Whether it’s for a month or a year, you’ll want to save as much money for your travels to make the most of it. You don’t want to be that boring person who half way through their travels has to say no to big day trips and fun night outs because they’ve already spent all their money.
Unless money is no object for you, then budgeting on your travels is crucial. So first, you need to calculate how much you will need to take with you, work out how you’re going to save that in the next how ever long it is you have before leaving for your travels, and have a back up plan in case you do run out of money.
I was quite lucky with my travels as I had already saved up a good amount of money for Asia so I put some of that towards it, as well as saving some money I earned from working abroad. The fact that I was already living in China helped too as flights were a lot cheaper than flying from the UK.
I’m back at it again now and saving for my next bunch of travels, it helps that I now have a proper job working 5 days a week so have a regular income coming in. However, when I was younger I picked up a few tips from others for saving money so here are mine to you…
Open up a savings account, one you can’t easily access (i.e. I have to physically go into the bank to get any money out) and put a certain amount in each month. The first thing I do every time my pay check comes in is put a chunk of the money into my savings. Even if you’re putting in £50 a month, it will build up faster than you think!
There may only be 10p going in the jar a day but that’s 10p more than yesterday, right? I have 2 types of jars; 1 which I put all loose change in from 1ps to 10ps, and a second one which I collect 20ps and 50ps.
Do you have clothes sitting in your wardrobe that haven’t been worn for years? Perhaps some old technology you no longer use…or books you’ve already read a few times…sell sell sell! You might as well try before giving them to charity, you never know who may be looking for those exact items you have lying around the house.
This is what I’m currently doing. I have 2 massive black bags full with clothes that I’m trying to sell – eventually I will give them to charity as I’ve had them in my room for 2 months now and it just makes my room look a mess!
If you are really having to budget to save for travelling then tracking your expenses is a good way to keep an eye on where your money is going. You can make some cuts on things that you can live without while you save. Make sure you include every last penny you spend; monthly subscriptions, morning costa coffees, takeaways – everything! There are a few really good APPs to help keep all your spendings in one place and make it easy to do so; Yolt, Fudget, Expense Manager, to name a few.
It may seem like the easier, cheaper choice at the time, but it usually isn’t. Takeaways around my hometown are quite expensive and not worth it. It’s cheaper to buy ready meals from the supermarket!
Write down all the subscriptions you pay for monthly (or weekly/annually) and ask yourself which ones you don’t really need or can live without for a few months. It’s a subscription so you can always get it back when you have that money to spend on it instead of other things. I go through my subscriptions all the time, but usually don’t have the strength to cancel any of them – I need Spotify in my life! However, I use all my subscriptions nearly every day so they’re clearly essentials in my life…let’s go with that anyway.
You’re in a shop and found a really nice item of clothing, you think to yourself “oooh das nice, I’ll have that” but do you really need it? Is it the end of the world if you don’t get it? Or can you live without it for now? Even if it’s on sale, that’s still money which could go towards a flight to Fiji…think of that!