Traveling the world takes money. Heck, traveling anywhere takes money. Whether you’re planning a two-week vacation, a two-hour road trip, or you want to take two years off and travel, you need money. Fortunately, saving money to travel doesn’t have to be hard or painful. Keep reading for ten good tips on how to save money for travel that you can implement today!
QUICK MONEY-SAVING LINKS
Ibotta cash-back app
Rakuten cash-back app
Chase cash-back credit card
Airbnb host app
10 Good Tips on How to Save Money to Travel More
Whether you need a little extra spending money for an upcoming trip or want to make travel your lifestyle, follow these good tips on how to save money for travel. You’ll build up your savings and hit the open road or skies in no time.
1. Know Where Your Money Goes
Saving money to travel starts by knowing where your money is going. It’s so easy to swipe your credit card daily and not realize how much money exits your bank account. Between quick trips to Target or mid-day coffee breaks, money goes much quicker than you might realize. Before you know it, the month is up, and you’ve spent hundreds of dollars but don’t really have anything to show for it.
That’s why it’s essential to know where your money goes. That way, you can choose where to cut your spending and save money for travel. The easiest way to track your spending is to look back at the previous three months and write down every transaction you made. You’ll likely start to see a pattern, whether multiple Amazon transactions or eating out numerous times per week.
Now, I’m not saying you have to stop spending money on everything you enjoy. But you need to know where your money goes to determine your wants vs. needs.
2. Determine Your Wants vs. Needs
What you consider a want, I might consider a need and vice versa. What’s most important when making your wants vs. needs list is being honest with yourself. Are your needs truly necessities? Or are they luxuries that you can go without if it means saving money to travel?
One easy way to determine if it’s worth spending money on something while you’re saving for travel is to ask yourself these questions:
- Would I rather have “insert spending,” or would I rather travel?
- Can I live without “insert spending” if it means I get to travel more?
For example, would you rather have new shoes from Target every month, or would you rather travel? Or, can you live without any streaming services if it means you get to travel more?
Of course, there are some things you cannot live without–like food and hygiene necessities. But you can even decrease your spending in those categories by shopping at a less expensive grocery store or not buying name-brand beauty products.
Again, it’s all about determining your wants vs. needs. Only you know what’s worth cutting back on if it means getting to travel sooner, farther, or longer.
3. Visualize and Plan Your Trip
Have you heard about vacation anticipation and the benefits planning a trip has on your mental health? Research suggests the simple act of planning your next adventure increases joy.
Similarly, visualizing a trip can help inspire you to save money for travel. Cutting back on some everyday expenses might feel uncomfortable at first. However, you can “ease the pain,” so to speak, by thinking about why you’re cutting back. You can plan and visualize all the amazing things you’ll do on a trip–because you have the money to do it. The excitement of purchasing tickets to see your favorite band or take the whale-watching boat ride can sometimes be enough motivation to save.
4. Establish an Automatic Savings Transfer from Your Checking Account
If you’re not a natural saver, saving for travel can feel daunting. Fortunately, you can save money without having to think about it. Most banks will allow you to set up an automatic transfer from your checking account to your savings account. All you have to do is set an amount and frequency and sit back and watch your savings grow. For example, automatically saving $100/week is $5,200 a year. That’s enough for an epic trip.
First, consider how much money you need to travel how you want. You might only need a couple grand for a two-week vacation. Or you might want $15,000+ to travel for a year without worrying about money. Then, do the math. Figure out how much you need to save each week to reach your goal in your desired amount of time.
5. Cancel Subscriptions & Memberships
You may have already decided to eliminate some of your subscriptions and memberships when determining your wants and needs. However, if you threw a few in the “need” category, this tip on how to save money for travel is here to encourage you to think again.
Canceling monthly subscriptions and memberships is one of the easiest ways to save money quickly. And I’m not just talking about your streaming services like Netflix or Hulu. You might be spending money on Spotify, a gym membership you hardly use, that underwear subscription you signed up for years ago. These monthly charges impact your ability to travel freely. So, this is just another nudge to recheck your bank statements and see if there are any monthly charges that aren’t necessary when saving money to travel.
6. Use Cash-Back Apps for Everything
Use cash-back apps for all the remaining items on your “needs” list. Everything. You can get cash back on groceries, clothing, gift cards–you name it. If you need to purchase something, always check to see if there is a cash-back coupon for it. My two favorite cash-back apps are Ibotta and Rakuten.
Ibotta is awesome for getting cash back on groceries from popular stores like Target and Walmart. You can also earn cash back on gift cards. If you know you have to purchase something from a particular store, buy a gift card in the purchase amount, and receive a percentage back. (Pro tip: Ibotta usually offers a percentage back on Airbnb gift cards–I’ve gotten everything from 3% to 10% back!)
You can click this link and use my code “WSQLHKB” to get $10 back when you sign up and use Ibotta for the first time!
Rakuten offers excellent cash-back percentages at retail stores like Macy’s, Adidas, and Moosejaw. If you need to purchase items for an upcoming trip, make sure to check Rakuten for cash-back deals first.
You can click this link to get $30 back when you sign up and use Rakuten for the first time!
7. Get a Cash-Back Credit card
Want to save even more? Use a cash-back credit card. I recommend the Chase Freedom Unlimited credit card, which offers 1.5% back on all purchases and up to 5% on select categories, like travel. With Chase Freedom Unlimited, you get 3% back at restaurants and gas stations, too (hello, cheaper gas!).
Not impressed? You can also add limited-time cash-back deals and earn up to 20% back on select purchases from tons of stores on top of the automatic 1.5%+ cash back.
You can click this link to view all the Chase cash-back credit cards with awesome sign-on bonuses for even more savings!
8. Sell Your Stuff
Still need some extra spending money? Time to look and see what you have lying around the house that you can sell for a few bucks. Or more. Most of us have stuff we don’t use or need. And what better way to get some extra cash for travel than to sell those unused items?
You can list your items online via apps like Poshmark, Mercari, eBay, and Facebook Marketplace. Not only will you earn money to put towards your next trip, but you’ll also declutter your home. So before packing your bags, look around and see what you can sell. Chances are, you’ll be surprised at how much extra cash you can raise. And who knows, you might even find a buyer for that item that’s been sitting in the back of your closet for years.
9. Start a Side Hustle
Who knows, it may turn into a full-time location independent business that enables you to travel all the time! But a side hustle can generate substantial income, even if it’s just to save for travel. If you’re a writer, check out these business ideas for writers.
Here are some other ideas that don’t require a huge start-up cost or learning curve:
1. Provide professional home cleaning services. Families and businesses are always looking for experienced and trustworthy cleaners. You can start your own cleaning business or work for an existing company.
2. Offer pet-sitting services. If you love animals, this is the perfect side hustle for you. People often pay good money to have their pets looked after while they’re away.
3. Do yard work and landscaping. From mowing lawns to trimming hedges, there are plenty of ways to make money by working outdoors.
4. Become a virtual assistant. With more and more businesses embracing remote work, there is a growing demand for virtual assistants to help with tasks like scheduling, email management, and customer service.
5. Sell products online. If you have a knack for finding unique and interesting products, you can make good money by selling them online. Or you can create products and sell your crafts on sites like Etsy.
6. Drive for a rideshare service. If you have a car and some free time, you can sign up to be a driver for Uber or Lyft. You can choose your own hours and earn money by ferrying people around your city. Or, if you’re not interested in transporting people, transport food with Uber Eats or DoorDash.
7. Rent out your home or a room on Airbnb. If you live in a desirable location, you could make money by renting out your home–or a room in your home–on Airbnb. You’ll need to create a listing and handle guests, but this can be a great way to earn extra cash. Learn everything you need to know about becoming an Airbnb host, including how much you can make and how to get started.
You can click this link to create an Airbnb Host account and earn $40 once you complete your first reservation.
8. Tutor students online. Are you good at math, science, or another subject? You can use your knowledge to help students achieve success by tutoring them online. There are many platforms that connect tutors with students in need of help.
9. Provide freelance services. Whatever your skill set, there’s likely someone out there willing to pay you for your expertise. Sites like Fiverr and Upwork offer a marketplace for freelancers to offer their services. From design work to copywriting services and everything in between, there’s bound to be a task you can do! Of course, the amount of money you earn depends on the quality of your work and the popularity of your gig. But there’s certainly potential to make some extra cash to save for travel.
10. Develop Positive Spending and Saving Habits
Saving money to travel once is different from saving for travel as a lifestyle. If you just want enough in the bank for a nice vacation, you can sell a few items online and use cash-back apps to save. But if you want to learn how to make money and travel indefinitely–or at least whenever you want–I encourage you to implement these good tips on how to save money into your daily budgeting routine. You can set yourself up for long-term travel success by consistently saving money where it counts, generating income through a side hustle, and being wise about where and when you spend money.
Saving for Travel Made Easy
You don’t need a ton of money to travel. However, you do need some, especially if you want to explore further, farther, and longer. Fortunately, with some financial planning, even those on a tight budget can take advantage of the many travel opportunities. So, as you develop positive spending and saving habits, remember your goal: to travel.
Rather than eating out during the week, cook at home and put the extra money into a savings account earmarked for travel. Avoid impulse purchases and use cash-back apps and credit cards when you need to buy something. Look for ways to make extra money, whether selling stuff you own, stuff you make, or services you offer. By following these good tips on how to save money for travel, you can quickly start to build up the funds you need to explore the world.
