Many people want to travel but feel like there’s no way they can afford it. I used to think the same thing. But it’s just not true. We all spend money on things today that will be broken tomorrow. You can have enough money to travel, you just may need to shift your thinking. Here are 7 tips for saving money so that you can travel.
Before we get started let me be clear that I understand that everyone’s circumstances are different and everyone has a unique vision of what traveling means to them. Your idea of traveling more could be escaping to the lake one weekend a month. It may be visiting all 50 states in the U.S. Or, your idea may be to save up and travel the world. Whatever “your” idea is, it starts with a plan.
Tips for Saving Money #1 -Have a Goal and Make “The Plan”
My husband and I are in our 40’s and have been in the same career for nearly all of our adult lives. So, while I may be able to sweet-talk him into taking a Meditteranean cruise in 2020 that absolutely was not always our reality. The super short story is….when we got married we were digging out of a hole. I’ll leave it at that.
We knew we didn’t want it to be that way forever. So, as we continued to work our tails off we started talking about “the plan.” Still to this day, “the plan” comes up in conversation at least once a week. I’ll share our plan with you in a future post. So, you should probably go ahead and subscribe. 😉
If you want to travel, you just need a plan, too. Is your plan to pay off debt and then take a trip once a year? Twice a year? Determine what you want your plan and your life to look like and then work that plan every day.
#2. Know Where Your Money Goes NOW
This is critical. If you don’t know the answer to this then honestly the rest of the tips won’t help you in the long run. There are so many tools out there now to help you with this task. Just in the app category alone a quick google search will give you a ton of options to choose from, and almost all offer a free version.
A couple of the popular spend tracking apps include Mint.com and Mvelopes.com. There are also online resources that provide tips and education like FeedthePig.org. Of course, for the tech-challenged, there is my long-time favorite – the notebook and pen method. Track every penny you spend for at least one month. I guarantee you it will be enlightening.
Tips for Saving Money #3 – Auto Save is Your Friend
Available at almost every bank is the ability to automatically transfer funds to a separate account following your paycheck deposit. The concept of auto-depositing money into your savings account is sometimes called “paying yourself first.”
This is so important. Before you look at how much “spending money” you have left until your next paycheck, pay yourself first. Putting a small amount aside each paycheck is much better than “planning” to save your tax refund or birthday money, etc. This creates a habit.
#4 – Meal Planning
When you start tracking where your money goes you may realize that you spend a TON of money on food. Eating (and drinking) out can be a real stumbling block to achieving your savings goal.
There are plenty of meal planning resources available. Companies like eMeals and EatingWell can help you with meal suggestions and shopping lists. This is such a growing category right now and companies expand and offer new options regularly.
Pinterest is another amazing place to get ideas yummy recipes and ideas. You may even find that once you crunch the numbers a prepared meal service is right for you.
Your situation is unique to you. You may be single or you may be married with four little ones. Find the resource that fits you.
Planning my shopping list and then having grocery pick up or delivery saves me time and money. It eliminates my impulse purchases.
Tips for Saving Money #5 -Cut the Cable Cord
Brian and I laugh that our kids will never know what it’s like to pay a monthly “cable” bill. As long as they have a strong internet connection they don’t care about what “channels” we have. Our daughter could live in her own perfect little youtube and Netflix bubble.
Us “old people” are currently in a trial period to see if we can cut the cord. We have a Netflix subscription and we recently added Amazon Fire Stick. We are testing for 6 months to see if there is anything we just can’t live without on Network TV before we shut the cable down. Oh, Brian also has the MLB app which allows him to stream baseball. That’s a good thing because no one would want to be around him if he can’t watch the game.
But, here is the reality. We never watch live TV (except for sports). We are too busy. Everything we watch now, which isn’t much, is on the DVR days or weeks after the original air date.
So get rid of cable! Trust me. You won’t miss your TV when you are out exploring the world.
#6 -Travel Rewards and Loyalty Programs
There are so many travel programs out there. Do your research and pick what makes sense for you. General loyalty programs are typically free and are a great way to earn extra incentives. Hotel programs where you stay 3 nights and get the 4th free is just one example. Southwest Airlines also has a popular program for loyal customers.
A word of warning regarding credit cards. Don’t sign up for travel credit cards on a whim. Some carry annual fees and all have hefty interest rates for carrying a balance. Travel rewards cards are NOT credit cards that you want to carry balances on. Many also have spending minimums that you need to reach in a short period of time in order to receive the big bonus they advertise.
Take a long hard look before you sign up. There are some great perks out there but if you carry a balance, the interest rates will negate any value. If you are committed to paying off the balance each month, start with one card that seems most appropriate for you.
I use my Bank of America Royal Caribbean Rewards Visa. I use it for everything – grocery store, to purchase gas, home maintenance, etc. Every normal everyday expense I have, I use this card. Here’s why. It’s probably obvious by now but I love cruising and we usually sail with Royal Caribbean. By earning points on everyday purchases I trade these points in for use as onboard credit. This helps to offset the cost of excursions, drink packages, specialty dining, and more.
Follow me on Instagram for my cruise and travel adventures @finding_Jillian.
Now, this rewards card does NOT give me the best bang for my travel buck as far as “points” go. But, I enjoy the simplicity of points redemption, it’s a reward that I will absolutely use and most importantly…the account is right on the dashboard of my Bank of America Online Banking.
I log in most days of the week just to monitor things. That credit card balance is staring right back at me. If I’ve been a little too spendy, I can make immediate changes. I’m not surprised 28 days later by careless spending and a balance that is over my budget. That accountability is critical for me to be successful.
Tips for Saving Money #7 – End Stuff-itus
This is the category that was the biggest mind-shift for me. We all love STUFF.
I have cut back because I’ve realized that there is something I love more. Traveling!
I want to chase sunsets a lot more than I want another pair of jeans or a pair of amazing high heels. Working from home now also helps because I don’t need an extensive professional wardrobe like my husband does. Honestly, I don’t miss it at all. I give him grief that he spends a lot more money on clothes now than I do. So… that’s fun! 😉
There you have it. My 7 tips for saving money so that you can travel.
Do you want to travel? You CAN make that happen!
What are your best tips for saving money so that you can do what you love? Please share it below.
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Happy Travels!
Jillian