Do you have a place you always dreamed of visiting, but lack of funds is holding you back? No matter your choice of destination, I am going to show how you can save enough in the next year (or less) and take that trip sooner than you ever thought possible.
Set up a Travel Fund
First things first, if you do not already have a specific account to save for travel, it’s time to get one. Make this an account that is not easily accessible so you won’t be able to dip in and spend that money on something you don’t need. (i.e. another pair of shoes, or that latest tech gadget!)
I personally use Tangerine, but go online and do your research. Some offer higher rates of interest than others, but for me what’s important is having an account that I can’t easily access funds from. It takes up to 48 hours for your money to transfer from Tangerine into your regular chequing account. For me this is good because I have to purposely take the time to log on, make the transfer, and then I still have up to 48 hours to decide if what I want to buy is really a necessity or not.
Make your savings automatic
Once you have your travel account set up, it’s time to start saving. A really easy way to do this, is to make your savings automatic. Determine an amount you aren’t going to miss, and set it up to deposit in your account on every payday automatically. After the initial setup there is no work for you, and your travel account will start to grow. Even $20 every 2 weeks adds up to $480 dollars in a year. Depending on where you live, and where you want to travel, that money can cover the cost of your flight.
Look for more ways you can save
A person that prioritizes travel looks for other ways that they can save and top up their travel fund. Here are a few things that have worked for me…
- Stop buying your morning coffee/tea and make it at home instead. Not only is this better for the environment, (Less disposable cups sent to the landfill) it can also save you $40 or more per month. That is $480+ a year that you can transfer over to your travel fund. Full disclosure: I also used to be one of those people lined up in a drive thru every morning, but then I realized that I could be saving that money for better things. Now, I prefer to use that money to travel and create memories instead.
- Skip the Nail Salon. We all know that looking our best helps us feel our best, but if travelling is something you want to do, it’s time to make some sacrifices. A manicure alone costs upwards of $30, and if you throw in a pedicure, you likely just spent $50 that could have been sent to your travel fund instead. If you are getting a manicure and pedicure even once per month, that is a savings of $600+ per year.
- Spend less at the Hair Salon. Getting your hair done is nice. Some may even consider it necessary if they have grey hair they are self conscious about, or they have thick hair that needs to get thinned out so they can manage it. However, this post is about finding ways to save. If you are unable to forgo the hair salon entirely, you are able to find ways to make it less expensive. A few ideas on how to do this are to find a stylist that works from home. They likely charge a little less, and may be more accommodating when it comes to scheduling visits. Another idea is to extend the amount of time between visits. If you go every 4-6 weeks to get highlights, try waiting just a little longer and go every 6-8 weeks instead. This tip alone can save you hundreds per year in salon costs. If you are only getting highlights done, you honestly aren’t going to look that bad while waiting a little longer for your next appointment.
- Use price matching and savings apps. A few good apps that I use are, Flipp for price matching, Honey for instant savings applied to online purchases, and Checkout 51 and Ebates for cash back. Some people may feel that price matching is too much work or embarrassing, but seriously, do you want to save for your next trip or not? From Checkout 51 alone I have received cheques for $100 purchasing groceries I was going to purchase either way. Add $100+ to your travel fund – easily!
- Eat out less. Restaurants are not cheap. If you are eating out frequently, challenge yourself to cook at home instead. Invite friends over for dinner and a movie instead of going out for meals and drinks in restaurants. You can save upwards of hundreds per year for your travel fund in doing this, and still enjoy the company of your friends at the same time. (And if you are buying your lunch at work, bring a lunch instead and save that money!)
Play the points game
Another option for making travel more affordable is to rack up your airmiles or travel points. In doing so, you can earn free flights or accommodation which tend to be the most expensive part of travelling. This is also the reason most people do not travel as often as they wish. By cutting down on the cost of these, travel becomes a lot more accessible.
Tips and tricks for this method are easily found by conducting an online search. I came across this post HERE that is really funny and informative. Keep in mind the author is American which means that some of the companies are out of reach for Canadians. (It is still worth reading as her methods are what I am trying to point out here.) If you are Canadian, a company worth checking out is Canadian Free Flyers. They specialize in finding the best point deals and sending them right to your inbox. This method does involve a little effort but is a good option for those looking to make travel more affordable.
Take a travel fund Challenge
Find a travel fund challenge and sign yourself up. Even better, sign up with a friend and hold one another accountable. You are less likely to fail if you have someone watching and cheering you on along the way. Most travel fund challenges help you save anywhere from $1,200 to $3,000+ in 6 months to a year, depending on what you are able to put away. If you can manage to keep up with these challenges, you will be able to travel to your dream destination in no time. If you want to make a plan to do this, I am more than willing to be your accountability partner. Just message me -we can work on saving together. (The only thing I ask in return is a photo of you in your dream destination when you get there!)
Bottom line
I realize that everyone has different situations and circumstances, but most of us can save enough in a year or less by making saving a priority. Be honest with yourself. What are you spending your money on? Is what you are spending your money on really necessary? Where are you able to make cut backs? How much are you willing to sacrifice to get to where you want to be? If you want to get to your dream destination in 1 year or less, set up that travel fund and start saving TODAY. I never said it would be easy, but I am sure it will be worth it!
*Photo credit to Moorpheus on Pixabay
