We all know that for traveling 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 $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 if there is no money, there is no travel – solo or with family.
There are some expert travelers 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 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 make some adjustments in your lifestyle.
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 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 traveling 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 traveling.
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 traveling.
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.
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.
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 traveling, 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.
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 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.
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 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 will have you would have saved money for traveling the world – in a year around $1800 – and you would have become healthy as well.
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 traveling the world.
This also means spending less on makeup.
In fact, if you have a gym membership you may want to cut back there – 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 cannot just save for traveling you can also save while traveling.
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.