How do you save for a big travel trip? With all of the pressures of life; house outgoings, social events, and gifts for others, saving big bucks is a challenge but it is possible if you following the ‘Canada or crap’ mantra and by executing our 5 S’s of Saving
This guide will teach you how to save money, rapidly.
Scroll to see us share these tips with the Royal Bank of Scotland and STV.
How To Save Money For Travel
1. Separate Your Salary
To start, you need to work out what you can live off.
Make a list, calculate how much that list costs you, and minus that from your income.
Focus on ‘needs’ and ‘wants’, you might want a new leather jacket but will you take it to Costa Rica with you? Probably not.
Remember: ‘Canada or crap?’
Next, open three bank accounts.
One for income/bills, the second for untouchable savings, the third for temporary savings that can be dipped in.
Regardless of any travel trip on the horizon, wedding invites will still happen and gifts still need to be bought.
As soon as you get paid, settle bills (rent/mortgage, phone, etc).
Then move the largest bulk of money into the main savings accounts and a smaller amount into the flexible savings account.
Also, consider a ceramic pot for coins, one of the ones that you have to smash open to access or if your banking app allows you to round up and move the additional money into a savings account, do that!
Finally, there will be gifts you need to buy while saving and that’s where the flexible savings account comes in.
Or why not get creative and make a homemade gift?
2. Sell Your Stuff to Save Money
What’s the point in buying things?
You will ask that question when you are selling off everything and making a tiny amount for an item worth much more.
During saving mode, I participated in two car boot/garage sales and while it was an enjoyable experience the first time, you really need to accept that items sell for very little.
3. Speak and Find Money Solutions
Set up a meeting with your bank to see if there are areas of saving that they can help you with.
Maybe you’re paying for a bank account that could be closed, or there are direct debits running that you forgot about.
Does your bank offer a credit card with travel benefits?
Some accounts reward purchases with points you can use towards hotels and flights, and also companion vouchers.
Call you phone provider, can they offer you a better deal?
Are you in a position to leave them?
Sometimes getting through to the cancelation team can result in better packages.
Do you really need Hulu, Netflix and Prime?
Remember: needs and wants; you won’t be watching reality TV while drinking Aperol Spritz in Italy!
4. Searching Helps Save Money Too
Searching for accommodation for your travels can really put in perspective how expensive a country is.
If you are traveling alone, consider hostels.
If you are traveling as a couple, consider apartments as a cheaper alternative to hotels.
Naturally, the type of holiday that you are taking dictates the saving process.
If you are looking to laze for a week in the sun why not try for a last-minute deal?
Avoid school holidays too, sorry teachers!
Off-season options can be a steal and keep an eye out for the increasingly popular Black Friday deals in November.
Hit the ‘go everywhere’ button on Skyscanner.
Avoid red eye flights!
More than often you arrive to an airport which doesn’t have 24/7 public transport so you need to fork out for taxis, check in isn’t until after 3pm, and you never get over that tiredness.
Sign up for airline newsletters, join a credit card scheme which offers points for flights, avoid checking in baggage surcharges.
Check out our guide to carry on bag sizes.
5. Splurge on Essentials
Invest in travel insurance because there’s no getting away from the need for cover.
Factor in what activities you’ll be doing during your adventure.
If you plan to ski or hike to Machu Picchu in Peru, you will need to pay more.
If your trip is longer than an average holiday and includes multi-destinations, basic travel insurance won’t cover you.
You can read our travel insurance comparison guide here.
Another travel essential is vaccinations.
Look to your country’s health board to find out what vaccinations are required for the destinations you plan to visit and price the procedure.
Purchase a safe net to secure your belongings in communal spaces and sunscreen to avoid skin cancer and early ageing.
6. Sobriety – The Unthinkable Answer to How to Save Money?
Seriously, stop drinking – it saves money and you’ll feel like a boss at gym.
When you are free from the chains of a hangover, there is a greater chance you’ll make it outdoors and less temptation to spend on takeout food.
Encourage friends to meet for a walk, dinner at yours, or a drive instead.
Here’s a big tip – quit your vice to save money.
Calculate how much you spend on your guilty pleasure whether that be sugary snacks, cigarettes, books, bags, or a wee bet each week.
Go one week without your vice and add the money you would have wasted to the ceramic savings pot or savings account!
Click play to see our saving tips in action [with RBS and STV]
Pin to your planning board for later
To recap – less Singapore Slings means more kerching, use your searching abilities for more than just Tinder, seek out support, sell what doesn’t fit in a backpack, and lose it before you use it (to another bank account).
What are your saving tips? Tell us in the comments below