How To Save Your Money And Go Globetrotting
It doesn’t matter if it’s a short term vacation, a long term trip, or travel for an undetermined time, there is no doubt that saving money is the number one task on every to-do list.
I think one of the hardest parts is figuring out how much money you need, and then actually saving that money.
How much do you need? Well that depends on where you’re going and how long you’re going for. Traveling for longer is actually cheaper than short term travel. Sure, the final number might be larger for a longer trip but the cost per day is lessened because the flight costs are amortized over more days.
On longer trips you can also take advantage of accommodation options such as apartments where having a kitchen can significantly reduce the costs of eating out all the time. We almost always try to have breakfast at ‘home’ and often will have an early evening cocktail or beer at ‘home’ too – it’s more relaxing and costs less!
How do you save it? Mostly it’s about attitude and keeping your eye on the prize. Try to think about money you’re spending at home as though it is money you’re spending while away. So, if you’re invited out to dinner and are wondering if you should go, think about how many nights in Thailand that dinner would buy, or how many steins of beer at Oktoberfest, or how much closer you will be to your goal of hiking the Inca Trail in Peru. It really makes a difference!
Of course it helps if you have a dedicated savings account, especially a cash ISA. Name it if you can. Seeing something like “I’m going to Japan!” on my bank account every time I log in, and watching the number grow, is motivating and reminds me again why I didn’t go out for that dinner.
Saving for travel is about taking slow, regular, steps toward that OneGiantStep you’ve been planning for.