If you are someone who has dreams and ambitions of travelling, then it is pretty likely that money will hold you back. Outside of coming into a large sum of money through anything from a lottery win to a huge gambling victory to a trust fund etc. it is very hard indeed to imaging saving up money to travel the world. However, you don’t need to be a superstar, a celebrity, or a lucky child born into wealth to travel the world.
Many of us picture the idea of travelling the world as staying in five-star resorts and the like. However, with a more modest idea of where you will sleep and stay as you travel, it becomes much easier to make sure you can save up money to properly travel. Want some ideas? Then try to put the following tips into action.
Cut down on your ‘weekend spend’
The easiest way to save up money to travel the world is to start cutting down on how much money you waste per weekend with friends. Heading into town for some food and some drinks? Then order a little less in each place. You can find that you don’t need to eradicate the idea of going out and seeing friends simply because you intend to spend money.
Instead, you can save a little bit more money and ensure that you can still have a good time simply by making each food/drink last a little longer per evening. It all adds up!
Cut your internet subscriptions
Today, things like loot boxes and subscription services come as increasingly cheap. However, you might think that it is only $5 per month. Look closely at your statement, though, and you can soon find you have as many as ten-plus of these small subscriptions. Now, ask yourself this: how many do you even use?
Many of us keep subscribing even if we are not using the item purely because something might come along that is worth the money as part of the deal. Instead, cut your subscriptions now and you can find it easier to save a little more money per month.
Consolidate your debts
If you have any kind of debt, then you should use a debt consolidation service. All of your debts get rolled into one manageable payment so that you are not seeing numerous payments – and fees – every month for smaller debts.
This death by a thousand cuts style of paying off your debt will eventually become too much to keep up with. Instead, consolidate everything into one debt. This saves you money, helps you to avoid forgotten debts, and reduces your interest and costs.
Sub some of your wages immediately
Do you happen to get paid on the same date each month? Then set up a standing order to transfer some money – say 5-10% of your monthly wage – into a savings account. Make sure this is an account that you cannot access with a few simple clicks.
Why? Because if you keep sending the money to a new bank account, you need to log out of your old account, log in with the new account, and then make the transfer. Often, that 5-minute process is enough to make you stop what you are doing and leave the money where it should be: in your travel savings.
Make the most of your online time
Instead of sitting on Facebook all evening, you could be making a bit of money online. There are many ways you can make money. You could be doing odd jobs, working as a Virtual Assistant, writing blog posts, creating an affiliate marketing blog etc.
You simply need to think about what you are good at and use those hours spent trawling social media to build a little side income. It sounds simple, but once you find your talent and your niche it really is quite easy to see meaningful results.
Cut down on impulse spending
A good way to make sure you don’t spend more than you intended is to make sure you leave the house with a set cash amount on you. Or, if you do not like to pay with cash/cannot pay with cash, then make sure you set up a card limit. This allows you to set limits as to how much you can buy with your bank/credit card on any one day.
Carrying cash and leaving your card at home means you literally cannot spend more than you can. Limits do the same. Either way, you will find that your reduced impulse spending means far less wasted money.
Stick to the above tips, and you should find it a whole lot easier to start saving for that holiday that you always dreamt of.