Last updated: 01:00 AM ET, Mon April 27 2015

Opinion Home | Notes from the Goats

  • Nick and Dariece | April 27, 2015 1:00 AM ET

    How to Save Money for Travel

    How to Save Money for Travel

    Planning for a trip, whether it's one week, one month, or one year, is very exciting! However, planning is one thing, actually saving the money to go on the trip is another. No matter what your income is, these tips will help you put aside some cash for your dream holiday.

    Automatically Deposit Money from Your Check 

    I don't think many people have the willpower necessary to save money manually. It can be difficult not to spend the hard-earned cash you've received, and annoying to go to the bank to cash the paycheck, and then move money over to a savings account. If you receive automatic payment to your account from your employer, it can be hard to remember to manually move money over to your savings account. We suggest setting up an automatic withdrawal with your bank. So, when you're paid (by direct deposit), a set percentage is automatically put into your savings account — without you having to do anything. If you never had the money in your hand, it's a lot easier to put aside.

    Put Yourself On an At Home Budget

    If you really want to travel, it's best to put yourself on a budget. Figure out how much money you spend on your monthly bills and other essential items (mortgage, utilities, car insurance, etc.). Whatever money is left over should be allotted to monthly entertainment (dinners out, movies, booze) and the balance should go directly into your travel savings account. It's important to make sure you don't put yourself on too strict of a budget at home, or you won't enjoy the days leading up to the big trip. Find a balance that works for you.

    Don't Buy Coffee

    This one is huge. If you think about it, an Americano at a major coffee chain is about $2.50, with a latte being around $5. If you drink a latte a day each week, that's $5 x 7 = $35 a week, which is $180 a month. That's a lot of money wasted on coffee when you could make it at home for a fraction of the price. $180 may not seem like a lot of money over the course of a month, but with meals in SE Asia costing $3 each, that's 60 meals you could be eating at a beachfront restaurant!

    Have Friends Over for Dinner

    If you actually sit down and do the math on the amount of money you spend on going out for dinner (even if it's just a take-away meal), I bet you would be surprised! Let's say you go out once a week and spend $30 (which is a low estimate), that would be $120 a month, which is just for one very simple meal out. $120 goes a long way in other parts of the world. Wouldn't you rather go on 4 scuba dives, rent a car for 4 days or enjoy 120 beers overseas?! Instead of going out for expensive restaurant dinners, we suggest having dinner parties at home. The cost of making a meal for friends is significantly less than eating out, and buying a bottle of wine from a store is much less than a bottle bought in a restaurant. Plus, it's fun having everyone over for dinner.

    Pick Up a Second Job or Work Overtime

    Working a few hours extra at your job, or picking up a few hours on the weekend is a small sacrifice to make if it means you can go travelling. The important thing to remember is that if you do pick up some extra hours or you do take on another job, you should put all of the money earned directly into savings. Treat it as bonus money and pretend like you never received it! Click here to learn more about how to save money for travel.

    What are some of the ways you save money for travelling? Share with us below.


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Nick and Dariece Notes from the Goats

Nick and Dariece Nick and Dariece are the couple behind Goats On The Road, a website designed to inspire others to live a financially sustainable, location independent lifestyle. Masters at making money abroad and turning their travels into a way of life, they've been on the road since 2008 and have explored some of the least visited places on earth, finding adventure wherever they go. They are also full time contributors at Credit Walk where they share their expertise of making money and travelling forever. Check them out at Goats On The and follow them on Twitter, Facebook and Google+.
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