Many people dream of traveling the world someday, but it’s hard to save money to travel as many times as you want. If you want to start saving for the trip of your dreams or for the next vacation, it’s easy to start with your travel fund. You can start saving money on travel by reducing your expenses, budgeting your money, and choosing cheaper travel and lodging options.
Deposit money from each paycheck into your savings account automatically. Decide how much you can save, for example, between 5 and 10% of your income. Once you’re paid, move that money from your checking account to your savings account so you can’t spend it. Be sure to commit to saving the same amount or an increasing amount each month to increase your savings.
You may be able to submit documents to your employer so that a certain percentage of your paycheck is “deposited directly” into your savings account, rather than into your checking account. That way, you won’t have to transfer the money yourself.
Reduce unnecessary expenses to increase the amount you can save. Try to limit the amount you spend on non-essential things, such as entertainment, eating out or general shopping. Avoid going to clubs, bars or movie theaters until you have enough money for your trip – and if you go to the movies, bring your own snacks and sit in standard seats; you don’t need to pay extra to watch the 3D movie or eat expensive snacks in the premium seats. At the end of the month, transfer unspent money from your checking account to your savings.
For example, if you normally spend $150 a month eating at restaurants, you can limit it to $50 a month and add the additional $100 to your savings.
Get a part-time job to finance your trip if you have free time. If you have extra time in your day and can’t reach your savings goal through budgeting, apply to work in a restaurant, bar or retail store. These jobs usually have flexible hours and pay slightly more than the minimum wage, which can save you an additional $200 to $500 per month, depending on the job and how much you can work.
Jobs such as waiters and waiters are popular for making quick money, as you often receive tips in cash and can start saving immediately. These jobs also allow you to work weekends and evenings if you have a day job.