Effective Ways To Save Money For Travel

Effective Ways To Save Money For TravelTaking a holiday or going on a vacation is no child’s play. It takes a lot out of you, if not planned for or budgeted properly. In order not to lose sleep over an impending holiday, it is important to pre-plan or work out a system before-hand where you could build up a vacation kitty to fund your holiday/s.

Here are a few practical ways in which one could save up for travel or a good holiday.

1 – Open A Specific Holiday/ Vacation Account

A very basic plan to start saving up for holidays or vacations would be to open a savings account that is dedicated only for travelling. One could set up automatic transfers at the beginning of each month but then you need to be alert and watchful that you have enough balance in your regular account to fund this. Or you could be disciplined and ensure that you put in a fixed amount into this holiday account manually every month. By this system, you make sure you save for travelling or emergency savings, and then the remaining amount go towards other expenses. Each month your account will start to grow, and that money will be set aside specifically for travelling when the time presents itself.

2 – Use The Right Credit Card

One of the biggest expenses in travelling is the airline tickets. Plane tickets to many of the great tourism locations around the world cost quite a packet. During the last several years, many credit card companies have offered frequent flyer mile rewards to those individuals who expend monthly fees on their credit cards and pay them off. After one to two years, you can earn enough points to travel places for free. If you have the discipline to put all your expenses on a credit card each month and not go over your monthly budget, then look into rewards credit cards. The key is being able to pay it off each month, or it’s not going to be worth it.

3 – Set Aside A Small Portion Of Gift Money Towards Travel

There may be several occasions when you get money or cheques as gifts. Make it a practice to deposit either the full amount or a portion of the amount into your holiday/ vacation account as anyway this money would not have been expected by you normally and it is more like a bonanza. So why not save it for a rainy day? Or some wonderful days ahead at a beautiful locale?

4 – Save In Different Ways And Use Small Portion For Travel

If you are a serious/ hardcore traveller or wanderlust has taken over, you need to actually sit down and devise ways to build up your travel kitty over time. Take stock of all your expenses category wise and earmark certain amounts/ budget for each of these categories from your earnings. Wherever possible, check if some useless expense can be curtailed or find innovative ways to avoid the unnecessary expense. If this is strictly adhered to, you would find that you have a sizeable amount of money saved over. A penny saved, is a penny earned……move it into your holiday account.

5 – Sell Unwanted Items Online And Put Earnings Into Travel Account

When was the last time you walked through your home and noticed that you don’t use a lot of the things you own? Or even bored with some of the items that you may still be using or some clothes that may not fit you anymore? It’s best to get rid of it all. As garage sales have not yet taken off in our country, one could go with the online route and post it all on the various sites ready to sell used or second-hand items, like OLX, eBay, or Facebook garage sale groups. Facebook groups are very easy to use and reach a much larger audience. This serves a dual purpose…….helps to de-clutter the house and earnings from here could straightaway be put into the travel account.

6 – The Change Jar

Perhaps the easiest and least recognized way of saving is by “collecting your paisas.” We often advise our kids to drop their small earnings into a piggy bank but you could do the same with your loose change. The next time you have spare change, grab a jar and start putting your coins in it. Over a period of time, you would have accumulated quite an amount which would only add to that precious travel kitty. After all, every drop makes an ocean!

7 – Join A Specific Kitty Group

This is more a ladies thing. A lot of women join various kitty groups to create a friends circle, some fun quotient in their lives, as well as to have some decent disposable income whenever required. In each group, every lady puts in a specific pre-decided amount (decided by the group) each month and every month there is a lucky draw or an understanding as to which woman needs the funds collected the most in that month. The total amount invested by the ladies in that month is then handed over to the lucky winner who can do what they want to with the booty. This again, is a forced saving and can come real handy when required. Of course, in this case, it is important to associate with the right kind of and reliable people for this scheme to pay off in the long run.

 

PICTURE CREDIT :  29Secrets by Liz Willcock

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