Travelling is something that we all enjoy, whether it’s several months in the Amazonian rainforest or a fortnight on a European beach. While many of us would love to travel for most of the year, doing so does come with one caveat – cost. However much money you make, there are always things that you can do to help you put some money aside each week.
Here, we take a look at several tips which can help you save the money you need to go on the trip of your dreams.
Track your finances
It almost doesn’t matter how many changes you make to your spending if you aren’t able to track your finances. Even before you begin saving, one of the most important things to do is to gain a thorough understanding of your financial situation. This involves logging your income, as well as your outgoings and understanding how you can affect the two.
As you begin to make changes to your spending, a good understanding of your finances will allow you to notice the changes and put aside the relevant amount. Over time, you will then be able to project when your savings will reach the desired amount and will therefore be able to begin making concrete plans for your time away.
Settle your debts
If you’re thinking about going away, one of the first things you’ll need to do is settle your debts. There’s no sense in trying to save money if you’re paying interest in money you’ve borrowed in the past.
While you’re probably itching to put your money aside in order to use it for travelling, it’s essential that you use your first spare cash to tackle any existing debt.
Look for great deals
Regardless of what you’re buying, you will usually be able to find it for less by investing a little time in the shopping process. From hotels to the flights you’ll take when your holiday comes around, it’s worth spending the time looking for the best possible deal. Rather than cutting out certain items from your expenditure, it’s far better simply to find them for less.
Usually when you’re saving you’ll have to make tough decisions, but the result needn’t always be to go without. While impulse buys are not advisable when you’re looking to put money away, a well thought out purchase can sometimes be fine.