Saving money for your next travel adventure can be possible if you’re really determined to fund your way around the world. Here are some keys to cut back on spending and save money for travel.
1. Use budget apps – These apps help you keep track of your finances. It’s like having a personal financial advisor that tells you where you waste money, how to spend it right, etc. If you use it regularly, it can help you save more, budget your monthly income and avoid late payment fees.
2. Reduce your cell phone bill – Are you paying for extra features you don’t really need? Let’s say unlimited text to all networks, Free Netflix, Spotify Premium, etc. Call your phone provider and downgrade your phone plan immediately! When you have time, shop around and see if other providers can get you a better deal.
3. Sell your car, use Uber – If you have a car, sell it to finance your next international trip. You can save a lot of money on gas, parking, and car maintenance. Public transportation like trains or subway can get you faster to your destination and you won’t be stuck in traffic. I’m a fan of Uberpool. Carpooling reduces your carbon footprint, cut your costs on petrol and you meet new people.
4. Kick the Starbucks Habit – Don’t get me wrong, there’s nothing wrong with coffee unless you have acid reflux. But buying Starbucks every single day drains your bank account before you even notice it. Buying a coffee maker at home is way cheaper compared to buying Starbucks every day. $120 per month or $1440 per year can go a long way. You can use that money to travel to Southeast Asia for few months.
5. Stop buying so much clothing – Stop following the latest trend, they will become obsolete in few months anyways. Experiment, be fun! Mix and match your favorite outfit. Practice the minimalist lifestyle and stop buying stuff you don’t need. Learn to declutter, get inspired by Project 333, a capsule wardrobe by Courtney Carver.
6. Batch cooking – Learn how to meal prep for the week to save you time and money. Almost all dietician would recommend this because it will help you plan your meals in advance help you lose weight. It’s a great recipe for weight loss because it allows you to monitor how many calories you consume.
7. Keep small coins – You bought something on the street and you say, “keep the change”. How many times did you say that to someone? Throw your loose change in a coin jar and you’ll be surprised how much you’ll save each month. Cut back on your religious tithing. If you feel guilty about it, talk to your pastor or priest and explain why you need to cut expenses.
8. Ditch your gym memberships – How often do you really go to a gym? If you answer twice or thrice a month, you’re throwing away a lot of money my friend. You don’t need to pay to stay fit. There’s a lot of workouts you can try at home. Buying your own bicycle or dumbells is way cheaper than paying the yearly membership at the gym. In some countries/cities they even have free gyms in the city parks, i.e. Bangkok.
9. Update your light bulbs – Energy saving light bulbs cut down expenses and help you save the environment at the same time. LEDS are energy efficient and could last for many years. And also, flick the switch if you’re not using the lights. Remind your housemates if they are forgetful.
10. Quit Smoking – I’m not a smoker but for all smokers out there, your daily allowance might be a little higher compared to those who doesn’t smoke. How much is a pack of cigarettes? $5 to $10 Depends on the brand, alright! And how long would a pack of cigarettes last you? Two days? One week? Add that up and you’ll see how expensive it is to smoke. If you quit smoking, you’ll save at least $20-$30 a month.
11. Rent out your property – If you have an apartment, rent it out through Airbnb, HomeAway or Travelmob. You can make $30 to $50 a day depending on your location. If you were able to rent it out for 15 days in one month, you’ll get $450 to $750. Not bad for passive income.
12. Ask for customer rewards programs – Whenever you go to the grocery where you frequently go shopping, ask if they have a customer reward program. Chances are they will give you coupons that can help reduce the cost of your bill. Some people hesitate to do this out of laziness. If you’re lazy, you’re missing out a lot of possible rewards.
13. Use travel credit cards when you travel – You can reduce your travel expenses from airfare to accommodation when you use these cards. They will likely save you paying an overseas ATM fee each time too. Usually, they give generous bonus incentives to help you earn travel rewards faster. Rewards which you can convert to points that you may redeem to book hotels, cruises, car rentals, airfare and more.
14. Sell the stuff you don’t use – Look around your house. I’m sure you have at least a few things that are worth selling to make extra cash. Before you start your vagabonding adventure, declutter and get rid of stuff you no longer need. Sell your stuff on Amazon and Ebay so you’ll have extra cash for your travel fund.
15. Move to a cheaper place to live – If you can’t afford to buy a house in your country, move to a more affordable country. Do your research about the cost of living in that city like transportation, housing, food and utilities. Just make sure you can still do your job in that city and your income is higher than the cost of living.
These tips are proven and tested to work because I use it myself. So be frugal, stay simple, cut down your expenses and make other sources of income to save money for your travel fund. If I can do it, you can do it too. All you gotta do is change your attitude towards money and be grateful for what you have. Turn your traveling dreams into a reality.