Last updated on August 29, 2020
Travel comes in all shapes and sizes and sometimes, just sometimes, a weekend away just isn’t enough. Sometimes, we want more, to travel farther and longer. Sometimes we want to go big: backpacking through Brazil, cruising the Caribbean, sauntering through the Serengeti, and other alliterated adventures in Spain that make us go “oooooh, yes please”.
But what’s the best way to save money for an epic trip of lifetime like this?
Well, unlike the ‘all shapes and sizes’ that travelling comes in, saving really only comes in two major forms. You’ve got long term savings, such as ISAs (find out more), and you’ve got short term savings, which can take the form of any normal or extra income put to one side for a specific purpose.
Today, we’re going to look at some short term savings goals to fund your travel extravaganza, so that you can say goodbye to a weekend away and hello to a multicultural European meander.
1. The first thing we do, let’s kill all the … unnecessary outgoings
That’s a cheeky Shakespeare reference for those sleeping in the back row. It’s from Henry VI Part II, and the context is that a group of pretenders to the throne are joking about how to improve the country (only, they were talking about lawyers, not unnecessary outgoings).
In this case, however, what we mean to suggest is that unnecessary outgoings are undoubtedly making a significant impact on your ability to save. So, let’s address the issue. Music streaming services, movie streaming services, gym memberships, forgotten about direct debits to the zoo to help them afford to build the new Jaguar enclosure that’s now been open for three years … it all adds up.
Go on your banking app, and search through your outgoings. Cancel everything non-essential.
2. Put the brakes on any ‘treats’
Smoking. Drinking. Gambling. Nights out. Buying coffee on the way to work. Buying lunch every day from the expensive vendor outside work.
Those new jeans. That 12th jacket. Those overpriced haircuts.
Need we say more?
3. Get another job
Making extra money for your travels is harder than preserving what money you already have and make.
In this case, you’ll probably need both. You have two options. Do what you’re good at for a fee (e.g. web design, decorating, sewing, construction, translating), or you could look on the job sites for unskilled labour opportunities (e.g. pizza delivery).
The work isn’t glamorous, but it’s there if you want it badly enough.
4. Sell those items you never use
Let’s be honest, we’ve all got a bunch of valuable stuff we never use: clothes we never wear, iPads we don’t both with, cameras that do little but collect dust.
And then there are all those old phones that you planned to sell once you got a new one but never got around to doing so. Well now’s the time to get it shifted.
You can easily take pictures and sell everything from your phone (with apps like eBay or Gumtree), so there are no excuses.
At the end of the day, would you rather have five old iPhones in your bedside drawer or £500+ in your bank to go towards a flight to your dream destination?
5. Cut down on your living expenses
No matter where you live, there’s always a way to make it cheaper.
If you’re renting a double room in a shared house then you can always move to a smaller single room temporarily while you save money.
If you live on your own then you can always rent out a room and put the income towards your travel fund. Even if you have to temporarily turn your living room into an additional bedroom, or share your bedroom with a friend, there’s always money to be made.
What about you? How are you saving for your travels? And what tips do you have for others trying to do the same?
Leave a comment below and share your advice.