How to (realistically) save money to travel

Travelling is considered to be an expensive hobby. When a young person travels, it is assumed that they have rich parents. When an older person does it, we imagine they have a high-paying job. But, news flash – a lot of us don’t have either. Yes, you do need some money to travel the world, but you don’t need to be rich. You just need some creative ways to make the money add up.

While I do believe in the importance of saving money – not for travel, but in case something bad happens, I will admit that I was never good at putting money away, simply because every penny I made would be spent on living a decently comfortable, (but in no way luxurious) life.

I quit my moderately-paying job to freelance (taking a step down in terms of money to pursue what I loved doing) all while paying high rent and bills to live in my tiny apartment in Mumbai, travelling for hours to get anywhere in the city and struggling to pay off loans on investments I had made. And I promise, if I can scrimp and save to travel, anyone can. Since its Corona Virus lockdown and we have some time on our hands, it’s a great opportunity to plan your travel finances for the future.

I get a LOT of you asking me about how to set aside money to travel. First of all – high five! It’s great that you want to save to travel because it brings far more value to your life than designer clothes and nights at the club do. It’s really not as expensive as you think – maybe I’ll do another post on how to travel well on a budget.

For now, here are my tips to help you save a few bucks so you can tick off destinations from your bucket list.

It all begins with having a budget (and shifting your mindset) – It helps to have a destination in mind coupled with an approx date/week on when you want to travel. As you research, make a note of flight ticket costs, the price of accommodation at the specific hotel you want to stay at, the cost of food you’d like to try, activities you want to undertake, how much you’d need to spend on cabs – everything you can possibly think of. After you have this figure, count how many weeks you have to save that amount of money and how much you need to set aside each week to be able to afford your trip. Here comes the mindset shift – think of the weeks of saving to follow as ‘saving money for future spending,’ not as depriving yourself of current spending.

 

 

 

 

 

 

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A post shared by Jade (@thatgoangirl) on Mar 25, 2019 at 5:18am PDT

Assess where your current finances stand – Take a close look at your current expenses and see where you can cut down. While small purchases here and there seem insignificant, they actually add up over time – those Starbucks and CCD coffees (they add up to thousands of rupees per year), cheap shopping hauls, manicures and mid-week takeouts, Netflix and Amazon Prime subscriptions (just pick one!), gym memberships (exercise outdoors for free!), movie tickets (the popcorn costs more than the tix), books (buy second-hand).. you see what I’m getting at? I’m not saying you need to live a hermit-life and give up EVERYTHING you love or that makes you happy. But even cutting down one or two things sometimes adds up to a lot! Firstly, you can find cheaper alternatives. And second, I’ve noticed that the happiness from smaller things (like a new pair of sunglasses) is fleeting, whereas saving for something bigger and better brings more long-lasting joy.

Have a side hustle – Video editing, photography, designing, content writing, pet-sitting – I’m sure I don’t have to go on about the various things you can do to make some extra cash. You may find my blog post on what not to do as a freelance writer helpful. If you have an extra room in your home, you can do great by just listing it on Airbnb! Don’t have a spare room? You can host Airbnb experiences – list yourself on the website, offering a service that tourists are looking for – you could take tourists on a food walk to give them a glimpse of local food, or take them for a pub crawl in your area. You can talk to them about history or architecture or on how to bake local bread – just make sure you’re really good at what you offer.

Quit smoking and drinking – Hey, I said I would be realistic, didn’t I? Cigarettes are expensive. Alcohol is, too. Cutting down how much you drink and smoke can really boost your travel fund. Take a minute to calculate how much you spend on cigarettes and drinking at bars/restaurants per year – enough to fund a month-long trip to a domestic destination, I’d wager. Drink before you go out to a restaurant or don’t drink at all – it is one of the easiest ways to save. Quit or cut down on smoking. Bonus – it’ll stop killing you.

Go through your cupboards – Open your kitchen cupboards and you’ll find packets of food or ingredients you’ve not touched for months. Many of us love buying make-up and toiletries that just lie on our shelves. Start using up what you have before buying more.

Buy in bulk – Things like soaps, lotions, toothpaste, oil, instant coffee etc are far cheaper when you buy value packs. Of course, don’t go overboard with this one. But think about it – many of us spend thousands of rupees at the supermarket without a second look at the bill – all the pennies you save on buying larger sized packs or value packs can save you some $$, trips to the supermarket and money on fuel, too.

Get rid of your debts – I don’t mean EMIs for large purchases like houses or cars, which will take a few years to get done with. Get rid of credit card payments and other dues. Pay your bills every month rather than piling them up. Because when you have a large sum to pay off, it’s easy to reach into your travel fund to do so. Once you’re debt-free, saving for travel will be a lot less of a burden, plus you can travel easier and guilt-free.

Open a separate account – One of the easiest ways to stow away money is to deposit some into a separate account every month. Cover your daily expenses through one account and keep your savings in a second one. Your travel fund can go in a third account – it is fun watching it grow, you won’t be tempted to spend it and it will make saving for travel so much easier when you can actually see your funds coming together.

Have fun for free or for cheap – You’ll always find free events and activities to do – from flea markets to small concerts. You can go hiking, have a BBQ at home, go fishing or organize a board-game night.

 

 

 

 

 

 

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Cook at home – In Goa, I eat out maybe 3-4 times a month, which isn’t too bad. But when I lived alone in Mumbai and would get home late from work, I’d eat out or order in far more than I’d have liked. I don’t need to tell you that cooking at home is way cheaper and healthier, so try to cut down to just one or two take-outs a month and work from there.

Cut accommodation costs – A little ruthless, but really effective. If you’re renting a place or you have your own, consider getting a roommate to share your rent and bills or move into a smaller apartment or a cheaper neighbourhood. This could save you thousands of rupees per year. Of course, this may not be for everyone, but I just wanted to list down the possibilities in case some of you feel that you don’t really need a place as big/lavish or a neighbourhood as upmarket as the one you’re currently in.

 

 

 

 

 

 

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Reduce your phone bill – Speaking from experience here, but a lot of us settle on a phone plan and don’t bother changing it for years. My Mum, for example, had been paying Rs. 250/month for a phone plan that offered 1GB of data per day until I recently changed it to Rs. 149/month for 2GB per day! Do you use your phone largely to make calls and barely for social media or instant messaging? Or do you use social media apps or data-related services more than call-minutes? Find a plan that’s customized to your needs rather than paying for what you don’t use. With so much competition in terms of telecom prices, companies are undercutting one another, giving customers the choicest of deals. Also, if you have a landline you’re not using (who uses landlines these days?), get rid of it and save on that, too!

Create visuals of what you’re saving for – Whether it’s your phone or laptop wallpaper, a picture in your wallet or an image of your next destination on your mirror – seeing it often helps determine what’s more important – a trip or those new pair of jeans.

Managing our money is something that all of us should have been taught in school, but unfortunately, we’re clueless until we’re adults. Saving to travel demands sacrifice, which is tough and that’s why very few people manage to do it. With the right mindset and practice, it gets easier. It’s one of those things that no one can do for you and it’s up to you to make it happen.  

Comment below and let me know if you liked this post and if you think you’d like to read more like it. I can also share tips on how to pick your next destination or how to save money while actually booking your next trip. See you on Facebook, Twitter and Instagram!