How to save money for travelling
Save money for your gap year with these top 10 money saving tips
How to save money for travelling
24 October 2018
Saving for travelling can be a tricky task, especially if you like to treat yourself or you don’t want to isolate yourself from your friends who like to go out every weekend. But if you set yourself a clear budget you want to save and a budget that you can live on, then you should be able to stick to it. After all, all you have to do is remember your dreams of travelling and that should motivate you to save the money you need for your gap year.
When calculating your travelling budget, you need to decide:
- How long you want to go for; 3 months? 6 months? A year?
- How much money you will need for your trip (make sure you do thorough research and find out the cost of accommodation, food, transport, etc.)
- What activities you want to do on your trip and how much they cost; do you want to do bungee jumping? Sky diving? Guided tours?
Once you have a set budget for your travels you then need to decide how much you can save for your trip and how much money you will need to spend each month on necessities. If you live at home with your parents for example this will help you to save more money than if you have to pay for rent and bills. Be realistic about how much money you can save each month.
Top 10 ways to save money
Cutting down on your bad habits. Smoking, drinking, always buying a coffee from Starbucks or Costa, always buying lunch or a chocolate bar. It all adds up, so if you can cut down on these bad habits then you will see big savings each month.
Work as much as you can. The more you work, the less time you have for spending and the more money you will have in your bank account. Try to get extra hours at your current job or try to get another job.
Research ISA accounts and open one with a good interest rate. Or switch bank accounts, sometimes banks offer a joining incentive, like join now and we’ll give you £100.
Become a tech-savvy saver, there are a variety of apps available that can help you save money, from apps that offer you free drinks, to apps that can find cheaper food and apps that can get you discounted prices.
Give yourself a weekly budget and stick to it. A good idea which can save you a lot of money is taking a packed lunch to work every day. Also, organising your weekly meals can help cut costs of food and waste. Or you could go to the supermarkets later at night and grab yourself some bargains that you can freeze.
Switch your energy suppliers, do some research to find out if you can cut down your bills. Can you get a better offer elsewhere for your gas and electric or your internet?
Cancel your gym membership; your health is of course important but why not find what you can do for free? Why not take up running in your local park? Or find join a local free team?
Sell any unwanted things that you don’t need, not only will you de-clutter your house; you will also make some money that can go straight into your savings. There are online platforms such as Shpock, or you could do it the old fashioned way at a car boot sale.
Run a fundraiser and raise some money for your gap year. You could do a bake sale, run a 5k or 10k, or organise a quiz night. If you give half the money you raise to charity people will be more likely to get involved.
Make money by offering your services; walking dogs, babysitting, doing people’s gardens – any little jobs where you can help other people and earn a little extra. Or look online for any freelance work that you can do remotely for companies.
For more information or to find your perfect gap year experience, visit our website.