewhere because others have gone. At this point, it is not worth doing it for the ‘gram. The vacation is yours! You can share it with others online but be content. It is not a competition! It is yours to enjoy.

Get all costs for the vacation

Now you know where you want to go. Next, find out how much it will cost you. At this stage, you need to do plenty of research and get as precise costs as possible. The most common and important costs are travel cost (flight, train, bus, etc.), accommodation costs, insurance, visa fees, average cost of meals per day and entrance fees for the places you want to visit.

Now you know if your trip is affordable. You can also tell how much you need to save and for how long. From this, you can up with a probable period of travel for example, in two months time or a years time.

Travel savings begins

If you’re saving, you’re succeeding.

Steve Burkholder

Set aside a different account for travel savings

Open a bank account where all the cash will be dedicated to traveling savings. Ensure that it easy to transfer money to the account from your personal account. It will be necessary that they have a visa debit or credit card that you can use even when outside your country. In my opinion, a debit card is better coz you spend what you have.

Put money in the account.

There are several ways I found that may help you get money for the travel account.

1. Dedicate a particular project to feeding the travel account.

That one side hustle that you have that is generating some income, put some of the money to the travel savings account. As a note to self, always put more than 30% of the net income from that project.

2. Dedicate a certain percentage of your salary.

Depending on how much you earn, you can decide that 10% goes to the travel account. Immediately you get paid, transfer the money to avoid using it.

3. Give yourself a daily saving target.

Let’s say your total trip costs 500. Then you could save 10 every day for 50 days. The amount you save per day is up to you. The higher (but reasonable) the daily target, the higher you will save.

4. Do not stop saving

Even after the vacation is a success, keep the account alive and feed it just as you were. It does not matter whether you are planning a trip ahead, just keep saving.

To save more:

1. Avoid eating outs.

Cooking is always cheaper than buying eat-outs. I am such a huge fan of eating out but because of saving I have really tried to reduce and I can already see the effect.

2. Cut off what you do not need.

Those things you buy just because you have seen them; avoid them. Have a strict buying policy for yourself. Evaluate the need for the product before purchase.

3. Be conservative.

Switch off lights that are not in use. Do not leave the water running. Take a shorter period to shower; it reduces power and water bills.

4. Watch out for offers.

The 10% or 50% off give us an amazing time to shop. Take advantage. Be patient they will come around soon. Subscribe to your favorite stores and brands newsletters so that you do not miss their offers.

5. Avoid alcohol and going out.

Netflix and chill is way cheaper than drinks. Staying indoors has helped me save a lot which has made me love Friday nights more coz I get to sleep.

6. Use a money manager app.

I installed one last month and it has helped me know where I need to cut costs. The app allows me to log my income and expenses daily and at the end of the month or week or day, I know how much I have spent and my account balance. I use one called Money Manager and I really love it. It is simple and shows the analytics you need. Very easy to understand and customize. The best part is that it is free.

Too many people spend money they earned to buy things they don’t want to impress people that they don’t like.

Will Rogers

Bonus

You know where you want to go and how it will cost you to take yourself. Research for other travel deals that meet your expectations but are at a lower price. This is done when the vacation is coming up in a short while and you have already saved almost the full amount.

Many tour and travels companies offer good and affordable deals that might save you some cash and some hustle of planning. If you find a good one, do not hesitate to book. You deserve the vacation. After all, what have you been saving for?

Money saving tips to grow your travel savings
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Finally,

I always struggle setting aside money to travel. But I now have the perfect way to do it. This works so well. As you save for travel, do not forget personal savings. Saving for travel should not affect your personal growth. Make sure you balance your life and you will be a happy person.

The month licked off with a lot of expectations. I was so ready for it and so far, so good. Catch up on my previous post about how living God’s way doesn’t have to be hard and look forward to my next post. Also, do not miss daily chats with me every day.

Bye!

Reina Janet is a young talented writer and the founder of El Mieles. She believes in making the world the best place for you by inspiring you with her creative writing and personal stories that help you to love life and also solve day to day challenges. Get to know her more.

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