The best way to save money for travelling

The best way to save money for travelling

Being able to go travelling and see other parts of the world is a dream that many of us share, although getting away might seem impossible in reality due to lack of annual leave or money.The truth is, even if you feel that you will never be able to afford it, with some careful saving and inventive ways to raise funds, you will be able to accumulate enough cash to get out there and see the world! So with this in mind I have put together my/some top tips for getting together enough money so that you can buy those plane tickets, pack your rucksack and head out on a once-in-a-lifetime adventure.

Know your budget

Before you can begin to save, you need to make sure you know exactly how much you need to (or can realistically) save. Create a spreadsheet with a tab for everything you need to buy or spend out on and then create one for your current expenditure. A more modern alternative is using an IOS or Android app such as Monefy – Money Manager. Look at the parts of your current spending that you can afford to cut down on, or even cut out completely and put this against something you need to save for.

Shop around for an interest rate

When it comes to setting up a savings account, make sure that you shop around. With a bit of research, you can find an account that has a good interest rate on all the hard-earned money that you pop in there. Remember that you shouldn’t have to pay a monthly fee for your savings account; especially since many banks offer these for free!

Sell, sell, sell not buy, buy, buy

When you are saving to travel you will need to find ways to raise some extra cash. Why not take it as an opportunity to go through your garage, wardrobe and storage boxes to see what things you no longer need? Sell them online (eBay, Gumtree etc) or arrange a car boot sale and you can make some extra cash  that will go towards your travels.

Automate the saving process

Once you have figured out how much you can afford to save each month then you should put in place an automatic transfer to make sure that you do. An automatic transfer means that money will be put into your savings at set periods so there’s no danger of spending it before you manage to put it away. Periods where I don’t have a holiday planned I still have a regular monthly transfer being made to a special travel savings account, just incase I decide to book a last minute trip away with no plans.

Remember why you are doing it

When you are saving for travelling it can be hard to keep the end goal in sight. Limiting how often you go out, cutting down on unnecessary purchases and looking for food and other bargains can take its toll. So remember the exact reason that you are doing all those things and you will soon find the motivation to keep on going!

Going travelling is a great life experience and if you can do it then you should definitely go for it! It may take a few months to save up enough money, but once you have then you can go and explore a whole other part of the world. I funded my backpacking trip post University by simply putting my Student Loan money into an ISA and working part-time to put myself through University. At the end of my final year of University, I had enough in the bank to visit India, Nepal, Singapore, Australia, New Zealand, Fiji, Cook Islands and the USA for 7 months.