7 Easy Ways to Save Money and Budget for Travel
Sometimes saving and creating a budget for travel can seem a little overwhelming.
I wish I could go back in time and give myself permission to put a little money towards travel when I was younger. Life responsibilities can understandably take top priority oftentimes.
I’ve created a list of my top 7 tips to first save a little cash, as well as how to budget for that next trip you’ve been dreaming of broken down into two sections. If you think saving for travel is impossible, give some of my tips below a try.
Travel Savings Tips
1. Follow the 1% savings rule
Have you ever heard of the 10% rule when it comes to savings?
It’s something that financial advisors recommend to help easily save. You set up an automatic transfer from your checking to savings monthly and pretty much act like that money is just not available to spend.
If you are saving for travel whether it be a small trip or a big one, setting a budget for travel can begin with setting up an automatic transfer. For travel savings, I think that a 1% rule is more attainable.
2. Cut out small expenses
We all love those little indulgences from time to time, or maybe even frequently. 😉
If you already have a tight budget and wonder how you can save a little extra for travel, try cutting out or reducing extras. My biggest weakness for spending is walking into Marshall’s or TJMaxx and coming out with things “I never knew I needed.” Can you relate?
I’ve included a few budget savings ideas below to give you some inspiration.
- Getting your nails done – skip getting your nails done, or paint them at home. Save the salon visits for special occasions.
- Buying coffee at a coffee shop – Making coffee at home can save you sooo much per year.
- Eating lunch or dinner out multiple times a week – Keep things interesting cooking at home by trying new recipes, or keep it simple with repeat recipes that you love. Think Taco Tuesday or Pizza Friday to make the decision making and grocery list simple.
- Excess shopping – set a budget for yourself monthly and don’t go over that amount.
- Cable TV – Nowadays there are so many streaming services that help save money. Ditch the high monthly cable bill and try something like Sling, Hulu, or Netflix. Already an Amazon Prime member? You can watch Prime TV for free.
- Gym Memberships – With so many free workouts available on YouTube, you can have a personal workout for free in your living room. Make a one time purchase and invest in some free weights, a mat, and maybe exercise bands and go for it! I love workout videos by Popsugar Fitness and Tone It Up.
- Check your Insurance costs – Remember to check and compare insurance costs yearly, not only with health insurance but with car and homeowners insurance as well.
3. Use travel credit cards to your advantage
Have you ever heard of a term called “travel hacking?”
I won’t go into serious detail in this post, but it’s basically a way to responsibly use credit cards to earn travel rewards or points to your advantage.
Many travel credit cards offer sign-up bonuses that give a large number of points, and any dollar spent then earns points on top of that. We use a points card for all of our everyday expenses and then pay it off, in full, each month.
There are lots of choices when it comes to cards, I recommend doing some research to find the best fit for you if you plan to open a card. I like The Points Guy for their card comparisons and in-depth reviews.
Disclaimer: Credit cards are an easy way to rack up debt. Use the card for expenses you already have, not for going on a shopping spree. 🙂
4. Use a travel piggy bank
This is the easiest travel savings tip of all! Also, who doesn’t love a cute piggy bank?
Find a cute piggy bank, or jar, or whatever container you prefer. Whenever you buy something with cash and have change, bring it home and place it in the container. Family members send you cash in a card? Put it in the jar. You get the idea.
Budget for Travel Tips
5. Research travel costs
Maybe you don’t have the same passion for travel research as I do, but it can be a really helpful tool.
Grab a glass of wine and your computer and spend a little time looking at costs in locations you are considering traveling to. Pinterest is a GREAT resource for this! Some bloggers include travel costs that they incurred while traveling in their posts. Click here to view my Pinterest profile which includes tons of pins for different locations that lead to blog posts.
Make sure to look at Airbnb, Trip Advisor, and Booking.com to check accommodation and tour prices. I use Skyscanner, Momondo, and Google Flights to check and track flight prices. I often track flight prices for a month or longer to see the trends and then jump on a price I feel is low when it pops up. I also sign up for tools like Scott’s Cheap Flights (now Going) to get deals emailed directly to my inbox.
Last but not least, I have created a FREE Travel Itinerary and Budget Planning Spreadsheet for you to download and use. Just add your info below so you can get started on your budget for travel now!
6. Choose "budget" destinations
Travel doesn’t have to be expensive – there are so many travel destinations that are budget friendly.
After my last trip to Europe, I have fallen in love with Eastern Europe. Countries like Slovakia, Poland, Hungary, Estonia, Romania, and Bulgaria have historic and beautiful cities and landscapes at a much more affordable price tag. You can even save money by going to lesser known towns in countries like Italy, Spain, and France.
In Asia check out Vietnam, Thailand, or Taiwan instead of places like Japan, Singapore, or Hong Kong.
If you are traveling to or in the USA, instead of NYC, LA, or Chicago, check out travel destinations like Santa Fe, Nashville, or Charleston.
I also find value in going to smaller towns or villages, or out to the countryside. This is a good way to really see the culture and way people live (and spend less too – cities are usually more expensive!).
Pinterest is a great resource for researching destinations too!
7. Find lower cost accommodations
Accommodations are one of the things I love to research the most. Who doesn’t love to look at cute spots across the world?? Just me?
There are so many great options now outside of your typical chain hotel!
My first recommendation is to check Airbnb. With accommodations ranging from airstream trailers to treehouses to condos to entire homes, the options are endless and often times really affordable.
I also love to filter accommodations on Trip Advisor or Booking.com to show me just B&B’s. Not the vintage decor, shared bathroom experience you are thinking of, a lot of B&B’s in Europe are really boutique hotels. We have had some of the best experiences in places like this. The owners are usually super friendly and helpful, and the breakfasts are local and delicious. Check it out below!
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Budget for travel final tips
I hope these tips help you stash away a little bit more towards your budget for travel.
Maybe cash is really tight for you and saving doesn’t seem like a possibility. Consider keeping it local and discovering a new part of town you’ve never been to, or a small town that’s close by. In the end, saving and traveling doesn’t have to be about a big trip abroad.
If you are saving for a trip abroad – look at those countries off the beaten track to help your budget stretch further and do your research to help save!
Did this budget for travel and travel savings guide help you? Comment below and let me know!
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One Comment
Ezinne
Very helpful read. I hope to save using these tips so I can travel and have yet another memorable experience like I did last year. Thank you.