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How To Save For Travel On A Limited Budget
Sometimes, the hardest part about traveling is just finding the funds to make it happen. I spoke with Ayana Miller, PR and marketing maven and (very) frequent traveler from New York City, for some tips on how she is able to fulfill her constant wanderlust.
Where can people can cut back on spending without sacrificing their current quality of life?
One method that I implemented into my routine, which is saving me a ton of money, is meal prepping. Eating out and buying lunch, coffee, etc. regularly adds pretty quickly, especially here in New York City. I was spending $10 for breakfast smoothies and $12 for lunch. Add that up and that’s $110 a week or $440 a month! Way more than what I spend on groceries.
I decided to start cooking at home more frequently which resulted in me bringing in lunch, making my own breakfast smoothies, and carrying my own snacks. All of the extra money I’m saving is used towards paying down my remaining debt, and can be used towards more important things, like traveling!
One thing I also learned was to simply say ‘no’. You don’t have to be everywhere all of the time! There’s nothing wrong with sitting still and staying home on a Friday night.
What are some tips for starting a travel savings account?
I’m always on the lookout for my next adventure, so I have travel budgeted into my monthly expenses (or “Sweet Escapes” as I like to call it). Aside from a standard savings account for long term goals (buying a home, rainy day funds, etc), I have found it useful to set up a separate account specifically designed for traveling.
You can start by having a small amount transferred each day from your checking account directly to the travel account you have set up. You can start small with an amount that you won’t really miss, let’s say $5 (if you can afford to put more aside, by all means!) In a few months, you’ll have a nice amount of coins saved up that can be put towards your next excursion.
Another quick and easy way to save, especially for those who carry cash on them regularly, is every time you break a $20 bill, save all of the spare change (and bills). Put the money in a jar and whatever you do, don’t touch it. You’ll be surprised by how quickly it adds up!
In short, here are some great ways to start saving for your next big getaway:
- Save hundreds of dollars a month by preparing your own meals instead of eating out.
- Say ‘no’ every once in a while to weekend plans if its not in the budget.
- Set-up a travel savings account and transfer just a few dollars daily or weekly.
- Keep a money jar at home and place all of your change in it at the end of every day.