5 Ways to Save for Travel on a Tight Budget

by Mar 20, 2020budget0 comments

Are you on a tight budget & still want to travel? You shouldn’t have to put your travel goals on hold especially after the Rona “COVID-19” crisis finally comes to an end. Traveling may temporarily be at a standstill but now is the time to plot, plan ahead, and strategize for its comeback.

Once normalcy resumes again and everyone is no longer confined to their homes, your friends will no longer want to hear the reasons why you can’t afford to travel or come on any trips with them any longer. 

Here are 5 Ways to Save for Travel on a Tight Budget: 

Set a realistic budget for your expenses

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Implementing a budget does not necessarily mean you can’t have fun & still travel. It just means making smarter moves with your money & knowing exactly how every dollar is being spent. In order to accomplish this goal, you must write out a list of all expenses then evaluate where you are spending the most & cut back on all non-essential expenses.

Increase income by doing a side hustle

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One stream of income isn’t sufficient enough to get by these days. This crisis has certainly proved that. Often times additional income will be needed to fund your travel adventures. If you are looking to earn extra coins, a side hustle is a great way to increase your income. Some side hustles to consider include ridesharing, online freelancing, creating a product or service to sell, tutoring, or buying/reselling items. 

Limit Food Spending

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Hate to say this but the costs of UberEats, Door Dash, Postmates, Starbucks and not bringing your lunch to work are slowly adding up over time. Eliminate or limit your food spending by meal prepping and cooking all meals at home. These extra funds can easily be applied towards a future trip.

Tackle debt & create a repayment strategy 

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There are many different strategies that you can use to tackle and pay down your debt. It may best to make a list of all debts owed. Once that is completed then you can opt to prioritize and pay down debt with the highest interest rate first or opt to pay off the debt with the lowest balance. Additionally, using your income tax refund or extra income earned from your side hustle are also great alternatives to paying off debt.

Automate travel savings

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If you have any additional or supplemental income right now, opt to automate your savings and have funds automatically deposited into a separate account from your daily expenses or checking account. Also, consider using apps such as Qapital or Hello Digital to help you save without even thinking about it.

How have you saved for travel? Tell us in the comments!

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