Well, who doesn’t fancy holidays? They are a cozy getaway from our daily routines and a way to indulge in activities you’ve been longing to do. No matter how much money you make, you’re probably looking for ways to save up money to go for the best trip of your life. If you spend and save money wisely, your trip won’t end up being a complete budget disaster. Here we’ll look at 10 simple ways to save money for a holiday trip you’ve been planning for, or you wish to go for someday in near future:
Decide the cost of your holiday
Most people out there are struggling to save up money between paying bills, rent, grocery expenditures etc. The right way to start saving up money for your future trip is to have an estimate of the overall cost of your trip. Let’s say you’re planning a trip for 2 people, in order to determine the travel budget you’ll have to work out the airfare cost, accommodation, visa fees etc. Don’t forget to use airfare discounts to save up on expensive flying costs. And then once you’re through that, you’ll have to calculate the daily budget of your trip which will include food, hotel, shopping, transport, and entertainment. Similarly, you can use discounts on hotels to ease your budget a bit more. It is also important to keep in mind the exchange rate for the country you’re planning to visit.
Track your expenditure
Even though you’ve budgeted the entire trip, it does you no good if you don’t keep track of your spending and cut down on expenses that aren’t that big of a necessity. Tracking your expenses will not only help you decide where do you need to cut down but also how to eliminate your spending. It’s a powerful way to save money because without even realizing we end up spending a good amount of money on random stuff we probably don’t need. It will help you to write everything down, for example, the amount you spend on food each day, groceries, snacks, entertainment etc.
Reducing general expenses
Cutting down on expenses that aren’t that big of a necessity is an extremely important thing to do. You should be able to distinguish a line between the things you ‘want’ and the things you ‘need’. Once you have identified the things that you want and the amount you’ve been spending on them, you’ll know the cost behind it. And that’s how much you can instantly start saving every month. For example, if you wish to cut down on your car costs, you can opt for public transportation for work and office. Secondly, if you forgo things like a gym membership or your Netflix account, you can save that bit of money as well. Reducing utilities can also be a good way to save money. If you don’t need an air conditioner all the time, then make less us of it, and unplugging electronics when they aren’t in use, etc.
Open up a savings account
It is a good idea to make a separate bank account for the money you’re trying to save up since it will set the base for your trip. This way, you’re less likely to eat up the money you’ve been trying to save as you would in your normal bank account.
Get everyone in the family to save
If you’re planning a trip with your family, then it’s good to make everyone a part of the saving process. And if you have kids, the major chunk of money goes into their expenditures. If your kids have a monthly spending budget, you should encourage them to not spend money on the things they don’t need.
Sell your unwanted belongings
If there are certain things you’ve been holding onto and at the same time, they’re of good value but yet of no use, you should get rid of them. Honestly, everyone acquires certain stuff that is of no use to him or her. For instance, some old furniture, or certain sports equipment, or a music gadget that you no longer use can be sold.
Changing your lifestyle
If you’re a shopaholic, you need to change that and control on your impulse for buying things. If you start with the little thing, like going out less on weekends, making food at home, start making coffee or tea yourself, cutting down on your car usage, take lunch from home to office, you’ll be able to put aside a good amount of money.
Go for a side job, or freelance work for extra income
You probably already have a job that’s paying you well, but when it comes to saving money you can definitely look for more opportunities to make money and that amount can solely be used to save. It doesn’t necessarily have to be an amazing job, but you can research and find jobs that suit your job description or you can go for freelancing, or tutor students and what not.
Develop habits that save you money
For example, it’s not that difficult of a task to wake up early and cook yourself a meal. If you cook for yourself, most importantly breakfast and dinner, that will help you save a good amount of money each day and it will sum up to a decent amount of money saved each day.
Review your employment
Most importantly, you should also look at the current job you’re doing and see if it’s paying you according to your criteria. For example, if you’re a master student, but are being paid as much as an undergraduate, you need to look for other job options.
Saving money doesn’t come to anyone naturally, it’s a slow process and if you’re determined enough, the end result will always be worth it. If you’re careful enough to follow the right steps you’ll definitely be able to save enough money to have a worthwhile trip.
My name is Omaima and I’m currently pursuing a degree in interior design. I love to write in my spare time and other than that I’m an avid reader.