We all dream of having more money to fuel our wanderlust. There are countless articles out there offering ways to save, but if you’re here, you need something tailored specifically for travel. After all, we travelers are a unique bunch, and often don’t like the rigidity of traditional budgeting methods. I, for one, have saved a whopping $40,000 towards a year of travel and am still on the road 13 months later, thanks to the mental strategies I used to master the art of saving for travel. I’ve personally tested and implemented each of the 19 saving money tips and tricks below. Some may work better for you than others, so feel free to tweak them to suit your personal financial comfort zone.
5 Easy Ways to Save Money for Travel
Saving while on the go? Here’s a quick guide to help you get started. If you’re looking for a more creative approach to saving, these 5 simple methods will bring you closer to that dream trip.
- Do Monthly Financial Reviews: It’s essential to know where your money is going. Go through all your accounts and take a snapshot of your finances. You might be surprised by what you discover and find ways to cut back on unnecessary spending.
- Create a Separate Travel Savings Account: Separate your travel funds from your other expenses. This will make it easier to track your savings progress and resist the temptation to dip into it for non-travel-related purposes. From personal experience, seeing that account grow is incredibly motivating.
- Automate Your Travel Savings: Trust me, you’re not always the most reliable when it comes to saving. Set up automatic transfers from your checking account to your travel savings account. This way, you’re saving without even thinking about it.
- There’s an App for That: There are numerous personal finance apps available that can help you save. Some are better than others, so do your research and find the one that suits your needs. Whether it’s for budgeting, automated savings, or tracking your progress, there’s an app out there for you.
- Get Visual: Make your travel and savings goals visible. I created a savings worksheet and colored in a box for every $500 saved. It was a simple yet effective visual reminder of my financial goals. You could also create a vision board or use stickers and paper chains to keep yourself motivated.
1. Do Monthly Financial Reviews
It’s not always easy to see where your money is slipping away. But by doing monthly financial reviews, you can uncover hidden expenses and make adjustments. You might find that you’re spending more on certain things than you thought, or maybe there are areas where you can cut back. This first step is crucial for serious savers.
For example, I once realized that I was spending way too much on coffee at the local coffee shop. By bringing my own mug and brewing coffee at home, I was able to save a significant amount of money each month.
2. Create a Separate Travel Savings Account
Having a dedicated travel savings account is like having a savings goal with its own identity. It’s easier to resist the temptation to dip into it when it’s not mixed with your regular funds. Plus, you can track your progress more easily and see the money accumulate over time.
When I started my travel savings account, I made a point of transferring a certain amount of money from my paycheck every month. It became a habit, and before I knew it, I had a significant amount saved up.
3. Automate Your Travel Savings
We all have those moments when we forget to save or are tempted to spend our money on something else. Automating your savings takes the decision-making out of the equation. Set up automatic transfers from your checking account to your travel savings account at a predetermined frequency.
For me, it was setting up a monthly transfer that was just enough to make a dent in my savings goal without feeling too burdensome. This way, saving became automatic, and I didn’t have to constantly think about it.
4. There’s an App for That
The world of personal finance apps is vast and growing. There are apps that can help you with budgeting, savings tracking, investment management, and more. Some popular options include Mint, You Need a Budget, Digit, and Acorns.
Mint is great for budgeting and keeping track of your expenses. You Need a Budget offers more advanced budgeting tools. Digit is like a pocket financial advisor, adjusting your savings based on your spending patterns. And Acorns rounds up your purchases and saves the difference for you.
5. Get Visual
Seeing is believing, and visual cues can be powerful motivators. Create a savings worksheet or use a visual reminder system to track your progress. Color in a box for every $500 saved, or use stickers or paper chains to mark your milestones.
I also found that having a digital vision board on Pinterest was helpful. It allowed me to see the destinations I wanted to visit and the experiences I wanted to have, which kept me motivated to save.
Savings Tricks for Shopping
You’ve tackled the 5 tips for saving money for travel. Now it’s time to focus on shopping and find ways to save even more. Shopping can be a major expense, but with these tricks, you can learn how to make yourself save money while still enjoying your purchases.
- Put a 48-Hour Waiting Period on Purchases: This simple trick can help you make more informed decisions about your purchases. When you see something you want to buy, put it in your shopping cart and wait at least 48 hours before actually making the purchase. Chances are, you’ll either realize you don’t need it or you’ll have thought through the purchase more carefully and be happier with your decision.
- Use the Stranger Test (Money in One Hand, Sweater in the Other): Imagine a stranger holding the money you’d need to buy an item and the item itself. If you’d choose the money over the item, it’s probably not a necessary purchase. This psychological trick can help you stay focused on the value of your money.
- Think of Cost per Use Instead of Price: Sometimes, a more expensive item that you use frequently may actually be a better value than a cheaper item that you use only once in a while. Consider the cost per use when making purchasing decisions to ensure you’re getting the most out of your money.
- Go on a Shopping Freeze: Take a break from shopping for a period of time. This could be a month or even longer, depending on your goals. By not shopping, you’ll train your brain to focus on other things and save money in the process.
1. Put a 48-Hour Waiting Period on Purchases
This tip is especially useful for online shopping, where it’s easy to click and buy without thinking. By giving yourself a cooling-off period, you have time to evaluate whether the purchase is really necessary. It’s amazing how often we impulsively buy things that we don’t end up using or loving.
For example, I once saw a beautiful dress on a website and added it to my cart. But after 48 hours, I realized I didn’t really need it and deleted it from my cart. I saved myself some money and avoided a clutter of items I didn’t really need.
2. Use the Stranger Test
This is a clever psychological technique that can help you make more rational purchasing decisions. When you’re considering a purchase, imagine a stranger standing in front of you with the money you would spend on the item and the item itself. If you would choose the money over the item, it’s probably not a worthwhile purchase.
For instance, if you’re thinking about buying a designer handbag that’s out of your price range, ask yourself if you would rather have the money to use for other experiences or savings. This simple mental exercise can save you from making impulsive and expensive purchases.
3. Think of Cost per Use Instead of Price
Price isn’t always the only factor to consider when making a purchase. Think about how often you’ll use an item and the value it will bring to your life. A more expensive item that you use every day may end up being a better investment than a cheaper item that you only use once in a while.
For example, if you’re in the market for a new pair of shoes, consider the quality and durability of the shoes. A higher-quality pair that will last longer may cost more upfront, but it could save you money in the long run by not having to replace them frequently. By thinking in terms of cost per use, you can make more informed purchasing decisions.
4. Go on a Shopping Freeze
Sometimes, taking a complete break from shopping can do wonders for your finances. Set a goal of not spending any money on shopping for a specific period of time, whether it’s a week, a month, or even longer. This challenge will force you to really think about your purchases and prioritize your spending.
During my travel savings journey, I went on a shopping freeze for a few months. It was difficult at first, but it helped me break some bad spending habits and focus on saving for my trip. By the end of the freeze, I had accumulated a significant amount of savings.
Savings Tips and Tricks for Food and Drink
Eating out and buying beverages can quickly eat into your budget, especially if you have a takeout habit. Here are some tips to help you trick yourself into spending less on your daily eats and drinks.
- Learn to Make Your Favorite Takeout Meals at Home: Don’t be afraid to get creative in the kitchen. Research and learn how to make your favorite takeout dishes at home. Not only will it save you money, but it’ll also be a fun culinary adventure.
- Bring Your Own Snacks/Drink with You on Outings: Instead of buying snacks and drinks at events, bring your own. It’s a small but significant change that can add up over time. Pack a reusable water bottle and a few healthy snacks to have on hand.
- Buy the Cheaper Generic Brand: Sometimes, the generic version of a product can be just as good, if not better, and it costs a lot less. Don’t be afraid to switch to the cheaper option without sacrificing quality.
1. Learn to Make Your Favorite Takeout Meals at Home
Cooking at home doesn’t have to be a chore. In fact, it can be a fun and rewarding experience. Take the time to learn how to make your favorite takeout meals from scratch. You might be surprised at how delicious and satisfying it can be.
For example, if you love pizza, learn to make your own dough and sauce. You can control the ingredients and customize it to your taste. Not only will it be cheaper than ordering pizza delivery, but it’ll also be a healthier option.
2. Bring Your Own Snacks/Drink with You on Outings
Bringing your own snacks and drinks with you on outings is a simple way to save money. It’s especially useful when you’re at events where the prices for snacks and drinks can be exorbitant.
For instance, if you’re going to the movies, bring a reusable water bottle and some popcorn you made at home. Or, if you’re going to a park, pack a picnic with sandwiches and drinks you prepared in advance.
3. Buy the Cheaper Generic Brand
Don’t be swayed by brand names alone. Sometimes, the generic version of a product can be just as good, if not better, and it costs a lot less. Look for the generic options when shopping for groceries and see if you can notice a difference.
For example, when buying toilet paper or laundry detergent, try the generic brands. You might be surprised at how well they perform and how much money you can save.
Tricks to Do with Money for Your Lifestyle
Just because you’re saving money for travel doesn’t mean you have to sacrifice your lifestyle. There are plenty of mental tips and tricks you can use to make saving enjoyable and still enjoy the things you love.
- Think in “Cans” Instead of “Can’ts”: Instead of focusing on what you can’t do, think about what you can. Rewire your thinking to see the positives in saving money. You might not be able to go out for an expensive dinner every night, but you can have a movie night with your friends at home or read a good book in the park.
- Make Your Online Passwords Motivating: Add a touch of savings motivation to your online passwords. Use phrases or numbers that relate to your travel goals or savings amount. Every time you log in, it’ll be a reminder of your aspirations.
- Look for Free Activities in Your Area: Don’t let your social life suffer because of your savings goals. There are plenty of free things to do in your area. Join a local library, become a regular at the park, or look for free events in your community. It’s a great way to have fun without spending a dime.
- Adjust a Costly Habit: Just because you’re saving doesn’t mean you have to give up everything you enjoy. Look for ways to adjust your costly habits without sacrificing your happiness. Maybe you can switch to a cheaper yoga studio membership or find cheaper movie ticket options.
- Downsize Your Pad: Housing costs can be a significant portion of your budget. Consider downsizing your living space if it means saving more money. You might be able to find a smaller apartment or a roommate to split the rent.
- Plan a Trip (Just Don’t Book It): If you love planning trips, satisfy your wanderlust without spending a fortune. Plan your dream trip in detail, including where you’ll stay and what you’ll do, but don’t book anything yet. This way, you can see how much you’ve saved and adjust your plans accordingly.
- Splurge Strategically: It’s okay to treat yourself every once in a while. Just be sure to do it strategically. Set aside a dedicated amount in your budget for splurges and use it for something that really makes you happy. Maybe it’s a weekend getaway or a special piece of clothing.
1. Think in “Cans” Instead of “Can’ts”
When you’re saving money, it’s easy to feel like you’re missing out on things. But instead of thinking about what you can’t do, focus on the things you can. There are plenty of ways to have fun and enjoy life without spending a lot of money.
For example, if you love going out to eat, look for local restaurants with happy hour specials or try cooking at home and having a dinner party with your friends. If you enjoy going to the movies, consider watching at home on a streaming service or visiting a free outdoor movie screening.
2. Make Your Online Passwords Motivating
Your online passwords are a great opportunity to keep your savings goals top of mind. Use passwords that contain phrases or numbers related to your travel dreams or savings amount. For example, you could use “dreamtrip2025” or “$10,000saved”. Every time you log in to a website or app, you’ll see that reminder and be motivated to keep saving.
You could also change your password regularly to keep it fresh in your mind and as a reminder of your progress.
3. Look for Free Activities in Your Area
There are so many free things to do in your local community. Explore your city or town and discover parks, museums, libraries, and other attractions that offer free admission or free events. Join a local hiking group or take a free yoga class at a community center.