Saving and budgeting tips for your next big adventure

Contrary to popular belief, travelling doesn’t have to break your bank account. Being able to explore the world has always been a huge motivation for me to save any amount of money, for some of it I’ve worked three jobs to save fast but hear me when I say that is the hard way. With the right strategies you can save money without compromising your lifestyle, as well as make your money go further abroad with clever budgeting. 

SAVING:

1. Set a goal

Once the destination has been decided, the next step is to start saving! In order to set your saving goal you’ll first need to find out: how much flights will cost, accommodation cost and roughly how much spending money you may need for your trip. If you’re in a position to book flights now then go for it – the earlier you book flights the cheaper they will be!

Another point I’d like to make, particularly for those travelling for longer or backpacking, its a good idea to plan to have a backup fund. Travelling is often unpredictable and you never know when having a little extra money may help you get out of trouble.

2. Rethink your expenses

The best advice I’ve had when it comes to this is the 50,30,20 rule. This is the idea that 50% of your monthly income should cover all your basic needs (rent, bills, food), 30% should go straight into a savings pot, and the 20% that’s left is your FU money (money that is yours to do as you wish with). You can swap around the 20 and 30% if you feel you’d like more money to play with, but bare in mind the more money you can put away the quicker you will reach your savings goal!

I strongly believe things like this should be taught to us at school – imagine how much better off we’d be if it was. If you’re struggling with it then really ask yourself: “What can I live without?”

3. Set a time frame

Now that you know exactly how much money you can save each month, how long is it going to take until you can book your flights? Then, how long before you reach you reach your overall goal? More importantly, you need to be able to hold yourself accountable, or find someone else who will.

4. Revise your social spending

By all means, if your FU money covers a few meals out a month and drinks with your friends every other weekend, then go for it (you’re in a better place than most of us). However, for the majority, eating out and spending on social engagements is a sure fire way to blow through savings/disposable income very quickly. Think about it this way: if you make an effort to dine in between now and your travels, you’ll simply have more money to spend when you get there. Which spenny social engagements could you replace with free activities in the next few weeks?

5. Earn some extra cash

What have you got lying around the house that you be been meaning to get rid of? Is your wardrobe overflowing like mine? I’d be interested to learn the psychology behind why we seem to collect so many things. A great way to sort through everything is with the 6 month rule – if you haven’t used something in the last 6 months then do you really need it at all? Now, whatever you’ve managed to clear out you can sell on apps like Vinted, EBay or on Facebook Marketplace to add even more to your savings!

BUDGETING

1. Be flexible with dates

The more flexible you can be the better; flight prices change on a day-to-day basis, so being able to move things around could save you some money. Tools like Google flights and Skyscanner are great for comparing all the airlines at once.

2. How much can you spend each day?

You should have a good idea of this from when you set your savings goal, now the real hard part (I know I’m sorry!) is going to be sticking to it. Trust me when I tell you I know how easy it is to get carried away with spending when you’re on holiday. Whether its because you just wanted to treat yourself, or you’re just excited about being somewhere new and having money to spend, don’t forget the budget because the money will run out before you want it to this way.

3. Dine in

Looking for accommodation with a kitchen will give you the freedom to cook yourselves and therefore save you money as opposed to eating out everyday.

4. Find free activities

Easier said than done in the consumerist world we live in – but not impossible. Social media apps are a great place to start looking, and not just for the specific location of your trip. Try searching for things like “free date ideas” for couples, or “free family days out”, you can use the ideas to inspire your holiday.

Now you’ve got the inside scoop into how all us travellers have made vacationing more often a reality! All said, I’ve got one last point to make.. Whilst money is something to consider before and during your travels, don’t let it be the ruling factor. The whole reason we do this is to see the world and have new experiences, so keep a budget in mind, but also find a balance between sticking to it, and maybe throwing it out the window every once in a while 😉 the most important thing is that you enjoy every minute!