1-Track Your Spending
Money itself isn’t stressful. Neither is effective money management. Not knowing what your money is doing? Being afraid to check your bank balance? That’s where all the stress happens
The solution to this is simple.
Go through all your accounts to find out EXACTLY what your finances look like, down to the dollar.
Tracking expenses is an important part of learning where you can cut back, or even eliminate your spending.
It’s a powerful way to identify how much money you piss away every month on random crap you don’t need. Write it ALL down. How much do you spend on food each week? Don’t forget to include groceries, eating out, bottled water, and snacks. How much do you spend on entertainment? Movies, books, music, sports tickets, dates, etc.
2-What about vices like alcohol, cigarettes, and coffee?
What are your monthly bills? Rent, mortgage, utilities, car payment, insurance, credit card interest, cell phone service, gym membership, student loans, etc. Don’t forget miscellaneous shopping either. Video games, clothes, pet toys, Now, You may be surprised at how much you’re spending. Trip plan.
3-STICK TO YOUR BUDGET
There are two types of budgeting you need to do here. The first is budgeting your trip. The second is budgeting your life. Save for travel.
First, you need to work out how much your trip is going to cost you. If you know what you’re doing, your travel budget can be as low as $40 a day.
The amount is going to vary wildly depending on where you want to travel, and how thrifty you are. But for long-term budget travel, I usually recommend planning to spend at least $1500 per month.
4-Reduce Unnecessary Spending
Grab a piece of paper and draw a vertical line down the middle of it. At the top left, write “NEEDS” – and at the top right, write “WANTS”.
Now place everything you pay cash on into one among these 2 columns.
Be as savagely honest as doable. does one need that cappuccino you usually wear your lunch break? What on those beers on Friday night? however about new clothes?
Consult the dispersal diary that you’ve hopefully been victimization. what number of these daily entries were stuff you truly needed? can your life finish while not them?
Once you’re finished, look at the “WANTS” column – and write down how much they cost, next to each item. Now total them up. That’s how much you can instantly start saving every month if you cut all these out.
The final step here is simply to stop buying those things you don’t need. I know, it’s harder than it sounds.
It’s time to take control of your finances right now!
5-Develop Habits That Save You Money
How about getting up a little earlier, skipping the bus and walking/riding a bike to work instead? What other daily expenses can you replace with money-saving habits?
What skills can you learn that will cut your daily costs?
I’ll give an example. By cooking your meals instead of buying them prepared, you can save thousands of dollars every year.
You don’t have to give up excellent coffee and tasty avocado toast — just prepare them yourself and save money.
Cooking for yourself, especially lunch & dinner, can save somewhere between $6 and $11 per meal – so if you previously spent all your time eating out, you’d save between $125 and $230 every week just by cooking. Yes you can save money for travel just keep going.
It’s a ability that puts decent money in your pocket. Plus, it’s fun too!
Save money Easy for travelling.
6-Cut Accommodation Costs
This is extreme – but also extremely effective. If the place you are renting (or own) costs a lot of money, how about taking on a roommate to share the rent and bills? What about two roommates?
If that’s not an option, and you’ve got a year or more before you hit the road – why not move into a smaller apartment, or a cheaper neighborhood? This is one way I was able to save money for travel.
7-Make Extra Money On The Side(Saved Money)
Everyone wants to earn more money, right? Well, it doesn’t grow on trees, but there are opportunities to earn extra money even if you already have a full-time job.
Find a “side-hustle” that you can work part-time. Maybe as a waiter, bartender, supermarket cashier, etc.
It doesn’t need to be an amazing job! Just something to boost your income a bit. Do some research, and figure out what kinds of part-time positions match your skillset & talents. How I saved money for travel ? useful Yes/No.