8 ways to save for travel
Are you longing for exciting travel adventures but struggling to save? Look no further! In this guide, we'll reveal 8 effective strategies to help you save for travel and turn your wanderlust into reality. From budgeting hacks to innovative income-boosting ideas, we've got you covered. Our expert advice will not only make your travel dreams come true but also ensure you embark on your journey with a well-padded wallet. Let's dive into these eight proven methods to kickstart your travel savings and fuel your globetrotting dreams
Stop eating out!
Eating out can quickly become a significant expense, and it's time to put the brakes on it. Imagine going out for dinner, ordering a drink, an appetizer, and an entrée—adding up to $50 per person. If you do this once a week for a year, it amounts to a staggering $2,600 per person or $5,200 per couple! Even a weekly Starbucks coffee habit can set you back $312 annually. By making a few changes, like cooking at home and bringing your lunch to work, making coffee at home etc. you can start adding money into your travel account. Lemon and I saved over $1,000 in just six weeks!
Pay off your debt
Embarking on long-term travel without debt is crucial. Whether it's student loans, a car loan, or credit card debt, work to eliminate them as quickly as possible. For those with credit cards, pay off the balance in full before the billing date to avoid high-interest charges. I personally had a credit card with a hefty balance and interest rate, making it seem impossible to escape. However, I applied for a personal loan with a lower interest rate, used it to clear my credit card debt, and reduced my interest costs from 22% to just 7%. Lending Club made this process super simple. If you are interested, check them out https://refer.lendingclub.com/Evan9
Skip happy hour- this one hurts
Declining invitations to social events such as happy hour can be challenging, but sometimes sacrifices are essential. You can choose to politely decline or propose an alternative, like gathering at a friend's house for a happy hour. This option not only helps you avoid unnecessary expenses but also ensures you still enjoy quality time with your friends. It's a win-win solution that lets you maintain your social connections without breaking the bank.
Money saving apps
Use apps like Ibotta to help save on groceries. We have saved over $300 using this app! Personally I’m not the best with couponing apps. But Lemon is a couponing king! If you sign up you can use Lemons referral code 6tdzew at registration. You can also save money whens shopping online by installing apps like Honey and Wiki. Money saving apps we use:
Digit (my personal favorite) http://digit.co/r/-kwg0eqn7?sr
Streaming Services
Limit yourself to just one streaming service. While we all want to watch shows like "How I Met Your Mother" and "Friends," subscribing to multiple services can add up quickly. Instead, consider sharing an account with a friend or family member. We decided to keep Netflix because it's convenient for international travel, offering content not available in your home country. So, cancel the extra streaming services and save!
Subscription boxes
Cancel your subscription boxes. A $50 subscription box each month totals $600 annually. While it's fun to receive packages, remember that the happiness they bring is temporary. When you look back on your life, will you remember those subscription boxes or the years of travel? Choose wisely.
Lower your bills
Talk to your internet provider and your cell phone company to see if they can scrape a few bucks off your monthly bill. A lot of times they can find ways to save you money, especially if you mention their competitors prices. They don’t want you to switch so they will be more likely to help you lower your bill. Maybe your electric company has a plan to save you money. It's worth looking into.
Companies to contact
Cell phone provider
Internet provider
Car insurance
Electric company
Downsize or upsize
For 2 years Lemon and I lived in a 4 bedroom 2 1/2 bath house in Chandler, Arizona that we shared with 2 other roommates. Our rent portion was under $900 (or $450 per person). If we had been in an apartment for those 2 years we would have spent $1400 (or $700 per person). Those 2 years added up to a savings of $6,000! Currently, we live with my mother who charges us $500 a month in rent which is a steal considering apartments are $2,000. This living arrangement might make you think we are crazy at our age but it is saving us a ton of money in the end! Here are some things to consider when trying to downsize or upsize
Sell or rent out your home and downsize
Consider renting a house with roommates
Rent out a spare bedroom on https://www.airbnb.com
Move in with your parents
Let's do some math
Ibotta savings= $350
Cancel Hulu= $168
Cancel subscription boxes= $600
Lowering cell phone bill= $240
Stop eating out= $2,600 (or $5,200 per couple)
Just by doing those few things we saved $6,558! The little things really do add up!
In the quest to save for your travel adventures, remember that every dollar counts. These practical steps, from cutting out unnecessary expenses to managing your debts and seeking out money-saving apps, can have a substantial impact on your travel fund. While it might be tough to skip out on some social events or cancel those tempting subscription boxes, the freedom and experiences that await you on your journeys are well worth the sacrifices.
As you embark on this financial journey towards your travel dreams, keep in mind that it's not just about saving money; it's about investing in unforgettable experiences and memories that will last a lifetime. So, stay determined, stay frugal, and watch your travel savings grow!
Mo Money, Less Problems.