One of the most common Bucket List goals is to travel to more exotic locations and to travel often, yet one of the most common worry when it comes to this is how to manage one’s finances during the travel, with a budget and how to deal with the other expenses that may incur.
This can easily lead to this goal not being achieved with the question, “how will I be able to afford it?” There are many ways to make this dream come true, and as hassle-free as possible, it is just a matter of changing one’s outlook on expenses and redefining what the word “wealthy” means to you.
Although everyone’s financial situation and experience are different, there are certainly ways to save enough to achieve that dream adventure. It starts with commitment and setting your mind to it, once that is in stone, you can begin to make the necessary changes to your day-to-day living in order to make this trip a reality. There are many benefits to travelling such as immersing yourself in a new culture different from your own to seeing the world and widening your perspective, don’t let expenses hold you back.
You don’t need to be rich to be able to travel, but you do need to be creative on how to save money to do so. And there are many ways you can do this and help fund your next adventure while racking up those miles.
Learn Money Management
This is a learned skill and school may not have really taught us about financial planning, so if you want to save money to travel, now is the best time to put those vague pointers on how to become financially responsible into action.
It is a long-term commitment and won’t happen overnight. It starts with commitment and the gradual introduction of good financial habits along the way. Plus, it’s up to you to stick to it! Don’t worry; there are many ways to tackle this and many different options that can help you on your way to financial responsibility and bring you a step closer to your dream adventure.
Keep track of your expenses
Stress happens not in the money itself or its management, but in not knowing where your money is going and how much.
One way of ensuring you know your account like the back of your hand and where exactly your money is going is by setting aside a day in the weekend to go through all your accounts and get an idea of what your finances look like.
Are there areas where you can cut back? Are you spending an unnecessary amount of money on certain things that in retrospect you don’t truly need or want? Tracking your expenses is an important part of your financial responsibility and can give you an overview of where you can reduce spending or even eliminate them altogether.
Write it all down. From the necessities such as food each week, groceries, how much you spend going out, on a weekly takeaway, on your daily coffee to entertainment such as movie nights, music, books, the list goes on.
What are your monthly bills? It includes rent, mortgage, phone bills, insurance, student loans, and all these little things add up. Pinpointing which ones you can live without may be difficult, habits are difficult to break after all!
However, with the right attitude and by constantly reminding yourself of your goal to travel and see the world, you can become aware of how much money you spend and how much more you can save by cutting down on the things you don’t need. It takes time, but by simply acknowledging it and gradually putting into effect certain actions to solve it, you’re already on your way to your next adventure.
Budget is your best friend
You first need to work out how much your trip is going to cost you, from the price of plane tickets, hotels, and accommodation, food, and leisure activities as well as important documentation, visa, insurance. Take these into account and estimate your overall expenses.
Your budget will wildly vary depending on where you plan to go and how long. If you choose wisely and depending on how thrifty you are, you can cut back on a lot of costs for accommodation. Plus, with the right strategies, flights can also be booked cheaply.
Once you figure out how much it will cost you, you can then plan for how you can achieve this goal. Traveling on a budget is certainly possible, and it can be as simple as deciding how much you allow yourself to spend if you go out shopping or socializing with friends.
When you have complete control over how much you spend and know exactly where your money is going, you will be more confident in your goals and have a clear idea of how to get there.
Cut down on unnecessary costs
Your “needs” and your “wants” vary vastly. Be honest with yourself and ask if you truly need this thing right now. Do you really need a shopping spree? Do you need Netflix right now? How about your Friday night drinks?
Now have a look at your notes on where your money is going and how much you’re spending. How much of the list includes your “needs”? How much are your “wants”?
Once you tally up how much your “want” section costs, you can then see how much you’ll be able to start saving by simply cutting these out.
Earn money on the side
There are many opportunities to earn extra money even if you already have a full-time job. This can range from part-time work as a waiter or bartender or if you’re artistically-inclined, by selling your craft online. Research and figure out which possible opportunities match your skill set and talents, and soon you’ll find other avenues to make money and increase that travel money.
Alternatively, you can earn money as you travel. Whether this is by starting your own travel blog or writing guest posts for other blogs, to affiliate marketing or freelance writing, although these areas may take time to gain a following and see a profit, it can be a good start to your travel adventures.
You can also rack up the miles and earn benefits as a result. Check out some personal finance blogs for their advice and tips on how to manage your finances and take advantage of offers. These usually come with specific pointers on how best to approach travel finance both before and during your adventure.
Financially efficient habits
What can you do in your daily life to reduce costs? Try walking instead of taking public transport. Maybe even carpool with friends. Learn how to cook instead of buying meal deals, as this can save you thousands every year, which can then go towards your travel fund. You don’t have to buy that iced coffee every day; you can make them yourself!
Ultimately it all comes down to persistence and motivation. How much do you really want this? Once your mind is set, it’s all a matter of gradually including ways to save money in your day to day life. Soon enough, those savings will add up and your next adventure awaits!