Last updated on November 24th, 2024

Hey there fellow travelers! If you’re here, you probably have a huge desire to see the world but a bank account that’s not quite matching your ambitions. I’ve been there, and I know how it feels to have that wanderlust but still be wondering how to save money for travel. Don’t worry, Pierre has got you covered. Let’s dive into some serious money-saving tactics that can get you to your dream destination without burning through your entire savings.

Let’s turn your travel dreams into actual bookings and learn how to save money for travel!

Step 1: Set Your Goals

Let’s kick things off with a little inspiration. The best way to stay committed to saving for travel is to get super specific about your goals. Think about your dream trip and start setting some concrete numbers to help you know exactly how much to save. Just like any challenge in life, from the onset, things can seem hard to visualize unless they’re looked at from a different angle. This is done by taking a big challenge and breaking it down into manageable steps.

Visualize Your Dream Trip

Instead of just saying, “I want to go to Europe” which can make it seem like a big obstacle, break it down into smaller pieces by painting a vivid picture of it. Start by asking questions such as:

• Where exactly do you want to go? France, Spain, Italy?
• What’s your travel style? Luxury, budget-friendly, or somewhere in between?
• How long will you stay? One week, two weeks, or longer?

Estimate the Cost to Save Money for Travel

Get an idea of how much your trip will actually cost to see how much money you’ll need to save. You can start by reading my in-depth page on travel resources.

• Airfare: Check out Google Flights or Skyscanner to see average prices.
• Accommodation: Airbnb, hostels, and hotels.
  • When it comes time to actually booking an Airbnb, always reach out to your host first and ask if it’s possible to negotiate the price. Sometimes it isn’t, but sometimes it is!
• Food and Entertainment: Research typical costs in your destination to avoid surprise expenses.

Once you have a rough idea of what you need, it’s time to start building up that travel fund and save money for travel.

Step 2: Budget Like a Frugal King or Queen

A travel budget may sound restrictive, but think of it as your secret weapon. The best part? You don’t have to do any extreme budgeting here; just a few tweaks will help you stack up that travel fund and save money for travel in no time.

Create a Travel-Specific Savings Account

Set up a separate bank account just for travel. Seeing your savings grow in a designated spot will make it easier to save money for travel without the temptation to dip into it for other things.

Track Your Monthly Spending

Before you can make any adjustments, you need to see where your money is going. Take one month to:

1. Record every expense. Yes, everything.
2. Categorize your spending: Food, entertainment, rent, etc.
3. Spot the leaks: What surprised you? Eating out? Impulse purchases?

This is an eye-opening way to see where you can cut back to help you save money for travel.

Make Simple Adjustments

I’m not saying give up all your fun, just a few tweaks can add up fast.

• Skip the daily coffee run and make it at home. Savings? $5/day turns into $150/month!
  • I use an AeroPress and I honestly prefer it over most cafe coffee.
• Meal prep lunches instead of eating out and spending $10-$20 per meal, make often healthier meals at home for $5 or less. This can add up to hundreds per month!
• Cancel unused subscriptions of apps and streaming services you rarely use, they can add up.

This list can go on and on but you will have to examine your own lifestyle to see what you can cut.

Step 3: Embrace the Art of Frugal Living (but don’t overdo it)

There are tons of ways to live more frugally without feeling like you’re sacrificing. Let’s dive into some fun strategies for cutting back without feeling the pinch, and, yes, they’ll help you save money for travel.

Declutter and Sell Stuff You Don’t Need

Got a closet full of clothes or gadgets you rarely use? Sell them! Use apps like:

• Facebook Marketplace
• Poshmark for clothes
• eBay for almost anything

Not only will you make some extra cash, but it’s also a great way to clear out space and declutter your mind, living more minimally.

DIY Fun Instead of Going Out

Replace pricey weekends with friends with some budget-friendly activities:

• Potluck dinners instead of dining out.
• Movie nights with popcorn and homemade snacks.
• Picnic in the park or beach day with your own food.

Use Public Transport, Bike, or Walk When Possible

Save on gas and car expenses by taking public transport, biking, or walking. It’s healthier and more eco-friendly, leaving more to save money for travel. If you are already out of shape you can look at this as training for being more mobile during your trip.

Disclaimer: remember to not take frugality too far and make your life miserable in the process!

Step 4: Earn Extra Cash with Side Hustles

Saving money is in my opinion, most important, but earning extra cash will also help you get on your trip faster. Here’s how I like to keep the travel fund growing with some side hustle magic.

Freelancing and Gigs

Whether it’s graphic design, writing, photography, or tutoring, there are tons of platforms where you can pick up gigs:

• Upwork or Fiverr: Great for freelancers of all kinds.
• TaskRabbit: Perfect for handy tasks around town.
• Gig Economy Apps: Consider delivery services like UberEats, Instacart, or DoorDash.

Turn Hobbies into Cash

If you love creating, why not turn it into a profit?

• Sell handmade goods on Etsy: Whether it’s crafts, art, or jewelry, there’s a market.
• Teach or coach others: Love playing an instrument or are great at fitness? Offer lessons!

Side hustles are an awesome way to boost your income and save money for travel without taking away from your main job.

Step 5: Take Advantage of Travel Rewards to Save Money for Travel

Let’s talk about the easiest hack in the book: travel rewards. This might be my favorite part because it’s all about getting rewarded for spending!

Open a Travel Rewards Credit Card

Some travel credit cards offer generous sign-up bonuses if you spend a certain amount within the first few months. At the end of the day, for me, the sign-up bonuses have allowed me to not pay for long-haul flights for about 15 years at this point.

Some of the best travel rewards credit cards for personal use include:

• Chase Sapphire Preferred Credit Card
• Capital One Venture Card
• AAdvantage Aviator Red World Elite Mastercard
• Citi AAdvantage Platinum Select World Elite Mastercard

Some of the best travel rewards credit cards for business use include:

• Ink Business Preferred Credit Card
• CitiBusiness AAdvantage Platinum Select

Just remember: Only spend what you can pay off each month to avoid interest and blowing up your credit score.

Use Cashback Apps

Small cashback rewards add up over time. Apps I love:

• Rakuten: Earn cashback while shopping at your favorite stores.
• Dosh: Automatically earns you cashback on qualifying purchases.
• Ibotta: Great for groceries and in-store cashback rewards.

With these tips, you’ll be saving a little more cash to add to your travel fund every month, getting closer to reaching your goal to save money for travel.

Step 6: Set Up Automatic Savings to Save Money for Travel

One of the easiest ways to build a travel fund? Automate it! This way, you don’t have to remember to transfer money every month; it’s all done for you.

Direct Deposit a Portion of Your Income

If your employer offers direct deposit, set up a small portion to go directly into your travel savings account. You won’t even notice it’s missing, but your fund will grow every payday, helping you save money for travel effortlessly.

Use “Round-Up” Apps

These apps round up each purchase to the nearest dollar and save the change:

• Acorns: Invests your spare change automatically.
• Qapital: Allows you to set specific goals, like a travel fund, and rounds up your change.
• Chime: Great for automatically saving with every purchase.

Step 7: Practice Mindful Spending

When you’re trying to save money for travel, every dollar counts. Here’s how to make mindful spending a habit:

Implement the 24-Hour Rule

When you’re tempted to buy something non-essential, wait 24 hours before making a decision. Often, you’ll find the impulse has passed, and you can move on with your life.

Avoid Impulse Purchases

One trick I love? Only shop with a list, especially for groceries. This way, you won’t be tempted by last-minute add-ons. And hey, those savings go right into the travel fund.

Conclusion: Ready, Set, Save Money for Travel!

There you have it, folks! Follow these steps, and you’ll be amazed at how fast you can stack up that travel fund. Just remember, learning how to save money for travel is a marathon, not a sprint, so be patient and enjoy the process.

Now, go forth and start making your dream trip a reality! With these tips, you’ll be ready to say “bon voyage” in no time. Safe travels!