Travel tip: How to save for world travel

Traveling the world is the new global dream. Almost everyone I know has world travel on their bucket list of things to do. It’s not surprising. When you see one stunningly beautiful picture after other of your travel buddies or of your favorite influencers calling out to you on Instagram, you would want to go the places yourself.

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How to save for world travel

When it comes to world travel, probably the biggest factor keeping you away from boarding the next plane is money. You don’t have the money to fund your travels around the world. If that’s what’s keeping you, here are some ways you can work towards achieving that travel dream:

Open a Savings Account

This is the first thing you should be doing if you have big plans for your future. It doesn’t just have to be world traveling. Experts recommend opening up a savings account the minute you land yourself a job.  Start by putting up a certain amount of money every month into your savings account.

If you don’t have a saving account, research on the best savings account. Look for the benefits offered. You should also check out the best sign up bonuses for the savings account that interest you. 

When creating a savings plan, have a short term and a long term goal. Traveling the world should be your short term goal. You’re not going to stop needing money after your world travel. You probably will need more of it while you search for jobs. That’s why you need a long term saving plan also.

Work out a Budget

If you have been spending all your salary, you need to change. Assess your financial position. Work out a budget. Start by listing all your necessary expenses. This includes rent, utilities, loans etc. Your gym membership doesn’t qualify as vital. Once all major expenses are listed and deducted from your salary, set money aside for your saving account. Create a budget plan for the remaining amount.

Cut down extra expenses

It’s time for your revisit your priorities. Would you be willing to give up fancy coffee or a new pair of jeans for world travel? If you hadn’t been budgeting before, you will be surprised to find how much money you have been throwing at all the extra expenses. The $2 for a cup of good coffee add up to 60$ at the end of the month, if you just take one daily. Some other ways to cut down on your expenses are:

  • Cut out all the memberships you rarely use
  • Delay shopping trips until absolutely necessary
  • Space out your spa and salon visits
  • Disconnect cable TV
  • Cook your meals at home

Get a side job

These days I find that getting a side job is easy thanks to the internet. You can become someone’s virtual assistant. You can start your own blog and earn money through that. You can even do side jobs virtually. Having a side income will also make it easier for you to reach your saving goals earlier and probably even retire earlier.

When it comes to choosing your side job, I would highly recommend finding something that interests you. If you love shopping, and aren’t able to use your gifts after all the budgeting, then be someone’s shopping assistant. Use your fashion sense to help someone out. It doesn’t have to be big money, just something on the side to feed your savings account.

Compromise on Your Travel Goals

When you think of traveling, do you think of luxury hotels and spas or enjoying the beauty and culture of a different country? You will have to save more if you wish to travel luxuriously. But if you wish to explore new culture and tradition, look for affordable accommodations. Airbnb is becoming quite popular these days for affordable accommodations for travelers.

Also, think of changing your travel dates. When you travel during off seasons, you can get hotels and air tickets at half the price. Plus, you can also avoid the tourist crowd.

Earn During your Travels

Traveling is no longer considered to be just a hobby. Most travel bloggers that you aspire me, think of their travels as a job. The pictures they are taking aren’t random clicks posted to update friends and family.

A good idea is to start building on your social media presence before your first journey. Talk about your plans and your savings. Build up your followers. When it comes to travel bloggers, Instagram seems to be the most popular social media platform.

Once you have built a decent following, you can approach small business or the marketing teams of big brands to sponsor for your travels. They don’t have to pay all the money, but getting four or five sponsors to pay for even some part of the journey can help you save enough to make your travel dream a reality.

 

About the author

Pit Stops for Kids AUTHOR: Amy Whitley is the founding editor of Pit Stops for Kids and content editor of Trekaroo. She writes on staff monthly at a number of travel publications, and contributes to OutdoorsNW magazine as an outdoor adventure traveler. Find Amy at Google.

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