Make Travel a Priority In Your Life
Cut Down On Extra Costs:
One of the benefits of keeping track of your money, is that you can look back and see what are some of the things you regularly overspend on. If you believe you don’t make enough money to afford travel, it is likely that travel is low on your spending priority list. With travel seeming like such a distant dream, we tend to spend our extra cash on other things, and saving for travel - or saving at all, doesn’t cross our minds.
Think about what are some of the non-essential things you tend to spend the most on, and which of those you’d be willing to cut down on. Do you go out every weekend? Take too many cabs? Order too much Seamless? Shop too much? Consider trading in some of these extras for the travel experience of a lifetime.
Personally, I was spending too much on eating take-out, and treating myself to too many impromptu brunches. In order to cut down on these expenses, I started buying groceries, meal prepping, having breakfast at home, and taking snacks with me to school. I also set a limit on the amount of times per month that I could go to brunch, and how much I could spend on take-out for the week. After implementing this, I was able to save $50 to $90 per week - which went straight into my travel savings.
Start Your Travel Fund:
Now that you have created a budget, stuck to it by keeping track of your spending, and figured out where you can cut down, create a travel savings, or “travel fund”, as I like to call it. Feel free to pick any of your existing checking accounts, open a savings account, or even save in cash if you’d like. The objective is to have your travel savings separate, and in a place where you won’t touch it.
After creating your budget for the week, add up all of your expenses, and subtract that from your current balance. Whatever is left over, you can either choose to put all, or a portion of it in your travel fund. Every little bit of money that you put away for travel, counts. Even if you are saving in small amounts, it’ll add up to the cost of your next trip before you know it.
Tip: Transfer the funds out of your main account (or withdraw if saving in cash), ASAP! If you leave it with the rest of your money, you will spend it.
Tip: At the end of the week, if you spent less than you thought you would, throw the leftover money into your travel fund.