6 Ways to Save Enough Money to Travel

Although the world is slowly opening up again, the pandemic is still far from over. It will probably be a while until nonessential travel will be safe again. 

In the meantime, you can keep daydreaming about that trip you want to take to your favorite place. This is also a good time to save up more for your travel fund, so that you can live large once you’re there!

Here are some things you can do to save enough money to travel:

Write down all of your expenses.

Surprisingly, a lot of people don’t even know why their entire paycheck is gone at the end of each month. Tracking your spending will allow you to see where exactly your money is going. This can also help you determine if there are any unnecessary expenses you can cut back on to save more. 

Cook your own meals.

Eating out and ordering takeout all the time can drain your bank account really quickly. If you really want to go on that trip, try cooking your own meals at home and bringing baon to work. Homemade meals are much healthier as well (if you’re using the right ingredients, of course). 

Open a high-interest savings account.

If you store all of your money in a traditional savings account, chances are you’re losing money. Most savings accounts only offer up to 0.25% interest, which is practically nothing. What you can do is open a savings account with a digital bank that offers at least 3% interest for your travel fund. It’s also a great passive income stream.

Sell pre-loved items.

Take a look around your house, and see if there’s anything you don’t use anymore. Unless you’re living a minimalist lifestyle, you’ll probably find a lot of items you no longer need. Why not sell it,so you can make some extra cash and someone else can benefit from it? It’s a win-win situation!

You can start selling on places like Carousell, Facebook Marketplace, Twitter, Instagram, or Craigslist.

Spend time with friends and family at home.

You don’t have to go out and spend a lot of money to have fun and have quality bonding time with your loved ones. Host a game night, dinner party, movie marathon, or all three! Since crowded places are not exactly safe at the moment, this is also the best option for your health.

Do a no-buy challenge.

No-buy challenges are the perfect way to control your spending. To do this challenge, decide how long you will commit to this. It can be 3 months, 6 months, or a whole year if you think you’re up for it. Then, make three lists: no-buy, low-buy, and can-buy. 

Under the can-buy column, list down all your essentials and things that you absolutely need such as food and toiletries. For the low-buy column, you can list items that are not necessities, but you will only be buying them at most once a month or every few months. As for the no-buy list, put items that you will not buy under any circumstances for the duration of the challenge. These could be luxuries like makeup, alcohol, bags, and other non-essentials.