You have to monitor your finances and keep a track of what’s coming in and what’s going out. Financial awareness is the key to compartmentalizing your money and saving for the trip you want to take at the end of the year.
Traveling can be expensive. But you don’t need to win the lottery or take out a loan to be able to travel and travel well. You can take that trip you have been meaning to go on without breaking the bank if you are just a little wise with your money.
Travel essentials
Become financially responsible
If your idea of destressing or having a good time is going shopping or splurging on things you might not need or want two days later, then it’s no wonder why money is a constant source of worry. You have to monitor your finances and keep a track of what’s coming in and what’s going out. Financial awareness is the key to compartmentalizing your money and saving for the trip you want to take at the end of the year. While you are at it, budget your income and only spend what you have set aside for that month and no more.
Develop habits that can help you save
Guilty of eating out too often? Make a pact with your friends to eat at home for, say, a month and then whoever loses has to foot the bill when you eventually go out. Take expensive cab rides wherever you go? Walk short distances, it’s good for your health or take the local transport, it’s good for the environment. Spend a sizeable portion of your salary on gym membership that you only use once or twice a week at most? Consider exercising at home. Simply invest in some basic pieces—like a stationary bike and some weights—and you should be good.
Sell what you don’t need
We are all hoarders. We buy things and then we keep them even when we have no use for them. And worse, we buy duplicates. Yes, we are talking about that extra wall clock you bought because it was quirky and you were bored of the old one and that crystal vase that is now lying unused in your bedroom. Get rid of what you don’t need. Not only will it get rid of clutter from your home, but it will also fetch you some money—money that you can keep aside for travel purposes. Go through your home and first gather all the things that you haven’t used in over six months and then hold a garage sale of sorts to get rid of it all.
Keep your eyes on the prize
When you’re out and find yourself looking at a gorgeous pair of jeans, or a jacket with a fluffy hood that feels just right to keep the winter chill away, stop and think. Is it worth having a new jacket that will only charm you for a couple of days as opposed to being able to get to your dream destination a month early that you thought you could? Also, this potential purchase could equate to the cost of a week’s street food in your destination, or the cost of one night’s accommodation in a European city. More often than not, the material goods that tempt you for a while make up a significant percentage of the money you would spend on your travel experience.
Live beneath your means
Your parents always told you to “live within your means.” While that is some sound advice, it doesn’t leave much space for saving. So, if you are trying to put money away for a trip and not have to worry about the many bills to pay when you get back from your vacation, try to consciously live beneath your means. It seems logical that if you have money in your account, you can afford to buy those designer jeans and go to trendy bars every Friday. Afterall, you can afford that lifestyle. But, if you want to actively save money, you might want to rethink that.
