Dream destinations (most of the time) only remain in dreams. Saving for your dream travels can be really hard especially if you only have enough salary to pay for your bills and loans. But if you have a mindset of a thrifty traveler who would do anything for traveling, dream destinations can also be turned into reality.
Here’s a list of my #TitaTips on how you can save for your dream travels. Yes, they’re all achievable!
1. The first step is to draft a plan.
Determine the following using a spreadsheet:
How much is your budget for your dream destination?
The cost is usually airfare + accommodation cost + food cost + insurance + transportation cost + tours/entrance fees + visa fees
*always check rates for low season and high season
-Target Travel Date-
When do you plan to visit your dream destination?
This is essential to determine if your travel can be feasible within the timeframe with an x amount of money
-Monthly Income + Savings-
Add up your monthly take home salary plus your previous savings (if you have any).
Estimate your monthly expenses (rent, electricity, water, parking, gas/taxi/transportation, toll, postpaid plan, food, cable, broadband, clothing, cinema/bar, gym membership, etc.) so you may come up with the total money you have left for your travel funds.
-Savings per month-
Subtract your monthly expenses from your monthly income to determine your money left for your travel funds. Now, divide your travel budget with your savings per month. The result would be the number of months you need to save for your dream trip ;-) It may take yearsssss but at least you'll know how long it would take to achieve your target.
2. Make your savings untouchable.
Many people have low EQ so it is very important to keep your savings intact. How?
Option 1: Open another bank account (time deposit) exclusive for your travel funds.
Option 2: Invest in mutual funds/investment programs and opt to have a fixed amount to be salary deducted every month.
Option 3: Buy a huge coin bank where you can put fixed amount of your money for your travel funds.
3. Keep track of your daily expenses.
Tallying your daily expenses can be tedious but it really helps. It will help you keep track of your senseless expenses and analyze your money flow. My favorite mobile app for this is Saved (see image above & below). You can set budget per month and easily create categories. There’s even a pie chart where you can easily see the bulk of your expenses and monitor the amount spent and saved every week.
4. Buy only things that you need. Abstain from your wants.
You can save a LOT by limiting your unnecessary purchases. Ordering drinks only once a week, limiting your pub crawls, bringing baons to work thrice a week, buying at supermarkets in advance to avoid purchases from expensive convenient stores, riding the train or Uber Pool instead of Uber CAN GO A LONG WAY IF YOU ADD IT UP. For example, going for service water (free) versus ordering iced tea/fruit shakes 5x a week can save you at least 1000 pesos per month. This amount may seem minuscule but a year of doing that can save you a lot of money ;-)
5. Look for other ways to earn money.
Get a part-time job. Hold a garage sale. Sell your old clothes and things through apps and websites. Invest in stocks. There are plenty of ways to earn more money.
6. Stay away from temptations.
Go to shopping malls only if you need to buy something. Making shopping lists can also be helpful. If you love drinking or eating, limit your nightouts. Stop looking at websites offering vouchers. Avoid going to mall sales. Remember: out of sight, out of mind.
7. Always motivate yourself by looking at your dream destinations.
Saving, saving and saving can be very tiring. It's easy to lose track of your target so the best way to motivate yourself is to always keep in mind your end goal. Get inspired by reading on your dream destinations, watching travel clips about your dream trip, or simply putting photos of your dream destination in your room.
And once you've saved enough...
8. Book ahead.
Flights, train tickets, accommodations are lower when booked months ahead.
9. Hunt for promos and join travel expos.
You can save a lot with credit card/hotel/airline promos. Bookmark your calendars too for travel expos. Most travel fairs offer good bargains.
10. Always compare prices.
Prices always differ when you're booking online. Always check which one has the best offer: direct from the hotel's website, Agoda.com, Booking.com, Hotels.com, etc.
11. If you have limited budget, go for cheaper options.
Staying in a hotel for a long time will drain your funds. If you have limited budget, go for cheaper options like Airbnb, hostels, or Couchsurfing. For transportation, go for buses instead of first class trains or airplanes. Plan your travels on your own (DIY) instead of joining expensive tour packages.
12. Travel light to save on baggage fees.
13. Travel during off-peak season.
Keep in mind that everything's possible if you keep on believing and working hard for your dream. Save like a pauper and travel like a queen/king :)
Go see the world and explore! Happy traveling! ;-)
Follow me @fartherfurther