The old idea that travel is an expensive hobby for the rich and famous is outdated. Many people ask us how we have been able to afford to travel to more than 60 countries in our twenties. This is where saving becomes a crucial step to traveling and financial success. Saving money is not a difficult task if you know where to start. It’s why we were able to save our dollars in one of the most expensive cities in the world and continue to do so today. If you set a goal and put your mind to it, anything is possible. Start small, and eventually, you’ll be saving a portion of your income every month. From there, it’s only a matter of time before you have enough for that great trip you’ve always dreamed about. Remember, it all starts with the first dollar! Here are the basic ways we save money for travel and stay on the road longer for cheaper.
How to Start Saving Money for Travel
Reduce Your General Expenses
I know that your legs probably look killer in that new dress, ladies. And perhaps that new fancy shave gel does make your beard look better guys…however, do you need everything you’re buying? Chances are probably not. One of the main ways to cut expenses is to cut out all the crap that you don’t need to have a fulfilling life. How much can you cut out to live comfortably? Just because you make and have the money does not mean you should spend it right away on every payday. You don’t need a new TV or a dozen pairs of shoes. This is the very first step in saving for travel—live below your means. You can also look at more creative ways to reduce expenses such as renegotiating contracts with service providers like phone service or internet. It’s often possible to threaten to switch providers that offer a lower rate to keep you as an existing customer.
Love To Cook
It’s shockingly cheap to bake your own bread and fun! One of the easiest ways to save money on travel is to start cooking all your meals. That means breakfast, packed lunch, and dinner. Do not pick up a coffee and bagel on your way to work because that cost can quickly snowball. Restaurants are always more expensive than a home-cooked meal. In the United States, a low-cost meal out with friends costs me at least $20-$30, and then, of course, we tip in America, so there is another $4-5 on top of that. The easy solution is to go to the grocery store, grab a cookbook, and whip up your dishes. You can even get cookbooks from the local library for free! Not only will it help save your paycheck, but it is much healthier. If you absolutely must eat out, make your decisions wisely. When we began saving for travel, we went out once a week to our favorite sushi spot. The meal wasn’t cheap, at almost $100, but we were afforded the luxury because we cut out the bad takeout, chain restaurants, and delivery that can add up to a lot more in a week. No matter your finances, it never hurts to reassess your expenses, and it’s great to start with food purchases.
Cut Out the Bar
I bet you knew where this was going. First, I took away clothes, then food, and now alcohol! Yep—it’s not rocket science. Alcohol and bars can be very costly. Why not host your friends over for wine night? Or invite everyone to your house with beer to watch the game instead of going to the sports bar? These choices are easy ones to make and can easily set you on your way to financial freedom.
Ditch Cable
Now that Netflix and the internet are available in almost every country in the world, there is really no excuse for having cable TV. If you love staying entertained with TV shows and movies, why not invest in a cheap streaming service and ditch the expensive cable premiums? We love Netflix and HBO!
Get Active Outside
I remember when we lived in NYC, gym memberships were through the roof! $150 a month to work out? Not everyone can afford that. There are many ways to stay active without signing your life away to a gym, like biking to work. Maybe learn how to play basketball, volleyball, or baseball? Or go for a run in a nice park nearby. When I was in college, I would save money for travel by utilizing my school’s free gym. When that is not available, I watch YouTube workout videos in my living room or the park. There are all kinds of totally free ways to stay active outside. This is the one expense we give some wiggle room to. Staying in shape and keeping a hobby is a crucial element to a happy and healthy life. Just keep costs in moderation!
Take Advantage of Travel Credit Cards
I sign up whenever there is a new credit card offer with great travel incentives. I’ve spent 11 years building up my credit so that this is possible, but even great cards are offered for those with no credit. The real advantage comes with a rewards credit card that garners points for everyday purchases. The best rewards cards offer enticing sign-up bonuses and points on every purchase that can lead to 2% cashback in your pocket. Those points can pay for flights, hotels, or even car rentals. Be responsible with any new credit card. Pay your bill on time, in full, and don’t spend what you don’t have.
Diversify Your Income
When I was in college, I scoured the internet for a job that would let me work only on weekends. I ended up working as a waitress every Friday, Saturday, and Sunday and earning great tips. Years later, when Cam and I moved to NYC, he worked weekends for overtime pay, and I took on a second job. It wasn’t ideal, but we knew we had the time and energy to do extra work. Whether it be online work, bartending, blogging, or dog walking, a second job will bring in additional income and most likely bring in new friends, too! It doesn’t have to be your standard job, either. You can also invest in yourself with classes or books that will further you in your career or as a person. Cameron’s parent’s favorite hobby is flipping furniture they buy at flea markets and rehabbing it for a profit. On top of that, they own and manage several beach rentals on Airbnb. As we mature in life and find greater financial stability, we’ve taken up a financial advisor to help invest in safe long-term solutions to help our money grow.
No Smoking
I hope that you are not a smoker, but if you are, one of my main tips for saving money is to cut it out. Smoking is not only harmful to you but to others around. Okay, but I am not your mother, and you can do what you want. But I am 100% certain that not smoking will help you save money for travel. Just think about putting in an extra $10/week or day to your travel fund. That’s $520 or $3650 a year, or in other words, a plane ticket to Europe, Thailand, Ecuador, or maybe even a vacation in South Africa.
How to Save When Travel Planning
Plan to Travel in the Offseason
Traveling during off-peak times can severely reduce your travel expenses. We’ve sometimes stayed in beautiful hotel rooms that are 70-80% their normal price simply because it is the shoulder period! Of course, each location’s offseason changes, but in general, traveling during spring or fall is a great time. During the summer, many people are with their families on summer vacation, while in the winter, many people travel for the holiday season. I personally love traveling during the offseason as there are fewer crowds, and generally, the locals are friendlier. When it comes to rewards travel, you can also save on redemption. Many airlines offer lower point redemption rates outside of peak dates. This extends to hotels like Marriott’s Bonvoy program, which recently released low season rates for point redemption. You can read more about…
