Blog, Travel Tips

How to Save Money to Travel

I love being the person everyone says, “whats your next adventure” or “I saw you went to…”, but being the avid traveler, I obviously need to have money to get from point A to B. Being a teacher I don’t make the lovely salary that all my engineering friends do, BUT I do find ways to save money so that I can travel when I want! Travel is something that I prioritize in my life so that is where I spend my excess money. You might value food, art, cars, books but whatever it is find your passion and save money up for it! Today I’m going to give you my tips and tricks to save money to travel or honestly do whatever you love to do best!

#1: Budget

This may seem like an obvious thing to do but many people today, especially young adults like myself don’t sit down and honestly budget their salary month to month. Many people try and set a limit for themselves like “no more than $2000 on my credit card” or “only eat out twice a week” but the little things add up and that is where budgeting comes in.

I started laying out my monthly budget since January and it has saved my hundreds if not thousands of dollars. For those of us “tech savy” individuals I use an app to track my budget. My go to app is Every Dollar (it is set up by Dave Ramsy the money guru). The most basic version, which I prefer, is free! It allows your to set a budget for every single category possible and track it. Yes, this means you need to take time our of your day and put your expenses in an app, but is 10 minutes work $300 extra dollars per month? In my mind yes!

A lot of people like to link up their bank accounts with their budget apps which Mint allows you to do and it is also free! If you prefer to have something a little more secure I would recommend Quicken (although you do have to pay for it). Even a simple google doc or an excel sheet will do the trick.

When budgeting lay out REALISTIC estimates on how much you will spend per month on certain categories, it is okay if you adjust them month by month (for example my car died on me that was a lovely $500 expense I wasn’t expecting but I altered my budget and made it work). You will be amazed to see that all those Chick-fil-A trips and Target dollar section buys add up.

#2: Stop Going Out to Eat

This may seem super trivial but eating at your home or apartment or wherever you live that has a microwave, a stove or even just an oven can save you hundreds of dollars a month. Each time you go out to eat you spend usually between $10-$20 depending on where you go. Think about it, buying materials for breakfast and lunch for a whole work week  can be that exact amount as well. I understand some people love and value their local restaurants or Chipotle like myself, but all of those extra expenses add up.

  • Write out your grocery list for the week and only buy 1 weeks work of food or if you buy in bulk be strategic (for example I buy my meat in bulk at Coscto because it is more cost efficient, it can last me a month). Doing it week by week makes you really keep track of what you are spending and make sure that you eat everything you bought.
  • Don’t waste food. Leftovers maybe sounds like the worst possible thing in the whole entire world to some people and that is fine. If you are only cooking for one, make sure you measure the correct portions out to not waste the money you spent on it. You would literally be pouring it down the drain.
  • Use grocery store apps/ catalogs to save a little extra. Kroger, Publix, Costco, Wal-Mart, etc. all have deals and coupons right on their app so you can just scan and go. That $.50 coupon for your favorite granola bars can add up. Every cent counts when you want to go somewhere you love.
  • If you are super crazy like me, meal prep. Make all your lunches and dinners for the week on a Sunday night to keep you accountable. Knowing you have food already made makes you less likely to go out and buy something else. Also picking the meals in advance you are going to use as your “go out to eat meals” gives you something to look forward to!

Need more proof– Here are some great articles that give a little bit more math behind why this is an economically good choice for you!

  • http://time.com/money/4245285/costs-restaurants-cooking-at-home/
  • https://www.thrillist.com/eat/nation/takeout-food-vs-cooking-at-home
  • http://nymag.com/scienceofus/2016/06/americans-spend-more-on-restaurants-than-groceries.html

#3: Wear The Clothes You Already Own

Every time I think about buying clothes I think about about two things: will I wear this exact thing 8 times or will I wear this in the next 5 years? If either of those answers are no, don’t buy it. As a girl wanting to have the newest trendy clothing is so important, but is it the most important? I was buying probably one new piece of clothing that were between $10-40 because of course girls clothes are the most expensive. Imagine saving that money each month for a year! That is a flight somewhere easily!

  •  I challenge you to see how many outfits you can make for work without repeating any, it most likely is going to be more than you think!
  • Pull out on Sunday night outfits you haven’t worn in a while and challenge yourself to wear them that week so they are wasted money in your closet
  • If you do decide to buy clothes look into Ebates or Ibotta to at least get cash back for the things you are buying!

#4: Reduce your Monthly Housing/ Apartment Costs if Possible

Where you live can be a HUGE chunk of your monthly pay check. Most people probably spend between 40-50% of their monthly pay check on their housing and utility costs. This is something that I am still learning about because I am now only only year 1 in living in the “real world” but I think some of these tips help!

  • Find a roommate. No matter what city you live in, sharing an apartment instead of paying for it by yourself for rent will save yourself between $300-400 a month! You don’t have to be best friends with the person but whatever it takes to save money.
  • Don’t feel like you have to live in your desired location at this exact moment in your life. Being young I thought I wanted to live in the heart of the city with all the amenities, but obviously that comes with a price tag.  Living a little bit farther away from where you originally wanted might stink for maybe a year or 2 but once again, it can save you money!
  • Cut the cable bill if you don’t watch it! Unless you watch cable every night or at least 3 times a week the bill is not worth it! Use your parents login for TV online or share with a friend.  You can get a can get free local channels by just getting a simple Antenna for only $25! It gets you ABC which helps with that Bachelor fix and award shows! (Shoutout to my awesome friend Kristyn for this idea!)
  • Reduce utilities by being conscious of it.  Turn off your air or or fans when you go to work or when it is not super hot outside. Close your blinds to keep in cool in your place helps as well!

#5: Utilize Reward Credit Cards

Saving money for travel takes time, but getting funds for traveling by buying things you do on a regular basis is a win/win. I grew up being a credit card person because that is the way I was raised but I understand why people have hesitancies with them. They are a great tool for travel and also build your credit which helps in the long run! Getting cash back is an easy way to save money for travel because it is honestly extra money! Also, many cards the money that you spend gets you miles for flights or hotels which are normally the most expensive parts!

  • American Express Delta Sky Miles : Every single purchase you make you get miles! I got mine in November so when I spent $3,000 in 3 months (easy) I got a 60,000 mile bonus! That literally bought my flight to Europe this summer! (Get the card in November or June)
  • Capital One Venture Card: Great for those going abroad because no foreign transaction fees. Also every single purchase you get 2x the miles per transaction! Same applies here as well, I get 40,000 bonus miles if I spend $3,000 in the first three months as well.

 

Even if you want to take a day trip, a weekend getaway or a week long trip to another place you have to start saving NOW for it! If I can save on my super small budget you can too with a few simple adjustments! Can’t wait to get your feedback if you try any of my tricks and trades and I will hopefully have more in the future as well!

 

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