WanderBudget | Ways to save for travel

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When you finally decide to pursue your travel dream, one of the first questions after choosing a destination is often “How will I save the money for the trip?” In today’s world, where even working full-time can make it hard to make ends meet, the money question is always present. Luckily, there are many ways — some simple, others more creative — to put money aside. The best method depends on your lifestyle, preferences, and choices. Let’s explore a few ideas to help make your trip a reality, even in challenging times.

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Make a list of money in and out

When you want to save money for a holiday, the first step is to set a clear goal: decide where you want to travel and estimate how much it will cost. Having a destination and budget in mind will give your savings a purpose and keep you motivated.

The next step is to review your finances. Look closely at how much money comes in each month, how much goes out, and where it’s being spent. The clearer your picture of income and expenses, the easier and quicker it will be for you to save for your dream trip.

Pay your debts first

When you decide it's time to go travel to explore the world around you, it’s tempting to start saving straight away — but if you’re carrying debts, those should come first. Interest on credit cards, loans, or overdrafts usually grows faster than any savings account, so ignoring them only makes travel harder in the long run.

By paying off debts first, you give your budget more breathing room and save yourself from extra stress caused by watching your debts grow. Even a small payment every month can make a big difference. Once your debts are under control, saving for a trip becomes easier and feels like a true reward for your hard work.

Cut down on expenses

Once you have determined where your money goes after paying your rent and bills, then there is a time to think about where could you cut on. Let’s check - how many times you go for a coffee or having coffee to go, how many times you go out for drinks and eating out, how many times you end up impuls buying, what about memberships, subscriptions?

Make a list of them all and think whether you could cut them off, eliminate, or look for cheaper alternatives. You will be surprised when you see how much extra money goes on these and maybe realize they are not that necessary to you, which will help you not only with saving for a trip but also with saving on anything else.

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Start a Side Hustle

If your budget is really tight, starting a side hustle can give your savings a serious boost. This could be freelancing, tutoring, selling crafts, or offering a service in your local area — whatever fits your skills and schedule.

Even dedicating a few hours a week can make a noticeable difference. A side hustle not only helps you earn extra money for travel but also lets you explore your interests and develop new skills along the way. For example, you could sell handmade items on Etsy, flip clothes or second-hand finds on Vinted, or even launch your own online store with Shopify. Keep your goal in mind and celebrate each milestone as your fund grows. You can find out more below.

Open savings account

Opening a saving account to make sure you always have an amount of money saved aside for your travel is a great practice to make money saving consistent and effective. When you have a saving account opened you can order your bank to regularly post money to your saving account which will ensure that you will not spend more money than what is needed for.

Banks are offering a variety of saving accounts and competing against each other to attract customers with perks like competitive interest rates, travel insurance, and other benefits.

My personal best choice is Revolut. Revolut offers Instant Access savings-Ultra with interest rate of 4.5%, with no fixed notice and you can deposit as little as £1. Another perk is that you can use it abroad without extra bank charges, exchange money easily, and even round up petty cash for extra saving. There are many other great options for savings accounts. You can see below one of the comparison sites that can help you choose the best one for you.

MoneySuperMarket.com

Money comparison site, comparing travel, home and car isurance, saving accounts and other financial products.

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*This is not a sponsored post. The links are provided for informational purposes only. Please do your own research before making any financial decisions.