10 Effective Tips to Save Money for Traveling the World

We all know that for travel, one needs money – it is only the question of how much.

Not all of us can be frugal travelers and hence live on, let’s say, US$25 per day.

Some of us may need more money than that to have a nice, satisfactory vacation.

Now, where do you bring that money from?

This article is about how to save money for traveling the world because, without money, there is no travel—solo or with family.

Some expert travelers don’t quite fit in the above-average money-earner category but travel extensively regularly.

These tips on how to save money for traveling the world have been taken from their real-life experiences.

In short, these money-saving tips have worked for people like you.

All you will need to do to save money for traveling is to adjust your lifestyle.

That’s it.

Now, check out our tips on how to save money for traveling the world:

1. Get rid of your car

This is a difficult decision, especially if you live in a country where public transport has yet to mature.

So think carefully before you decide on this money-saving tip.

If you are lucky enough to live in a country where traveling by foot or cycle is easy, go for it.

You can save on your car EMI (if you were still paying), car insurance, and fuel costs.

That’s a lot of money to save so you can start your traveling.

For example, my car EMI is $350/month, car insurance is $25/month, and fuel costs are $150/month – a lot of money saved for traveling.

2. Go prepaid with your mobile

Postpaid mobile connections tend to drain your money more than prepaid phones, so go ahead and get one.

If you have a postpaid connection contract with your telecom provider, it makes sense to cancel it. You may incur a termination cost, but don’t worry—the savings will offset the cost.

On average, a postpaid connection costs $100/month, but if you get a prepaid connection, you can almost always fulfill your communication needs within $40.

Thus helping you save for your travels.

3. Switch off your TV

Switching off your TV works at multiple levels.

If you live in the USA, you may save approximately $1200/year, and if you live in India, you may save Rs 10,000/year.

That’s a good start.

Now imagine all the free time you will have when you can try earning an income on the side.

4. Cut down on wining and dining

You have made a choice to save so you can travel, and it means some tough follow-up decisions.

Though this is a difficult way to save money for traveling, cutting down on going out helps you accumulate lots of money.

If we agreed that you spent $25 every time you went out for drinks or dinner, assuming you went out once a week, that’s around $1500/year spent.

5. Get a roommate or cut down on your accommodation

If you are a bachelor, you can get this done easily.

Just find a roommate, and your rent will become half of what it used to be.

If you live in a country with good and cheap public transport, moving away from the city center also helps save money.

If you are married and live with family, you can still have a houseguest who shares some of the rent burden.

6. Reduce your utilities bill

If you are careful, you can save a lot of money here, too.

How about switching off your air conditioner and opening up the window?

Or putting on something warm and bringing down the thermostat?

Or switching all those lights you don’t need.

You could also use cold water instead of warm water for that cozy bath or reduce the length of your shower.

Following these and many similar ideas, you will be able to save quite a bit for your travel.

7. Quit smoking

If you are a smoker, this is perhaps your best chance to achieve twin objectives.

By quitting smoking, you would have saved money for traveling the world – in a year, around $1800 – and you would have also become healthy.

8. Reduce visits to Spa/Saloon

Knowingly or unknowingly, we spend a lot of money on visits to the spa or the hairstylist.

If you reduce that, you can save precious dollars, which can help you travel the world.

This also means spending less on makeup.

In fact, if you have a gym membership,, you may want to cut back on it and just go for a run in the great outdoors.

9. Use as many coupons as possible

Coupons help save quite a bit of money.

We agree using coupons is a grandmotherly thing to do. Coupons aren’t classy at all.

But remember here, your objective is to travel to a nice little spot somewhere in the world, and it is worth some sacrifice.

If you can master the art of coupon usage, you can save money not only for traveling but also while traveling.

10. Open a designated travel bank Account

Open a savings account (or allocate an existing bank account) to save money exclusively for world travel.

Every month, you put in a pre-determined amount of money, which earns interest and grows as you accumulate the rest of the money for your world trip.

Whenever I am saving up for trips, I also give my spouse the ATM card of this designated travel bank so I don’t have direct access to it.

Thus, the money is always safe – even from my hands.