Adra Writes

Some people view travel as an elusive activity or lifestyle because they feel it is financially unattainable. I think they are wrong. I firmly believe that if a person is truly passionate about something, they will find a way to realize their goals, regardless of their current income. 

Here are 6 tips on how I save money year-round to go toward my travel goals. Of course, these are money-saving tips for any goal that requires capital, and they are good rules to live by if you want to be smarter about money. 

1. Make saving money a priority 

Most people are a lot of talk about what they want to do, especially if it is something that requires upfront money of a substantial sum. Once again, if a person is passionate and serious about accomplishing anything in their life, then they will find a way through self-discipline, and hard work to make their dreams a reality.

2. Make a realistic monthly budget and stick to it 

Once a person is serious about saving their money and even changing their lifestyle to accomplish their goals, they need to make a budget. This, of course, is going to vary based on a person’s income and expenses. However, I speak from personal experience that even a person with little monthly income can make a budget that leaves some extra money to put aside. 

It’s important to stick to your budget once you start, so it is crucial to make a realistic budget that includes all monthly expenses. If your budget isn’t realistic and you don’t have enough, then you are always going to overspend, and never reach your goal. If you make a budget that is too much, then it is important to transfer what is leftover into a savings account. Start the same every month to keep a clear picture between saving and spending.

3. Track what you are spending 

After you make your budget and have been sticking to it for at least a month, it is time to evaluate where your money is going. There are a lot of free services to help a person do this such as Mint, or you could of course do it yourself old fashion with pen and paper (my preference). Putting your expenses in categories is very eye-opening to see how much money goes to bills, food, shopping, subscriptions, etc… 

I think this is what people skip the most. The end of the month comes and they look at how much money they have left in their accounts and say, “oh, I have 100 dollars left, that’s good enough,” or they see that they have 1.34 and they are overwhelmed with stress and can’t face the consequences of their actions. They would rather ignore their expenses and live in a reality where money isn’t necessary. This is not a healthy habit if you want to do anything in life.

4. Eliminate unnecessary expenses

Now, here is where facing hard truths comes after tracking your spending. You get to see how you buy more take out than you would like to admit. You realize you are probably overpaying for your phone or cable bill. You see that you are spending over 100 dollars a month on subscriptions you probably don’t use enough to justify paying for them. Oh and not to mention all the amazon transactions for things that are taking up room in your house.  

We can all live without most of the things we see as “necessary”. Start with doing what you can by phone or online. Cancel subscriptions you aren’t using enough (then call your friend and get their netflix password). Call the phone or insurance company and ask them for any hidden discounts. Negotiate with your cable company or better yet, cancel it all together because it is one of those things we can in fact live without. 

Next is time to change habit spending. A good strategy to use to eliminate spending is to gradually limit yourself. Start with what you are spending the most on. For example, maybe you spend an additional 200 dollars a month on take-out in your food cost. Focus on this for a few weeks or a month by giving yourself a limit of one take out order a week. After you are comfortable, move on to another expense to eliminate or restrict. I find that a purge of all spending habits is not a long term solution. It is better to gradually train yourself with good spending habits that will become a lifestyle choice rather than a punishment. 

5. Have an emergency fund

While this may be common knowledge, I think people don’t take it seriously enough. You should always have separate savings for emergencies so that you can stay on track in other areas of your life. Most financial institutions will recommend that a person should have 3 to 6 months’ expenses saved up in case you lose your job or can’t work for some unforeseeable reason. I think this is a great rule, but realistically, most people don’t. Even for those on a tight budget or lower-income, having 1,000 – 2,000 set aside will make a big difference in how fast you can save your money for other areas of your life. 

I find it very helpful to have separate accounts for each financial goal I have. This way your money is organized and you can see exactly how much you have for each goal, rather than seeing one total amount that tricks your mind into thinking you have more money than you actually have.

6. Get a side hustle 

One of the best ways to save money is to make more money. If you know that you want to travel or make an investment, consider a side hustle or part-time job for a short period to help boost your savings. There are lots of online gigs a person could explore that are easy to do from home. Ask around local businesses for some part-time work. Even look around your house and see what you aren’t using or don’t need that you could sell online. Maybe you have a talent or hobby that you could make money with on an online shop. 

I think having only one line of income is no longer feasible for our modern life. It is better to invest your time into other avenues of income to give yourself more stability and flexibility with your finances. 

Take Away: 

Saving money to travel (or any reason) is not a quick and easy thing to do. It is better to view saving money as a lifestyle choice rather than something you should do a few months before your deadline. 

Let me know in the comments how you save money and make lifestyle changes to accomplish your goals.