Have you always dreamed of doing a tour of the Scottish isles? Maybe you’ve wanted to hike to Machu Picchu or see Antarctica? Big dreams often require big budgets, so if you want to cross these magical moments off your bucket list, you’ll probably need to save some money.
Fortunately, if you plan ahead and use some of the amazing tools available, it’s possible to put money aside to make sure your travel dreams become reality. An extra $20 put aside each week will add $1040 to your budget over a year and get your much closer to your goals.
Simple rethinking of your everyday spending can help you put away enough money to have an amazing trip.
1. Ditch the coffee
Buying a coffee or two every day might seem like a small indulgence but even at $3 a day (a bargain price by most city standards), over a year that can add up to $720. Make your own plunger coffee instead and put the money towards your holidays.
2. Bring lunch to work
When you’re working full time, planning lunch every day might seem more of a hassle than it is worth. But $7-15 a day for lunch could fund a pretty amazing trip over the course of a year or two. Make it easy by making extra dinner at night and bringing leftovers for lunch.
3. Use digital tools like Acorns
There are some amazing tools that exist to help you save in new and innovative ways. One is called Acorns, which rounds up your card purchases to the nearest dollar and invests those extra pennies. Over the course of a year, it can quickly add up.
4. Put aside a proportion of your pay as soon as you are paid
It’s a classic tip for a reason: it works. Rather than saving what you have left at the end of a pay period, put aside an amount to try to force yourself to live on less. 10% is a good goal, but even 2 or 3% can add up to good holiday spending over time.
5. Put your savings in an account you can’t easily access
Keep your savings in a place that you can’t easily access when you’re tempted by a new pair of shoes or a really good deal on a sound system. Consider using a different bank, so there’s no instant transfer from your savings to the account you use every day- by putting in that one-day buffer, you can help prevent impulse buying. Shop around to see if you can get a good bonus deal on interest payments, but make sure you consider the cost of account fees in your decision.
6. Renegotiate Contracts
If your contracts are up with your existing electricity, gas, internet or phone providers, give them a call and see if you can get a new, better deal, then put that money straight into your holiday savings.
7. Shop around when booking
Savings on one trip can mean you’re already a little bit closer to your next! Make sure you look for good deals on flights, accommodation and online travel insurance to make sure you get the most from your money, and that your holiday savings account is ready for you to start saving again.
8. Set yourself a goal and track your progress.
It’s easier to save when you have a goal. Do your research, figure out how much you need to budget for your dream holiday (link to main site article), and figure out a way for you to keep an eye on your savings in a way that works for you, whether it’s through an app, your bank’s digital tools, or even colouring in an old-fashioned thermometre.