If you love to travel, you’re likely always looking for ways that you can stretch your money in order to visit more places. Luckily, there are quite a few things that you can do from a financial perspective that will allow you to save money and apply that savings straight to the money you spend on travel experiences.
To show you how this can be done, here are three ways to save more money for your travel fund.
Make It An Investment
When people want to make money without putting forth too much effort on their part, choosing to invest their money can be a great way to accomplish this goal. However, because a lot of high yield investments are long-term, you might not have thought about this as an option for saving money to travel.
But according to Miranda Marquit, a contributor to The Balance, using an investment account as a way to save money into a travel fund is an easy way to allow a small financial investment to grow much bigger than it would have just sitting in a traditional savings account. Especially if you’re planning to take a bigger trip in a few years and need some time to plan and save, investing your money could be a great option for you.
Lower Your Monthly Spending
If you’re wanting a more traditional way to save money in order to facilitate more travel, the most obvious thing to do is to reduce your monthly spending habits so you can add more to your savings account each month.
Some of the best ways to drastically cut your monthly spending, according to Sarah Kuta, a contributor to The Penny Hoarder, is to reduce how much money you’re spending on food by eating out less, using coupons, and being smart when you shop. Other things you can try can include stopping subscriptions that you don’t use or need, refinancing your car loan, and changing your daily habits of spending small amounts of money. Every little bit you save can help you get traveling sooner.
Prioritize Your Budget
For some, the biggest hindrance to saving enough money to make travel a reality is that they don’t make it a priority in their monthly budget. While you may carve out money for buying new clothes or other spending, if you don’t set travel as a priority for your money, you’ll find other ways to spend it.
To stop this habit, Ed Hewitt, a contributor to Smarter Travel, recommends that you set up automatic transfers into a savings account that you use just for travel. This will ensure that you’re always saving money, even if you might forget to do it on your own.
If you need help saving money for future travel, consider using the tips mentioned above to help you make the necessary financial sacrifices and adjustments.