SAVING MONEY

How to Save Up For Your Dream Trip

Have you got a dream trip or adventure in mind? The only real problem with traveling is that it costs a lot of money.

You have to put aside time when you aren’t working, arrange all of your affairs for while you’re away, and most importantly, cough up the cash for the flights, accommodation, and all the other expenses of being on holiday. 

So, how can you make your dreams into a reality?

It all comes down to smart saving techniques and a solid plan.

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Create a Budget

The first step to reaching any saving goal is to create the goal. 

So, work out the approximate cost of your dream trip. This means planning where you’re going and comparing prices for the holiday. Work out the kind of trip you want. A backpacking trip will be far less expensive than an all-inclusive resort trip, complete with tours and luxury accommodation.

This can take some time and serious homework. This is also the time where you have to consider giving up on some parts of your dream to make the rest of it more achievable. Maybe you can’t manage six weeks away, but you might be able to enjoy three weeks.

Be flexible, but come up with an approximate cost for the trip so you have something to work towards.

Next, create a budget to live by. This will help you to improve your financial situation and more easily afford the things you want to achieve.

Check Your Finances

While you’re creating your budget, you should pay attention to your finances. What can you reasonably expect to save in the time frame you’ve given yourself? Do you have any major debts that are draining your accounts?

You can take a loan to fund your holiday, and this might be easier than saving all the cash you’ll need. However, you still need to make sure that you can afford the loan. Saving up for part of the funds will make the loan smaller and easier to pay off.

Ideally, try to pay off a large loan like this as quickly as possible. So make sure you can afford larger payments, as it will save money in the long run.

Reduce Your Spending

In the meantime, reduce your spending at home to help you save up the cash or deposit for your holiday. You might need to do some holiday shopping, so learn some mindful shopping techniques to help you make wise purchases and avoid wasting money while shopping.

This is also where that all-important budget to live by comes in handy. When creating a budget, don’t make the mistake of being overly harsh with yourself. This makes the budget far less attainable, so you’re more likely to ignore it and blow the budget.

Instead, allocate some of your budget to the fun stuff as well as essentials and holiday savings. However, be prepared to live more frugally for a while.

Cut back on meals out and pack lunches if you’re going to be out of the house all day. Restrict expensive social activities and stick to days out that don’t cost money. It isn’t always easy, but it’s worth it.

Money While Traveling

As well as thinking about the up-front cost of the trip, you also need to consider spending money. You still need to eat while you’re away, and it’s worth getting the most out the trip by exploring different places and enjoying new experiences.

So, consider your spending money. While cash is king, it’s helpful to have a card that allows you to store your money safely. Cash can be more easily lost or stolen. 

Work out the cost of living and exchange rates of where you’re going. This makes it easier for you to estimate how much you’ll need. You can also find ways to save or even make money on holiday, especially if you are able to work from your laptop.

This is sometimes one of the sacrifices you need to make to afford the trip.

While You’re Away

Nobody wants to scrimp and save while you’re on holiday, but it can be helpful to look for tips to save while you’re away without ruining your time. 

For example, if you’re into football and don’t want to miss the premier league, you can look up how to watch the premier league in Australia and still enjoy some inexpensive entertainment. Or you can find local beauty spots to explore without spending a lot of money.

Do your research and take advantage of it while you’re there.