How to Save Money for Travel? 10 Tips to Help Your Planning

Ah, globetrotting is a dream for many, in fact, most of us. The mixed feeling of excitement and uncertainty while seeing new places and meeting new people is just unmatched. However, very few of us are actually able to travel. 

And the main reason is not everybody is able to save money for travel. As much as we hate to realise that, it is true. So, then the obvious solution comes out to be to save to travel so that one day you too can be a globetrotter. And the tips below are going to aid you in saving for a trip. Read along!

Why is Saving for Travel Important?

Saving for travel is essential because it lays the foundation for stress-free adventures. By planning ahead, you avoid unnecessary debt, enjoy the freedom to explore new destinations, and focus on creating memories instead of worrying about finances. Whether it's a short getaway or a long-term trip, saving ensures that your journey is as rewarding as possible. With that, let’s take a look at some steps you can take to save money for travel:

1. Set Clear Goals

Okay. the first step for you will be to clearly define the reason you want to travel and then save money for travel after choosing an appropriate destination. Once done, research and determine the estimated cost of your stay based on the length of your stay, the level of comfort you desire, the travelling costs, and so on. 

And once that’s sorted, you should then proceed to breaking down that estimated cost into savable-monthly chunks. Get it done and you’re ready to start saving for a trip by having a clear goal in your head.

Example:

• Destination: Paris, France
• Duration: 10 days
• Estimated Cost: $3,000
• Monthly Savings Target: $250 (over 12 months)

2. Create a Budget

Secondly, you must follow up with creating a monthly budget and factor in the trip costs into it. Here, you must list all the monthly expenses of yours and then make room to save money for travel. Also, you must look for areas where you can cut costs or eliminate them completely. 

Additionally, your aim to save for travel should ideally not be overwhelming because if it is then you’ll be discouraged easily. This happens because our human brain naturally declines endeavours that have huge resistance on the way.

Steps to Create a Budget:

• List all sources of income.
• Track all monthly expenses (fixed and variable).
• Categorise expenses (rent, groceries, entertainment, etc.).
• Identify areas to cut back (e.g., dining out, subscriptions).
• Allocate a specific amount for travel savings.

3. Open a Dedicated Savings Account

Next up, we’d advise that you open up a savings account that is purely dedicated to saving money for travel. And you should look for a student bank account that offers better interest rates, which can essentially speed up your saving for a trip.

Also, this method has been proven to help you reduce the temptation to overspend on unnecessary things like junk food or overindulgence in entertainment. This is not to say that enjoyment should be eliminated, but it should definitely be limited to save money for travel.

Benefits:

• Keep your travel fund separate from daily expenses.
• Encourages disciplined saving.
• Potentially earns interest.

4. Automate Your Savings

Now, in addition to the previously mentioned point, we’d like to suggest you to automate your savings account. And what this does is that at the start of the month, your bank automatically transfers the money from your savings account to the travel savings account for your save to travel goals.

And the benefit of this is that you need not worry about saving for a trip and rally money into your travel account, keeping you away from the hassles of dealing with a range of numbers when you already have a host of things on your plate.

Example:

• Schedule a $100 transfer on the 1st of every month.

5. Cut Back on Unnecessary Expenses

Okay, the next obvious thing that follows these steps is cutting down on unnecessary expenses that do nothing for you to save money for travel. Now, here careful distinctions must be made; you cannot go on cancelling important expenses and subscriptions in the heat of the moment.

Sit down with a cup of tea/coffee and carefully cancel out those items that seem to be purely indulgences and those that do not serve any productive purpose. This way, you’ll not only save to travel but also save smart.

Ideas to Cut Expenses:

• Cook meals at home instead of eating out.
• Cancel gym memberships and work out at home.
• Reduce utility bills by conserving energy.
• Shop for deals and use coupons.

6. Use Cashback and Rewards Programs

As we all know, companies these days are coming up with clever and rewarding ways to incentivise using their products/services and cashback/rewards are few of them. Now, at first they might seem like a steal deal but you must also check their terms and conditions.

Additionally, remember that availing of cashback/rewards is not the surest way to save money for travel but when luck is on your side, it surely is one of the most satisfying ones. Don’t let those chances slip away.

Tips:

• Choose a credit card with travel rewards.
• Use cashback apps for everyday purchases.
• Redeem points for travel-related expenses.

7. Sell Unwanted Items

Now, this method is somewhat of an unconventional one but it is also one of the most helpful in saving for a trip. You see, items that no longer serve you or are just lying around must be discarded because they occupy more mental space then physical space.

And the benefit of decluttering is that you’re gonna get paid for it at local consignment stores or sites like eBay. Think about it with a cool mind and remove only those items that do nothing to help you save money for travel.

Steps:

• Identify items to sell.
• Take clear photos and write detailed descriptions.
• List items on multiple platforms.
• Price items competitively.

8. Find a Side Hustle

Next up, we’d suggest that you find a side gig that’ll help you rake in more money than what you’re making right now because let’s face it; you can only save to travel so much but if you start earning more than you’ll set off to your dream destination sooner. 

So, adding to our suggestion, we’d say that you look for those gigs that align with your strengths and interests because obviously, you are going to work on it during your free time.

And if it bores you to death then you’ll not be able to save money for travel fast.

Ideas for Side Hustles:

• Freelancing (writing, graphic design, etc.)
• Tutoring or teaching online
• Ridesharing (Uber, Lyft)
• Dog walking or pet sitting

9. Travel During Off-Peak Seasons

You see, travelling during peak seasons is what every normal person would do but this blog is not about your typical tips. Instead, we’d suggest you do the opposite and travel during off-seasons. And this method is filled with benefits.

Not only will you have to pay less for your tickets, stay and explorations but you’ll also find the visit-worthy spots much emptier than they would be during the peak seasons. This way you can have a more memorable experience and save on vacations.

Benefits:

• Lower costs for flights and hotels.
• Fewer tourists and less crowded attractions.
• Potential for better deals on tours and activities.

10. Book in Advance

Now, this tip is in addition to the previous one. Once you’ve decided the date on which you want to visit your dream destination then you should ideally sort your student flight ticket booking out. You'll save money for travel by cutting out on surge fees.

Also, you can look for matching sites that help you save on vacations. These sites might not help you save huge but they will definitely make a difference. And consistency is all that matters here.

Tips:

• Use fare comparison websites.
• Sign up for airline newsletters for special deals.
• Consider booking refundable options for flexibility.

11. Pro Tip: Use Budget-Friendly Accommodation

Lastly, we’d suggest that you opt for those accommodations that are not too expensive because let’s be honest, you don’t travel to have a luxurious experience inside four walls but rather to experience new cultures.

And the money you’ll save on vacations can be used to buy souvenirs for your friends and family. To benefit out of this method you can get help from websites like Airbnb, Hostelworld, and TrustedHousesitters. 

Options:

• Hostels: Affordable and social.
• Airbnb: Variety of options at different price points.
• House-sitting: Free accommodation in exchange for caretaking duties.

Some Out-of-the-Box Options

Now that we’ve learnt how to save money for travel, let’s take a look at some not-so-usual ways you can entertain. These will help you save on vacations big time. Here they are:

Travel Grants

Travel grants are a great way to fund your adventures, especially if you’re a student or a researcher. Many organisations offer grants for educational or cultural exchanges. Look for opportunities that align with your goals and apply early to increase your chances.

Examples of Travel Grants:

• Fulbright Program (for cultural exchange)
• National Geographic Explorer Grant
• Erasmus+ (for European students)

Volunteer Tourism

Volunteer tourism, or "voluntourism," allows you to travel while contributing to a meaningful cause. In exchange for your service, many organisations provide free or discounted accommodation and meals, helping you save significantly.

Popular Voluntourism Opportunities:

• Teaching English abroad
• Wildlife conservation projects
• Community development programs

Scholarships

If you’re a student, scholarships can be an excellent way to finance your travel. Study-abroad programs and international conferences often provide scholarships that cover travel and accommodation expenses.

Where to Find Scholarships:

• University financial aid offices
• Government programs
• Private organisations like Rotary International

So you see, crafting a budget for your travels and then making smart choices in your daily life like making use of student deals can make your dream destination a reality. Is this easy to pull off? No, not at all. But so is everything that is worth pursuing. If it was easy, everybody would be doing it and then it would not be special anymore. With that, we bid adieu! Have a wonderful one!