“You’re going traveling for 6 months? How can you afford that?”
Might be a daily question I received leading up to my trip and if you’re thinking I’m going to say I’m working while traveling, thats a no. I have no plans to work during the 6 months as I will be too busy seeing the world and definitely moving around too fast. I will be purely surviving on the money I have saved.
I am going to list my few tips on how I personally reached my saving goal for this trip but it will totally vary person to person, how you are planning on traveling and what type of income you have. You will need to tailor these tips to your yourself for sure!
1. Don’t Stop Living Your Life!
Now this isn’t actually a tip to help you save anymore money, but I really wanted to start out with this one because even though you are saving you should still have a life and do things that you enjoy. If you cut everything out of your life so you don’t have to spend a cent, you will be miserable. You don’t need to spend months on end staring at a blank wall to save, just be smart about what you do and the ways you spend money. For example, I am totally a festival gal so leading up to my trip there were 2 festivals I really waned to attend, so I was going to make it work. I managed to stay home a few weekends and that had already saved enough of my regular spending money to pay for these 2 festivals! So definitely don’t stop living your life!
2. How Much You Actually Need to Save
I like to do a bit of research about the cost of a few things for the destinations I’m going to:
– Spending Money! I find Pinterest is a really good tool for this. If you type in something like how much does it cost to go …. There will be bunch of posts that will let you know how much other people spent there and this can give you a good idea on how much you would like to allocate for spending money per day.
– Accommodation! Booking.com is seriously the best for this, just fill out your dates and destination and heaps of results will come up to give you a rough idea of prices per night.
– Tours! Look up any tours your thinking of doing and add them in their too. I am doing a Contiki tour and a few Busabout tours so if you look up the exact tour you want to do on their website it will give you a price.
All of this should give you a rough idea on how much you are going to need for trip. I always like to aim a little higher than this magical number I have worked out, just because you never know what might happen and its definitely safer to have a little extra!
3. Work Out a Budget Plan
The first thing I did when I decided I was going on a long traveling adventure was sit down and work out all of my expenses so see actually how much I could save. All you need to do write down any expenses you have, like phone bill car insurance, what ever you may need to pay for and take that out of your pay, I like to keep this money in a separate account which is only for my bills and then work out how much money you realistically need as spending money for the month, like just extra money for going out for lunch on the weekend and just day to day needs then this will leave you with what you can save.
4. Transfer Money as Soon as You Get Payed
The second my pay goes into my bank account I will transfer the amount I have planned to save straight into my savings account. This really removes the temptation to spend any extra money for the month or fortnight you get get paid! I feel as through this is a real big mistake a lot of people make when trying to save, transfer out immediately! And do not take any extra money back out of this account. If that is a bad habit you have its a good idea to open an account that doesn’t let you transfer money out.
5. Cut Out Unnecessary Expenses
Do you buy a coffee every morning? Do you buy your lunch everyday? What ever that recurring cost is, cut it out! Make a coffee at home in the morning or spend a little extra time the night before preparing your lunch. All of these little costs will add up over time and really make a difference. Say you spend $15 on lunch 5 days a week that’s an extra $300 you could save per month! Make sure you really look at your spending habits and cut out anything you can, every little bit will add up and you may be surprised with how much extra you can save.
6. Make Extra Money On The Side
Sell stuff, make stuff to sell, have a special talent? Use it, take online surveys, Airtasker, baby sit. If you’re really struggling to meet your saving goal and need a little extra cash, this is the one for you! There are so many things you can do on the side to make money, for me I sold a lot of clothes and random little things on eBay which actually made me a little extra for barely any effort at all.
Get to your savings goal babes and take that holiday! x