We know. Travelling costs money.
Once you factor in flights, accommodation and necessities like travel insurance, costs just love to add up. Then you have food and activities and other extras. The list seems to go on. But, if you love travelling as much as we do, it’s worth it – especially if you can make sure you get the most out of your travel budget.
We’ve put together a few tips to help you save money for your next overseas holiday.
Be aware of what you spend money on
Before you can start saving for anything, look at how you spend the money you have now. Create a spreadsheet and list every expense you have at home. Commit to this project and maintain it for a month and you’ll paint a picture of how you spend money (consciously and unconsciously).
Decide what expenses to cut out
Once you know how you spend your dollars, you should be able to work out what you can cut back on. When you’re thinking about your spending, don’t fall into the trap of thinking that a coffee only costs $3.50 a day.
Do the math and work out how much it costs you every week, month and year. You’d probably be shocked to realise $3.50 per day adds up to over $1,200 a year – so making coffee at home can greatly increase your travel budget.
If you stopped listening at ‘math’, you may be someone who would benefit greatly from money saving apps – there are heaps out there!
Some common expenses you can easily cut down on include:
- Eating out and ordering in – cook dinner and prepare lunch instead.
- Parking fees – walk some days and use public transport more.
- Petrol – avoid trips you don’t need and get in the habit of walking or biking wherever possible.
- Gym membership costs – exercise outside with a friend.
There are plenty of ways to trim expenses and save money – without depriving yourself of life’s necessities. But it may mean only having one avocado a week.
Look for ways to boost your income
If you can’t cut any expenses, consider how you could boost your income to save for that dream overseas holiday. Maybe you can rent a spare room to an international student or rent your home out at weekends or on school holidays through Airbnb. Or maybe you can earn extra money by taking a weekend or evening job, or doing some freelancing.
You could even consider starting a small lawn mowing, dog walking or pet sitting business to earn some extra cash. Look at your options, research the time and cost involved and pick something that’s suited to you.
With extra travel money comes extra experiences. It’ll all be worth it in the end!
Sell some sea shells by the seashore
Come on, be real. When’s the last time you went roller-skating?
Most of us have a few items cluttering up our garage and cupboards that we never use – but others might. Selling a dusty surf board, an unloved piece of furniture or your Lego collection could net you a few hundred dollars or more, and get your holiday savings started.
Lock in your savings
Once you’ve got some money saved, separate it. Like a jar full of cookies, it’s way too tempting to dip your hand in. Instead of saving it in your regular bank account or keeping it in cash where it could get lost or stolen, consider putting your savings into a travel money card like Key to the World straight away. That way your money will be saved in the destination currency and you won’t be tempted to spend it before you get there.
The costs to travel don’t have to be a barrier. So, make a moneysaving action plan and go on your dream overseas holiday. The sooner you start, the sooner you’ll be able to get away.
For more travel tips and insights into local currencies, visit your local Travel Money Oz store today.
This blog is provided for information only and does not take into consideration your objectives, financial situation or needs. You should consider whether the information and suggestions contained in any blog entry are appropriate for you, having regard to your own objectives, financial situation and needs. While we take reasonable care in providing the blog, we give no warranties or representations that it is complete or accurate, or is appropriate for you. We are not liable for any loss caused, whether due to negligence or otherwise, arising from use of, or reliance on, the information and/or suggestions contained in this blog.