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Ultimate guide on how to save money for travelling in 2024

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Scrolling through Instagram, breath-taking images of pristine beaches, snow-clad mountains, and stunning waterfalls often spark a yearning for travel. If it feels like you can never save money for travelling on such adventures, worry not. You’ve come to the right guide! We’ll show you 15 simple, everyday changes that can make your dream holiday a reality!

Also read: Ultimate guide on how to travel on a budget in 2024.

1. Revamp your spending habits to save money for travelling

We probably know your reaction, “There’s no way I can reduce my spending, I already spend so less.”

Hear us out. Our spending is often influenced by personal, social, and environmental factors, leading to unnecessary expenses. By cutting back on small things, you’re one step closer to catching that flight. Here are some ideas:

2. Rethink and cut the online shopping

Are you addicted to clicking ‘add to cart’ for that latest pair of shades, new pants, or that fancy new gadget? Take a step back. You probably don’t need it right now. For e.g., If you have one pair of earphones, then tell yourself that you don’t need another pair. Not until you’ve saved the money you need for travelling. If you have two pairs of jeans, remind yourself that it’s better to wait to buy the next pair when you go on your holiday.

Do this exercise every time you put something in your Amazon cart. Soon you’ll see you have cut out the unnecessary spending on 60% of the things you would have normally bought. This mindset can significantly reduce your spending, helping you save money for travelling.

The Crucial Question
Each time you’re tempted to buy something non-essential, ask yourself, “Can I live without this?” If the answer is yes, then you’re better off saving that money for your travels.

3. Be smart about socializing to save money for travelling

Being a social butterfly can put a huge dent in your savings. We’re not suggesting cutting out social life entirely just so you can take that holiday. But rather, adapting smarter ways to socialize without overspending. Here are some ways you can do this:

  • Limit your outings each week. If you go out 3-4 times a week, make it 1-2.
  • Have a light meal at home before going out. Your wallet and waistline will thank you! Then pick the cheapest item on the menu when you’re out. Use the good excuse, “I’m on a diet”!
  • Pre-drink at home if you must drink, to spend less at bars.
  • Reduce the duration of your evenings out. If you spend 4 hours at an evening out, make it 2. Expenses will automatically reduce.
  • Love playing host? Turn it into a potluck affair or BYOB. It’s all about fun without the financial hangover.

If you have friends and family who will understand your travel goals, be honest with them about your intentions to save money for travelling. The extra support will help.

4. Cut back on take-outs

Cooking at home is generally more economical than ordering food. If your lifestyle demands frequent take-outs, consider these adjustments:

  • Limit takeout to a few days a week. If you order in 5 times a week, make it 3.
  • Use your weekends to meal prep for the week, especially if you have a busy working lifestyle.
  • Choose more cost-effective grocery brands. Ask yourself, “Do you really need that fancy multi-grain bread? Will a regular brown bread do?”
  • Start buying from local stores, which can be cheaper than gourmet outlets.

5. Deals & discounts: Your secret weapon to save money for travelling

Become a deal detective! Hunt down those discounts, promotions, and holiday deals. For instance, you might find a product cheaper on one website compared to another. Subscribing to newsletters and alerts can bring these deals directly to your inbox. 

Similarly, debit and credit card companies also offer discount coupons for groceries, food shopping, paying utility bills, etc. Use all such discounts and deals available. This will increase points on your cards which can help buy some parts of the flight tickets or hotel bookings. For e.g.:

  • The food delivery app has $5 off on completing the purchase using the credit card you have. All you must do is click on the “Apply Coupon” section and scroll through to find the deal. Score!
  • That pair of earphones you want to buy, is going to be on 15% off if you wait 2 weeks for the holiday discounts to begin. You could wait, couldn’t you?

Think of this like a treasure hunt, where the prize is your dream vacation.

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6. Set a travel goal to help save money while travelling

Setting a clear travel target, whether it’s a specific destination or a budget, will be the crucial point for all your saving efforts. For instance, if you aim to visit Machu Picchu, the cheapest 3-4 day tour costs $250. Add flights, food, general expenses and set the budget. So you know exactly how much you need to save.

The other approach is to look at how much you can save per month. If you can save $1000 in 3 months, then you can research places like South-East Asia you can do in that budget.

Knowing the cost of your travel is like setting a weight loss goal. It makes the process organized on what you need to achieve day-by-day and week-by-week, therefore making it less daunting.

Also read: Best free and unique travel apps for South East Asia travel.

9 top free and unique travel apps for travel in South America.

7. Assign a clear timeline to reach your savings goal

Once you decide your budget, assign a deadline to your savings goal. Furthermore, break it down month-by-month. This helps make the process more manageable and fun to watch the excitement build as you count down to lift-off.

8. Recover lent money to help save money for travelling

If you’ve lent money to friends or family, consider collecting it back. Every small amount adds up in your travel fund.

9. Use price trackers

Let technology be your ally. Take advantage of trackers for flights, hotels, and tours. These services alert you to price drops, better times to make bookings and potentially saving you money. It’s really like having a savings superhero in your pocket.

10. Collect credit card points if you can

If you are a beginner and do not understand the game of credit card points, don’t worry. Start simple. 

Get yourself or use your credit card for daily things – purchasing groceries, food items, coffees, etc. Each purchase will add some points to your credit card balance. These small points will add up over a period of time and when you redeem those points it can help you some shopping items for your holiday or even a flight ticket! Some things you can do for this are:

  • Get yourself a credit card that gives you points for daily shopping, fuel transactions, payment of utility bills like electricity, water, etc.
  • If one card doesn’t give you all the benefits, you may consider getting more than one that you can use for different kinds of payments
  • Try to get cards which do not have high upfront annual fees
  • Try to get cards which offer welcome points
  • Don’t fall for the marketing gimmicks of high “number of points”. Evaluate the money value of each points. For e.g., The value of one point earned can be $0.2 to $1. Get a card with a higher money value of a point.
  • If you have friends and family who don’t utilize their points and can transfer their points to your credit card

11. Avoid unnecessary debt and save money for travelling

When saving for travel, it’s crucial to minimize debt. So while you may be collecting points and using your credit card for regular expenses, be mindful of its use. Monitor your credit card use careful when saving money for travel. Avoid excessive credit card use and loans that aren’t necessary during this phase.

Also read: Debit or credit card abroad? Which is better for withdrawing cash.

12. Sell unused items and add to your travel funds

Are you a hoarder? Do you like collecting many types of the same item? As you start saving money for travelling, it’s also time to start selling things that are collecting dust in your house or garage! Look at those furniture items, gadgets, decor stuff, kitchen appliances, etc. that you don’t need. This not only declutters your space but also adds to your travel budget.

13. Get a separate savings account and park your travel funds

Create a bank account exclusively for your travel fund. Deposit all your savings here and resist the temptation to use these funds for other expenses. Some good ways to do so are:

  • Do not carry the debit card of this account with you
  • Do not connect it to digital wallets like Apple Pay, Google Pay, etc.

This will resist the urge to use the travel funds for your day-to-day expenses.

14. Carefully consider before you take on travel debt

If you’re contemplating taking a loan for travel or putting all your travel expenses on that credit card, ensure you have a solid repayment plan. This helps maintain your credit score, financial health, and mental peace! Reach out to a financial advisor or somebody knowledgeable who can help you plan this better.

You can also look for other deals like government incentives or leisure funds from your company to help pay for your travel.

15. Don’t come back to a broke life!

Finally, plan for your financial situation after the trip. Make sure you have enough funds when you return, at least until you get an income. This will avoid post-vacation financial stress. After all, returning to a healthy bank balance is the perfect end to an unforgettable journey.

Your journey to save money for travelling starts now. With these tips, you’re not just dreaming about holidays – you’re actively paving the way to them! Bon voyage!

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