Practical Tips On How To Save Money For Travel
Many of us would love to pause our jobs for a while, tour the world and see beautiful places, people, and learn about the culture, foods, etc. however, due to the lack of funds, we cannot fulfill these desires. A lot have tried saving money, but along the line, something else came up, and they are back to square one again. Well… there are practical tips on how you can save money for travel, which will make your travel dreams come true.
Organize your income and expenditures
A lot of people do make these mistakes of not recording what they have, and how they use it. If you want to save money for anything including for travel you have to be in charge of your finances; look at your bank accounts, your balance, your income, your expenditures including every little thing you’ve spent your money on for the past six months. Let me quickly add here; the small “change” you spend on trivial stuff you think does not affect your finances is one of the reasons you’ve been finding it difficult to save money.
Create a separate savings account for the travel
Creating a savings account specifically for the trip will motivate you to save more than when you have one saving account for everything. Also, ensure you provide for other needs in order to prevent you from taking from your travel savings anytime you are low on cash. Also, you can ask your bank if there are special packages for people who want to open new accounts. Some banks offer mouth-watery promotions that can help you boost up your travel savings. For instance, some banks reward their customers with monthly bonuses or gift items for their loyalty. This is will not only add to your savings but also encourage you to cultivate the habit of saving. Also, set an amount to transfer to your travel savings every time you are paid.
Put a strict limit on your savings
It is not enough to know what goes in and out of your account, you need to give yourself a fixed amount you will be spending each week. A week is achievable than a month. You can as well reduce it to a daily limit if you have the time to calculate how much money you need to spend every day. However, it is advisable to go with the weekly limit in case of emergencies (unforeseen expenditures) that way, you can efficiently manage yourself for the week, without “hurting” the next week’s budget.
Furthermore, to make this work, you need to keep money aside for emergencies; I know this is a lot to take in but don’t worry, you will get used to it and be the master of your money, instead of the other way around. Emergencies can be anything, your closest friend’s wedding gift, baby shower, auto repair, or anything you know you cannot help but spend a few dollars.
Get rid of your existing debts
I read a book, which changed my perceptions of debts; before I can continue, let me quickly state here that you cannot change what you make excuses for. You will keep amassing debts if you make up excuses for having them in the first place. A debtor is a servant to the lender; you will never take control of your financial destiny if you keep borrowing your way out of every situation- contentment is the key.
Now that you know let us focus on eliminating the existing debts- pay off your credit card. If you can pay off your credit card, you will be able to direct your income to the right place. The truth is, it is not an easy thing to do, it means you have to readjust your, but if it means being financially free, then it is all worth it.
Have a money jar
One fun thing about money jar is the excitement of seeing your money grows. Earlier, I stated that every little thing counts- here is how money works, if you do not have a purpose for it, it will auto create its purpose and 90% of the time, the auto purpose is wasteful. In essence, if you do not assign your money to something, money will assign itself.
You need to boss your money around, and having a money jar with a tag on it helps you to stay focus, and also informs the universe that you have what it takes to captain your financial ship.
We get spare cash a lot, but we hardly notice because we do not make good use for it. When you put your extra cash in your money jar, you’d be amazed how much you would have spent on unnecessary things without knowing. No matter how little that change may seem in your eyes, keep it in the money jar and watch it grows.
Start making healthy decisions
If you look around, you will notice we spend more on things that hurt us than the things that help us. Smoking, drinking, gambling, etc. are enemies to your financial growth. If you want to go far in life, then quite these habits; they are bad for your health as well as your pocket.
Secondly, quit buying stuff that you have no intention of using, besides, you will be traveling soon anyways you don’t need to accumulate things you are going to leave.
Another way of making healthy decisions is when you decide to cook more and eat out less. Learn to cook your food; it is way cheaper, and healthier than eating out. Learn new recipes; thank God for the internet, there are thousands of free delicious recipes out there you can learn to prepare.
Pick up extra work
If you know, you can handle more jobs, then get one more, to cushion your new lifestyle. You can also dedicate the paycheck to your travel savings if you have too much bills to pay with your primary job.
Differentiate between wants and needs
Many of us do not know the difference between wants and needs that is why we spend money on things we don’t really need. Before you purchase anything, ask yourself if it is what you need at the moment, if you really need it. Be sincere to yourself, in no time you will get used to buying things that you need instead of want.
Every other thing listed above will be futile if you are not disciplined especially in the area of finance. Let your no be no if you have friends who love going every time make them understand that you cannot afford that kind of life. I am not saying you should entirely steer clear from your friends, what I am saying is do everything within your weekly budget 😉
In conclusion, learn to enjoy the little things; you don’t have to spend heaven and earth before having a good time. These practical tips on how to save money for travel can help your financial prowess, and not just save money for travel.