There are a lot of people who already mastered the art of budgeting. They are the ones who have an allotted budget for different things, including traveling. If you haven’t learned the mastery of money management yet, you’ll surely find it hard to divide the money you have to the basic things you need, you want, and your dream of traveling.
Sure, some people manage to put their money on necessary expenses and emergency savings, and they may want to spend the little cash they are left with to reward themselves immediately than to save up for a long time for a quick trip.
So, here are some of the expert tips about how they save money for vacations no matter how much little they have.
USE MONEY SAVING APPS
Travel blogger Carolyn Scott-Hamilton advised travelers to use Digit that gets money off the top of her checking account to save it for her next adventure. Users will have no idea that they are starting saving up when using this app. Digit doesn’t get a huge amount from your bank account. It only takes a little, and before you know it, you are already saving up big.
International hotel inspector Megan Wood, on the other hand, suggested using Qapital, which automatically rounds her debit spending to the nearest $5 and puts the extra money in her savings account that she is using for traveling. How does it work? If she buys a sheet mask for $21.95, it will round up to $25, putting the $3.05 to her travel account. Hence, you don’t need to apply for a loan to go to your dream destination.
CREATE A TRAVEL SAVINGS ACCOUNT
To make sure that you will never touch the money you are saving for your travel trip, create a savings account specifically for traveling. Food blogger Krysten Dornik made a travel fund with her partner, where they put five to ten percent of their combined monthly income that they can use on their next destination. You can also create a piggy bank where you can put your change. Although it is not much, it will add up fast like an investment, and you’ll never notice that you already have a hundred dollars or two that you can use as your pocket money.
AVOID BUYING NEW CLOTHES
If you have a party to attend to and it’s only a one-time occasion, refrain from buying new clothes and just borrow what you need. Senior account executive at a PR firm Megan Trivelli advised that buying clothes could cost a lot and add up before a trip. So, if you don’t have the clothes that you think you need, you can ask your friends or relatives if they have what you want and if it’s okay to borrow instead of buying a new one.
From here, you can save a lot that can go to your travel savings account or pocket money. You will also be saved from paying your credit card interest.
AVOID FREQUENTLY EATING AND DRINKING OUT
If you are planning for a trip and saving up for it, you should avoid frequently eating and drinking out. This is what Meghan Trivelli does when she knows she has a trip she’s preparing to go. She cuts down her coffee expenses and meals out by bringing her own lunch and preparing her own meals. Whenever she feels tempted, she always asks herself if it’s worth it to spend $13 for a Caesar salad – and it never is.
Little expenses like these can add up and will eventually amount to a huge cut in your budget. So, as part of your good money management, you should cut these things out.