Let's be honest, who does not want to travel at least once a year? Learning new cultures, see beautiful places and meet new people. As fun as it sounds, your money department may not have the ability to support your wanderlust. It is easy for you to travel when you have an outstanding job and can afford to spend money on luxurious activity such as traveling. However what if you are a student? Or someone who has a hard time managing your expenditures?
Here are some easy tips for you on how to save money for travel:
1. Make a list of your monthly expenses
Once you have a clear idea of how much money you spend on your fixed expenses monthly, it is easy to figure out how much money you can put aside regularly.
2. Realistic amount
Set the amount that you want to save regularly and stick with it. Do not set the value too high cause you will never know when you suddenly get unexpected expenses. Just put inside a sum which is realistic to you. If you can have your saving account linked together with you bank account that would be great. Just set-up few saving accounts specifically for each purpose; for example name them as travel, car, house or urgency. Set a fixed date every month where money from your bank account would be automatically transferred to your saving account. If it is impossible for you to set-up several saving accounts, just have one saving account where you can set the limit on how much you can withdraw. However, DO NOT use money from you saving account unless it's URGENT.
3. Limit going out or eating out
If you think about it, going out or eating out cost you a lot of money especially if you do it once a week. You can easily spend around 50 bucks on food or drinks weekly, it may seem okay to some people but why do not you spend that 50 bucks on your plane ticket to Philippines or Greece for example.
4. Extra income from somewhere else
If you can get the opportunity to earn extra money by baby sitting your neighbor's children, just do it! Even if the pay is not high, at least, you will have an extra income. So, why not?
5. Use a saving jar
If you have some extra coins or cash, just put it in your piggy bank. Make sure you buy one, where you can not easily take the money out. If you are creative, you can even create your own saving jar that might look more attractive and motivated you to put money in it.There are a lot of DIY videos on YouTube on how to make one. You will be surprised by how much money you can save up in a year, it's not going to be a lot, but hey its the effort that counts.
I hope these tips can help you with saving money for your wanderlust!