So many people want to travel the world. There’s a misconception out there that you need a ton of money in order to do it. Not only is this wildly untrue, but you can actually have more fun and travel deeper within a culture while spending less. If you’re struggling to find ways to save money for travel, the Bros got you covered! Some of these ideas are creative, others are rather simple. We’ve used most of these ways to save money to fund our travels around the world, and you should use them too!
Increase Your Income
This is the most obvious way to save money for travel. If you make more money, then you should be able to save more money, right? Sometimes it isn’t that easy, but here are some proven ways to add more money into your travel account.
- Sell stuff around the house
- So many of us have stuff laying around the house that we don’t use that often. A lot of it can be turned into cash relatively easy. Some things the Bros have sold to save money for travel? Furniture from our apartments, headphones, snowboards, old toys and baseball cards from the 80’s & 90’s, poker chips, backpacks, DJ turntables and a car (can’t drive it when you’re on the road!). Use Facebook Marketplace, Craigslist, eBay.
- Buy and flip
- If you are willing to do a little research, there are opportunities out there to turn a profit on popular items. Sneakers, apparel and sports cards are hot right now.
- Side gig
- Teach English. Learn to code. Become a virtual assistant. Freelance your skills on Fiverr, Skillshare or TaskRabbit. Mow lawns. Shovel snow. Babysit. Walk dogs.
- High interest savings account
- Don’t keep the bulk of your money in a regular checking account. Sign up for a high interest saving account at a bank offering a better interest rate on your money. Don’t pass up free money! Another advantage: your money will be safer in an account like this while traveling, see How to Handle Your Money While You Travel
- CD
- If you have money you can afford to set aside for anywhere from a few months to a few years, check out a CD (Certificate of Deposit) which is like a savings account with a fixed rate and fixed term higher than a regular savings account. Term lengths usually vary from 3 months to 5 years and you’ll lock in a guaranteed return on your money.
- Schlesinger surveys
- If you sign up for Schlesinger surveys, you will get regular emails delivered to you with the chance to qualify for a market research study that will pay you cash! When you get an email, you will have to answer a quick survey (usually no longer than 5-10 minutes), and if you qualify you’ll be getting an easy payday. If you qualify, you’ll be asked to participate in some research where you will answer some more detailed questions on the topic or products either in person, over the phone or online. They could range from an hour to maybe spanning across multiple days. Most will pay at least $100 and we’ve seen ones upward of $500!
Cut Your Costs
Cutting your costs is the less sexy way to save money for travel, but in reality it is just as effective as increasing your income. In many ways it is actually easier to do! Most of us don’t want to face facts and realize we spend way too much on things we simply don’t need. Once you start analyzing where your hard-earned money is going, you can start making adjustments.
- Cut cable
- No thrills cable service in a city like NYC can set you back $100-$200 per month! That’s $1,200-$2,400 per year! With more affordable services available like Netflix, Amazon, DisneyPlus, Hulu, and Youtube, is it really worth it these days? Bonus points for canceling all of your streaming services.
- Stop going out to eat and drink
- This one is huge and may be one of the biggest budget busters. Instead of going out to a bar or restaurant, chill out at home with friends and family. Trade ordering takeout for cooking your own meals. Bring your own lunch from home to work with you. Break the habit of going to Starbucks everyday and make your own cup of coffee at home. These all may seem small, but small lifestyle changes even for a short period of time will see you saving big time for future travel.
- Walk or take public transportation
- Use your credit card for spending
- If you already are travel hacking, you’ll keep earning miles on your travel credit card every time you use it. Using cash has no perks!
- Stop buying shit you don’t need
- When you’re struggling to find ways to save money for travel, or anything for that matter, at some point you’ll need to realize the difference between wants and needs. We tend to buy a lot of things we want when in reality, we really don’t need that much. Make an evaluation and make a change. Do you need those new shoes, that new car, watch, and so on? Or could you fight that impulse and see those dollars keep building so you can ride the death road in Bolivia, fall in love with Vietnam, road trip New Zealand or survive Oktoberfest?
- Drop your cell phone plan
- I’ve literally been living without a cell phone plan, and more importantly, without a cell phone bill for over 3 years! Sure you may get crazy looks, but in reality, there is WiFi almost everywhere these days so you’re not totally off the grid. When in transit I may have no connection, but there are perks to that, including being more present. Google has offline maps so you’ll never be lost. With most cell phone plans costing around $100/month, you are talking over $1,000 a year in savings!
- Move in with family/friends
- Not only can this save you some cash, but you will get some great time bonding with your loved ones.
- Get a roommate
- If you have the extra space, this is a no-brainer to cut your rent in half.
Make a Budget
This is something that maybe I take for granted with my Accounting/Finance background. To put it simply, creating a budget is the most important thing you can do to get a grip on your finances and evaluate where your money is going. In my opinion, you are being foolish if you haven’t created a budget. You don’t have to be a Microsoft Excel whiz to make a simple list of your income and expenses. It’s really that simple. Write down your income each month. Write down your expenses each month.
Income – Expenses = Leftover money for potential savings.
Want more leftover money? Either find ways to increase your income or cut your expenses that you now have listed out in front of you. It’s that simple. If you utilize the tips outlined in this post, you’ll find ways to save money for travel in no time!
Looking for information on how to handle your money while traveling or how to travel hack? Check out the Bros’ Travel Tips!
READY TO SAVE MONEY AND TRAVEL?
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