Are you dreaming of your next holiday but feel like you’ll never get there because you just don’t have the money? Instead of waiting for a lottery win or surprise inheritance why not take some practical steps to make travel a reality now. By making a few simple changes to your lifestyle and buying habits you’ll be saving money and travelling more in no time.
Here are 20 simple money saving tips to finally turn that dream holiday into a reality.
Set a Savings Goal
How much will your trip cost? Whether it’s a long weekend, a two week holiday or an extended trip you’ll need to know how much it’s going to cost before you know how much you’ll need to save.
Open a Savings Account
By separating your travel funds from the rest of your money you’ll find it easier to keep track of your progress and harder to make impulse buys. Shop around and find an account that offers high interest on your savings.
Create a Budget
Do you really know where all your money goes each month? By drawing up a budget you’ll be able to see which of your expenses are fixed (rent, car loan, insurance) and where there’s room for savings. You’ll also be able to determine how much money is actually left over each month for savings after all of your non-negotiable expenses are covered.
Set up an Automatic Transfer
Once you’ve calculated how much you can afford to put aside for savings each month set up an automatic transfer so the money is deposited straight into your savings account as soon as you get paid. If you don’t see it you’re much less likely to spend it.
Stop Impulse Buying
Once you start being conscious of your spending you may be surprised at how many purchases you actually make each month. Before you click ‘add to cart’ or hand over your credit card stop and apply these rules.
Larger items - 30 day rule. Think about it for 30 days. If you still want it after that it’s probably a worthwhile buy.
Smaller items - 24 hour rule. Give yourself 24 hours to think it over. If you still want it after that go ahead and buy it.
In each case stop and ask yourself “Do I need this?”, “Will this improve my life?”, “Do I want this item more than my holiday?”
No More Fast Food
Do you eat out a lot or get home delivery? Always buy your lunch at work? These habits cost a lot of money. Try cooking at home instead. Plan your meals out in advance and always take a shopping list to the supermarket. You’ll be surprised how many days worth of food you can buy for the price of a couple of take-away meals.
Cook Extra
Make larger portions when you cook so you have leftovers for lunch the next day. Cook meals like lasagne in large batches so you have something easy on hand during the week when you can’t be bothered cooking.
Buy Generic
Check the ingredients on your food and medicine. A lot of generic brands contain the exact same thing without the fancy labels and brand names. If it’s the same thing inside the packet why pay more? At the very least swap out the basics, things like flour, sugar, spices and pasta.
Stop Buying Coffee
I’m not a coffee drinker so I’m probably in dangerous territory here. But paying $100s each year for store-bought coffee when you can make it yourself for a fraction of the cost seems crazy to me. I’m not suggesting you swap your delicious latte for instant but by investing a few dollars in basic coffee making equipment and ingredients, a cup brewed at home can still be enjoyable.
Buy a Reusable Water Bottle - and use it
Do you buy bottled water? Get yourself a reusable water bottle and carry it with you. There’s plenty of places to refill it during the day and you’ll stay hydrated, feel better and most importantly save money (as well as the environment).
Stay In
Ok, don’t become a hermit, just bring the fun to you. Going out with friends, to the movies and dining out adds up fast. Why not invite your friends over for drinks, a movie night or a game night? It’s much cheaper and can be just as much fun.
Quit Smoking
You already know it’s bad for you, why not take this opportunity to finally quit? There are plenty of nicotine replacement products available to help you through the process and when you’re done your lungs and your wallet will thank you.
Switch your Mobile Plan
With so much free WiFi available these days we’re all using less data than we think. Add to that you’re probably paying for a data plan at home so why pay for a mobile plan with 5GB of data. Talk to your mobile provider about scaling down your plan and see how much you can save each month.
Cancel your Gym Membership
If you’re someone that goes to the gym multiple times a week and enjoys working out you can skip this tip. But if you’re like the rest of us and pay the fees then never set foot in the gym now would be a good time to cancel your membership. There’s plenty of free options for exercising in and around your home if it’s something you’re committed to pursuing.
Share Entertainment
Are you and your friends all signed up to Netflix, Stan, Disney+, Hulu, and Amazon Prime? Why not share accounts? Most services allow for multiple devices so accounts can be shared across households. Sign up, share your passwords and split the costs.
Unsubscribe
It’s hard to avoid impulse buying when you’re getting “Sale” emails to your inbox every other day. Stop torturing yourself and unsubscribe to all of the store newsletters and updates. If that’s too much, set up your inbox so these emails are automatically filed away out of sight.
Start Selling
Take a look around your house. There’s bound to be a few things lying around that could bring you some extra cash. Sites like eBay and Facebook Marketplace are great ways to earn some extra dollars for things you no longer need. Clear out your wardrobe, spare room and garage and see what you can find.
Earn Points
While airline rewards points aren’t technically cash savings they can be very useful when travelling. Earn enough and they can pay for flights, upgrades, rental cars and even accommodation. If you don’t have one already, sign up for a credit card that earns rewards points and use it to pay for your everyday expenses like utility bills and petrol. Use the money you have set aside for these expenses to pay the card balance every month to avoid paying any interest or fees.
Create a Visual Reminder
Sometimes it's hard to stick to savings goals when your trip is so far in the future. To remind yourself of what you’re working towards, create a visual reminder to keep you on track. If online shopping is your kryptonite, find a picture of your dream destination and make it your desktop background. Every time you open your computer the reminder will be there and it’ll be that much harder to click “add to cart”. If in-store buys are your weakness print a picture of your holiday spot and put it in your purse. Every time you reach in for your credit card/cash you’ll be reminded of where that money could be better spent.
Get a Side Hustle
Saving enough money to travel doesn’t have to be all about what you don’t spend, you can also find ways to bring more money in. There are so many options available nowadays to earn some extra cash. Depending on your interests/skills you could try ridesharing, proofreading, renting out your spare room, social media management, tutoring, dog walking, being a virtual assistant, cleaning, music lessons, house sitting, the list is endless.
Hopefully some of the tips above can help you to boost your spending and set off on your dream holiday sooner rather than later. Good luck!
Did you find these tips helpful? What’s your best savings tip? Let me know in the comments below.
