People often tell me, "I have too many expenditures; I can't afford it." This makes me laugh every time. However, if we cut our phantom expenses, reduce our set costs, and find other ways to save, we will be able to build our travel fund much more quickly. Most of us have certain expenses that we can't cut, but it's important to remember that many of those expenses disappear when you travel the world for an extended period.
To summarise, whether you want to start traveling more or saving up for a particular trip, you need to make a travel budget for yourself. You will be able to see where you may make reductions and where every cent you earn is going due to doing this. The following is a list of several straightforward and original methods that you may reduce your expenditures, increase your income, and hit the road sooner:
1. Keep Tabs on Your Financial Outlays
Because the majority of individuals don't keep track of their spending with a budget, the first step in learning how to save money is to identify the different places in which you invest your cash. It's easy to lose track of how much money we spend today when all it takes is a touch on a smartphone app to summon a ride. You should keep track of your expenditures by using a spreadsheet that you've created or a program such as Mint. Once you start paying attention to where your money is going, you will most likely be shocked by the destination.
2. Open A New Bank Account in Your Name Alone
The advice of financial gurus has been consistent in this regard. Establish a different bank account and arrange for money to be put into that account regularly, such as with each pay period. If you put that money aside in a bank account distinct from your spending money, you won't be tempted to spend more than you should since it will be out of sight and out of mind. Imagine that this is a savings account for your piggies. It is not to be raided. It serves as your vacation money.
3. Put Down The Cup of Coffee
Are you a huge fan of Starbucks? To put it simply, Starbucks is eager to take your money. Consuming coffee regularly is a cost that may slowly eat away at your savings without you even recognizing it. That coffee you buy every day for USD 5 adds up to USD 150 over a month. At an annual cost of USD 1,800, it will only get you through two months in Southeast Asia.
4. Acquire Some Skills in the Kitchen
We should all eat, but going out to restaurants may be costly. Cook at home more regularly to reduce the amount of money you spend on food. During my time in college, I took cooking classes, which gave me a talent that has served me well ever since. Additionally, in preparation for my first trip, I reduced the number of times that I ate at restaurants to twice per week. Every other meal was one that I prepared on my own. I would do things like preserving the leftovers from supper to eat for lunch the following day and reducing my money on food.
5. Get Rid of the Vehicle
The cost of owning a vehicle is ridiculous when you include things like insurance, maintenance, payments on your car loan, and filling up your petrol tank. Get rid of your automobile if you can. Get comfortable using the bus, riding the metro, riding your bike, or walking. If you utilize public transit to go to work, it may take you longer to get there, but you may plan your commute, read, write, or engage in other valuable activities during that extra time.
6. Spend Less on Gas
It adds up! The good news is that there are a lot of methods to cut down on the cost of petrol! To begin, download the GasBuddy app to your smartphone and use it to locate cheap gas nearby. Second, join the customer loyalty programs of every significant gas station you frequent. They will, on average, save you around 5 cents per gallon automatically. The best rewards program is Shell's Fuel Rewards since it is coupled with a dining program, which results in discounts of up to fifty cents per gallon.
7. Let It Flow
There is no need for you to continue paying $50 U.S. dollars a month for cable television in this day and age when you can get free (and legal) streaming TV through services like Hulu. Get rid of it, and from now on, you may watch anything for free online. You may also begin splitting streaming costs with other people, such as friends or relatives. The monthly fee for Netflix Standard is $13.99 (USD). If you can find a buddy to go in on that with you and cut it in half, you'll be able to save some money.
