“You don’t have to be rich to travel well,” said Eugene Fodor.
With small savings and the right planning, you can travel across the world even on a shoestring budget. Have you started saving up for your dream holiday? Well, if you are still wondering how to save money for travel when the cost of living is rising exponentially, then here are a few tips to help you get started.
5 Efficient Ways to Save Money for Traveling
1. Plan Your Travel Itinerary
First things first, you need to have a rough idea of how much you will have to save to turn your dream vacation into reality. For example, if you are keen on traveling to India, then decide on the trip’s length, what places you would want to see here, the kind of India travel experiences you would want to try, and so on. Then, look for information such as the average cost for food, stay, and transportation at your destination. Once you get an estimation of the overall cost for your India trip, assess your actual financial situation. This will help you figure out how long it might take you to save this amount.
2. Create a Budget Spreadsheet
Now, start tracking your expenses. Create a budget spreadsheet to know where exactly your money is going. List out all expenses like rent, utility bills, daily transportation, monthly subscriptions, grocery, shopping, eating out, movie, dinner, etc. Now, split them into two parts – the basic needs where there’s no scope for saving and the extra expenditure that you can cut back on.
3. Chart out a Savings Plan and Implement it Immediately
Now that you have an idea of your expenditure, it’s time to get to the real part, which is how to save money for travel. Work on that part in your budget spreadsheet where you can economize. Cancel unnecessary subscriptions, limit your dinner/shopping/movie plans to once a month, cut back on food expenses by eating home-cooked food, and look for alternative transport methods (and try not to depend on a vehicle for walkable distances). If you regularly hire a cab or drive to your office, then consider carpooling to work, which not only helps you save money for traveling but also minimizes the air pollution caused by vehicles.
4. Be on the Lookout for Deals & Off-Season Sales
Be it for grocery or other shopping needs, try to make the most of the flash sales and off-season deals. And before buying anything, ask yourself twice if this purchase is absolutely necessary at the moment. Stick to the rule of not spending money on something that you might not need immediately, even when it attracts you with heavy discounts. This way, you can put a check on overspending on material goods.
And once you have saved enough money for air tickets and accommodation costs, don’t wait to book your flight tickets and lodging as advance booking can often get you the best deals. Look no further than Indian Eagle for money-saving deals on international flight tickets.
5. Dedicate A New Account for Travel Savings
‘Where to save’ is a question that follows ‘how to save money for travel.’ You may be wondering why this is even necessary when you already have a savings account. But think of it this way – when you have a dedicated savings account for storing travel funds, your regular account balance is all that you would be left with to handle your expenditure and this compels you to figure out a way to do this. No matter how little you manage to save, the consistent addition to the little nest egg that you build up keeps you motivated and then your dream trip is not too far away!