Travel Tips

How to save money for travelling the world

Saving money for travel

We all know that for travelling one needs money – it is only the question of how much. Not all of us can be frugal travellers and hence live on lets say $25 per day. Some of us may need more money than that to have a nice satisfactory vacation.

Now here do you bring that money from? Well, this article is about how to save money for travelling the world because if there is no money, there is no travel – solo or with family.

There are some expert travellers who don’t quite fit in the above average money earners but do a whole lot of travel regularly. These tips on how to save money for travelling 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 travelling is to make some adjustments in your lifestyle. That’s it. Now, check out our tips on how to save money for travelling the world:

Tip to save money #1 – Get rid of your car

This is a difficult decision, especially if you live in a country where the public transport hasn’t matured yet. So think well before you decide on this money saving tip. If you are lucky enough to be living in a country where travelling by foot or cycle is easy, just go got it. You can save on your car EMI (if you were still paying), you can save on the car insurance and you can save on the fuel costs. That’s a lot of money to save so you can start your travelling. For example, my car EMI is $350/month, car insurance is $25/month and fuel costs are $150/month – that’s a lot of money saved for travelling.

Tip to save money #2 – Go prepaid with your mobile

Postpaid mobile connections tend to be a bigger drain on your money 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 it will get offset by the savings. On an average a postpaid connection sets you back by $100/month but if you get a prepaid connection you can almost always finish off your communication needs within $40. Thus, helping you save for your travels.

Tip to save money #3 – Switch off your TV

Switching off your TV works at multiple levels. If you are living in USA, you may end up saving approximately $1200/year and if you are in India you may end up saving Rs 10,000/year. That’s a good start. Now imagine, all the free time you will create for yourself where you can try some income-generation on the side.

Tip to save money #4 – Cut down on wining and dining

It is a choice you have made – to save so you can travel – and it means some tough follow-up decisions. Though this is a difficult way to save money for travelling, cutting down on going out help you accumulate lots of money. If we agreed that you spent $25 every time you went out for drinks or dinner and assuming you went out once a week – that’s around $1500/year spent.

Tip to save money #5 Get a roommate or cut down on your accommodation

Saving money for travelIf you are a bachelor, you can get this done easily. Just find a roommate and your rent becomes 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 get a houseguest who takes a bit of the rent burden.

Tip to save money #6 Reduce your utilities bill

All you have to do is be a little careful and 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. Or using cold water instead of the warm water for that cozy bath, maybe even reducing length of your shower. Following these and many similar ideas you will be able to save quite a bit for your travel.

Tip to save money #7 Quit Smoking

If you are a smoker, this is perhaps your best chance to achieve twin objectives. By quitting smoking you will have you would have saved money for travelling the world – in a year around $1800 – and you would have become healthy as well.

Tip to save money #8 Reduce visits to Spa/Saloon

Knowingly or unknowingly we end up spending a lot of money on visits to the spa or the hairstylist. If you cut down on that, you can save precious dollars, which can help you in travelling the world. This also means spending less on make up. In fact, if you have a gym membership you may want to cut back there – just go for a run in the great outdoors.

Tip to save money #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 not just save for travelling you can also save while travelling.

Tip to save money #10 – Open a designated Travel Bank Account

Open a savings account (or allocate an existing bank account) which will be used exclusively to save money for world travel. Every month put in a pre-determined amount of money so it earns interest and grows as you accumulate rest of the money for your world trip. Whenever I am saving up for trips, I also hand over ATM card of this designated travel bank to my mother so I don’t have direct access to it. Thus, the money is always safe – even from my hands.

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