October 24, 2021

Tripedia

The Trip Encyclopedia

Sixteen Ways To Save Money For Traveling

Bring more money into your life by following the sixteen steps described below. With the amount available to you, you can plan for a perfect travel itinerary, which will give you the occasion to explore new countries, eat new food recipes, meet new people, and learn about a new culture/lifestyle.

Lack of money keeps almost everyone at bay from traveling and exploring the world. If you are seriously thinking about traveling this New Year, you ought to make tough decisions to turn it into a reality. So, let us begin exploring the strategies that will help you save money!

1. A better way to start saving money is by renting your additional room or sharing the existing room. If you are single and are adjustable, you can plan to rent your accommodation with two or three people to share the costs. Of course, you will have to sacrifice your comfort, but given the advantage of saving money, it may not be a big deal.

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Debs (ò‿ó)♪ via Foter.com / CC BY

2. Multiple jobs not only help in improving the skills but also assist in accumulating additional money that you can use for traveling. Do not always look for full-time employment. If you have skills that you can put to use, then search for part time jobs where you will benefit from earning more money and working at different places.

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flazingo_photos via Foter.com / CC BY-SA

3. If you are married, then plan to live/spend one salary for a living. Save another salary entirely. Although it might seem difficult, committing to it will be fruitful at the end of the year. It can be troublesome in the beginning, but it turns out to be a winner once you make necessary changes to the new lifestyle. Plan the budget with your partner and cut down on unnecessary expenses. Decide on the wages, and then choose the best salary that will go towards the savings. It may require you to adjust your withholding but there are several different W4 calculators you can use to assist you with that. From there, you can plan your trip with the amount saved at the end of each year!

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401(K) 2013 via Foter.com / CC BY-SA

4. Working additional shifts at your organizations is also a way to earn extra money. Some employers pay extraordinarily for overtime. The odd hour and weekend shifts make you more money. The extra money that you make will be helpful in saving for the upcoming trip!


EU Social via Foter.com / CC BY-NC-SA

5. If you are working at your current organization for some time and overdue for a raise, then it is the right moment to step in and seek an increase. You can even think about a promotion where there is a considerable rise in the income and position!

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free pictures of money via Foter.com / CC BY

6. You can always become a tutor. You can tutor some of the local students and it will consume only a few additional hours a week. The amount you earn is perfect for savings and will be useful for planning a trip. Also, did you know that that the money you earn through tutoring is tax-free!

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makelessnoise via Foter.com / CC BY

7. Why not use technology to automate your savings. Savings are your priority! Set up an additional travel savings account and automate your current account in such a way that at least 10% of your wage transfers to the travel savings account. Separating the travel savings amount is also an excellent way to resist the temptation of spending the money that you hold in your savings bank.


kenteegardin via Foter.com / CC BY-SA

8. Plenty of private banks offer higher interest rates. The variation depends on the amount that you keep in your account. You can easily earn anywhere between $50 and $150 a month through interest. Remember that it is all money and adds up to your capital in the end. You can also earn cash back rewards through everyday spending. Consult your bank/credit card provider for more details.

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frankieleon via Foter.com / CC BY

9. Set up a pre-configured amount of your travel ahead. Judge how much you are ready to spend. It will give you the estimation of the number that requires saving. You can then begin setting short goals to head towards the final amount. Set goals that are realistic and that you can accomplish. You can further cut down the process to the total savings required per week or per day to fulfill the total goal amount. Break the finances into flight tickets, accommodation, and spare money to spend at the destination.

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mynameisharsha via Foter.com / CC BY-SA

10. You do not need a lot to survive. There is a vast difference between luxury and need. Understand your needs and plan your savings accordingly. Additionally, a simple life with less clutter will make you feel less stressed and cumbersome. Try creating a life full of memories rather than some fancy stuff. Start living on a need basis, which will ultimately help you in saving for your trip and a lot more!

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Kalexanderson via Foter.com / CC BY

11. You require sources from which you receive a continuous flow of money. A perfect way to create such a stream of flow is by creating multiple sources of income. Apart from earning additionally, it gives you security should you need in the future. The best sources are full-time jobs, part-time jobs, renting rooms, investments, interests, and other odd jobs.

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flazingo_photos via Foter.com / CC BY-SA

12. Save your tax refunds! If you receive one, plan cautiously about its use or rather credit to your savings account, which over a period accumulates enough for you to plan that pending trip.

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GotCredit via Foter.com / CC BY

13. If you receive any bonuses or incentives from your work, special occasions, or windfalls, just add everything to the travel savings account. It not only will increase the total amount but will also earn you higher interest!

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stevendepolo via Foter.com / CC BY

14. You can perpetually move back in with your parents. Not only will it save amount, but also strengthens the strained family bonding. When you are saying yes, then it is all about commitment.

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David Bailey MBE via Foter.com / CC BY-SA

15. Collect your entire spare change. Take all the coins and $1 bills. Store them in the moneybox. Who knows! You could save enough to cover at least a week’s accommodation by the end of the week or a month!

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alamosbasement via Foter.com / CC BY

16. If you have special talents that will earn you money, then you can consider freelancing. Remember that every penny that you earn will only add up to your travel savings account, which in the end will give you enough to travel comfortably to your planned destination with ease!

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Gabriel GM via Foter.com / CC BY