Want to travel more in 2014? It usually seems like the people who have the money to afford it don’t have the time, and the people with more time don’t have the money…or don’t think they do.
Here are 5 simple ways to save money for travel.
Make it a priority
Anyone who makes travel a common part of their life will say the same – if you want money to travel, then you need to make it a priority. When you’re about to purchase something stop and think about it first – do you really need to be spending the money? Or could you be putting it toward travel instead? Looking at your spending through a ‘possible travel’ lens will help you cut back and start saving for what you really want to do.
Know what you’re saving for
Saving money for ‘travel’ is a bit broad and intimidating…are you saving for a special night away or an around the world trip? Those are two very different types of travel that require completely different financing. While general ‘travel’ may quickly add up, maybe your travel goals don’t actually require you saving all that much. Want to go away for the weekend and stay in a nice hotel? Perfect – figure out how much that will cost and then work toward saving money here and there until you reach your goal. Breaking down what you actually what and how much it will cost will help you clearly set a target savings number and hit it.
Create a travel fund
You probably already set aside money each month for usual payments, investments or retirement savings, so open up a separate savings account for travel and deposit as much as you can on a regular basis. When you designate travel funds on a regular basis, you’ll probably save more quickly than you expect.
Open up a reward credit card
Depending on your spending habits, consider signing up for a special credit card to help earn points, money and discounts toward travel. By using this card on your regular, everyday purchases and expenses you’ll be consistently racking up the points to use at a later time.
Cut out one thing
It can be big (stop paying monthly fees to work out at large gym) or small (regular morning lattes from the corner coffee shop), but look at your regular spending and cut one thing out and put that saved money toward your travel fund. Even buying coffee on your way to work a couple times a week could translate into several meals, and even accommodation in other countries. Put these savings into that travel fund you just opened!
What simple things do you do to save money for travel? Let me know in the comments below?