How to minimize your spending so that you have more money for travel

What is this related to traveling?

Money is one of the primary barriers keeping you from seeing the world. People tell me, “I have too many expenditures, I can’t afford it.” Although many of these charges evaporate when you travel the globe for a long time, the majority of us can grow our travel fund far more rapidly if we minimize our phantom expenses, lower our fixed prices, and discover other methods to save.

In other words, you need to make a budget if you want to start traveling more or save money for a particular trip. You may then see where you can minimize costs and where every dollar you earn is going.

Without needing to locate other sources of income, you may save money for your global tour by reducing your everyday spending, practicing more frugal living, and downsizing. I utilized these suggestions before my first round-the-world journey, so I know they work (and still use them to keep my living expenses low).

Naturally, it will take longer to save enough money to travel if your salary is smaller. Longer does not, however, equal never. Over time, a small little each day builds up to a significant amount.

Here are some quick and inventive methods to increase your income, lower your expenditures, and leave the house sooner:

1. Keep tabs on your expenditures.

Since most individuals don’t have a budget, as was indicated in the beginning, knowing where your money is going is the first step towards saving money. It’s easy to forget about how much we spend at a time when you can touch an app and a vehicle will arrive. Track all of your costs using a spreadsheet or a tool like Mint. Once you start paying attention to where your money is going, you’ll probably be startled. I discovered that I was paying around $100 USD a month on e-scooter trips since I reside in Austin. Since I only go short distances with them, and the weather is typically pleasant, I made the decision to begin walking more often. both cheaper and healthier. That’s a savings of $1,200 annually—enough to spend a few months in Southeast Asia!

2. Open a unique bank account

Financial professionals have long advocated for this. Create a second bank account and set up automatic deposits into it each pay period. Putting that money in a different bank account ensures that it is independent from your spending and that you won’t overspend, regardless of how much you put away. Consider this to be a piggy bank. Avoid raiding it. Your own trip money.

3. Remove the coffee.

Love your coffee shop? Well, Starbucks appreciates your cash. Daily coffee expenses stealthily erode your bank account without your knowledge. You spend $150 USD a month on your everyday $5 USD coffee. That would cover two months in Southeast Asia at $1,800 USD annually.

Which is more crucial: getting your daily joe or spending more time in Borneo’s rainforests or on Thailand’s beaches?

Sure, giving up your morning cup of coffee sounds obvious. Yes, the time saved by not having to purchase one is useful. This would be “little thinking” financial advice that isn’t worth the time or effort under typical conditions.

But for now, you need to save money since you have a trip to plan.

4. Develop your culinary skills

Everyone has to eat, but eating out is costly. Cook more often to reduce your food expenses. Before I traveled on my first trip, I reduced my dining out to two times per week and learned how to cook while I was in college, a skill that has been helpful to me ever since. I prepared every other meal myself. I would eat my supper leftovers for lunch the next day to save money.

Additionally, you don’t have to be a culinary expert. You may learn how to prepare quick and wholesome meals from any number of cooking websites, YouTube videos, and recipe blogs. I never prepare a dinner for more than 20 to 30 minutes.

5. Misplace the automobile

Owning a vehicle is insanely costly when you include in insurance, maintenance, loan payments, and petrol. If you can, get rid of your automobile. Learn to enjoy riding the bus, the metro, your bike, or walking. Taking public transit may take longer to get to work, but during that extra time you may plan your journey, read, write, or do other useful chores.

I realize that not everyone will be able to apply this advice, particularly those who live in tiny communities without a robust public transit system, but one option is to sell your vehicle and acquire a less expensive used one that you will only use when traveling. You may save the money from your more costly automobile and use it for travel if you buy a cheap car.

Furthermore, finding transportation is now simpler than ever thanks to the growth of Uber, Lyft, and other ride-sharing services, even in small communities. If you do the arithmetic, owning a vehicle can really be more expensive than using Lyft to go about town.

6. Conserve Gas

It adds up, gas! Fortunately, there are several strategies to reduce your gas costs. To start, utilize the GasBuddy app to discover inexpensive gas in your area. Second, join all of the prominent loyalty programs offered by gas stations. By default, they give you a gallon savings of around 5 cents. The reason Shell’s Fuel Rewards is the greatest is because you may save up to 50 cents per gallon by tying it with a dining program. To save an extra 25 cents per gallon, utilize the GasBuddy credit card, which may be linked to any of these reward programs. The majority of supermarkets also provide gas discounts via their loyalty schemes. You may also save a ton of money by joining Costco.

7. Go online!

You have no need to pay $50 USD a month on cable television in the era of Hulu and free (and permissible) streaming TV. Get rid of it and just view things for free online. You may start splitting the expense of streaming with your loved ones. The standard Netflix monthly fee is $12.99 USD. You’ll save some money if you can divide it in half and do so with a companion.

8. Update your smartphone

The typical monthly phone cost in America is around $100 USD. Getting an inexpensive phone without any fancy applications can reduce your monthly phone cost in half, even if cellphones are useful equipment (if not more). While being unable to read the news on the train could make you bored, saving an additional $600-800 USD year would enable you to go to Europe for a few more weeks, purchase upscale dinners, or enroll in a scuba diving course in Fiji.

Think about purchasing a basic flip phone or even a used phone. You’ll spend less time online and money as a result. Both wins!

9. Subscribe to travel publications

No one loves to have an overflowing inbox, but by subscribing to email lists from airlines and travel agencies, you may be informed about all the most recent offers and promotions. Without the American Airlines email list, I would have missed out on a round-trip ticket to Japan for $700 USD (usually $1,500).

Also think about registering with a website like Scott’s Cheap Flights. They look for offers and provide them free of charge right to your email! Join their free email at the very least, but they also offer a premium service with more (and better) bargains. You probably will discover some fantastic bargains!

10. Establish a Couchsurfing network.

You may meet people in your destination country and obtain free lodging by developing a network on Couchsurfing.

However, you may not receive many answers if you’ve never used it before. After all, a candidate who hasn’t received any recommendations or reviews isn’t very compelling. Join Couchsurfing before your trip, look for a neighborhood gathering (there should always be one nearby), and go. You’ll make friends, be vouched for and added to people’s profiles, and you’ll develop a network you can use when the time comes to really go.

Of course, if your flat has room, you may welcome guests before you go (or just meet up with them for coffee). The best approach to expand your network, get comfortable with the platform, and amass reviews that will be useful to you later on when you’re searching for a host is to do all of this.

Verify your account as well, if you can. The likelihood of a host approving your request will increase if your account is validated.

11. Purchase used goods

When you can pay just half, why would you? Use sites like Craigslist, Facebook Marketplace, Amazon (discounted books and gadgets), and wholesale websites. Most cities and towns have Goodwill-type secondhand shops where you may buy clothes and other items. You can absolutely purchase the majority of goods secondhand, even if you may not want to!

Additionally, it benefits the environment since you’re extending the life of items rather than letting them go to waste.

12. Skip the movies

I don’t know about you, but I think the price of movies is absurd. A ticket may cost up to $20 USD, and popcorn and beverage will also cost that much. Skip the movies or rent them from Netflix or iTunes online. You will save a lot of money if you avoid going to the movies, whatever you do.

If you really want to see a movie every now and then, go on a cheap night (most theaters offer one) and join their loyalty club to get free screenings.

13. Adopt a sober lifestyle

Alcohol is costly. Your budget will be greatly affected if you cut back on your drinking. Those of you who are carefree might go out with your friends on the weekend, though this may not apply to everyone. Drink beforehand, or don’t drink at all, when you head out to the pub. Reducing your alcohol consumption is seen as low-hanging fruit, or a simple approach to save money.

14. Give up smoking

Smoking destroys your pocketbook in addition to you. A daily $10 USD pack costs $3,650 USD annually. In Central America, even half of that sum would provide enough income to last around two months. Do it for your vacation if you don’t want to quit smoking for your health.

15. Quit munching.

An occasional snack is another example of phantom costs since it not only increases your waistline’s calorie intake but also depletes your cash. We don’t give them much thought since they are so inexpensive, yet over time, they mount up and deplete our funds. Avoid snacking and eat larger meals for lunch and supper.

If you do decide to snack, bring food from home and make a list of what you’ll eat. By doing this, you can save money by purchasing cheaper (and healthier) snacks instead of expensive items like chips and candy bars.

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