Big dreams of travelling the world? There’s nothing that makes a working day move faster than daydreaming of sun-kissed beaches, white sand, exotic locations and delicious street food. You may think that your travel dreams will only ever be just that – a dream. Boosting your travel fund and saving the amount of money you need seems rather daunting and it’ll take a long time for sure.
However, the truth is that more people than you think can save enough money to go travelling with many travellers visit new locations on a shoestring and with limited funds. Having an ISA or savings account will certainly help towards your travel dream – need a Junior ISA? You can find out more about Junior ISAs here, just click the link – but what other saving options do you have? How can you add to your travel fund without depriving yourself of fun, entertainment and the things you love along the way?
Here we’ll look at some simple ways you can boost your travel fund. Look after the pennies and the pounds will look after themselves.
Figure Out Your Monthly Expenses
Do you know how much you’re spending each month? If you’re spending every penny you have right down until payday, then now is the best time to sit down and go through your finances. It’s not always a fun process, but if you can see where your money is going then you’ll be able to take better control of your finances and things will start to fall into place. You’ll notice spending habits and wonder why on earth you’re throwing money down the drain. You’ll already start to come up with solutions of how to dramatically reduce your monthly spends.
Set Up A Separate Account
A separate savings account is the best way to watch your travel fund grow. When your fund is completely separate from your normal account, you’ll get to watch it go up and you’ll get excited at the prospect of the fund building. You’ll also know how much you specifically have and won’t be tempted to dip into it to fund a late-night takeaway or a new top.
Eat-in
Eating out is a huge expense. It may be fun, and a great way to socialise and try new cuisine but you can do exactly that at home! Choosing to eat in will help you stick to a budget and save you a ton of money that can go straight into your travel fund. It really is that simple.
No More Contracts
That hefty gym membership, streaming services and extortionate online membership contracts? It’s time to cut the cord. All of these monthly contracts are draining your monthly income and starving your savings. Cancel wherever you can or cut back on your numerous streaming services!
Bye-bye Vices
Smoking? That extra bottle of wine? Subscription boxes? Magazines? Vices are expensive, so if you want to save money then cutting them back ruthlessly will save you a bundle. You’ll probably find that you don’t miss them!
Sell Your Stuff
Old gym equipment, fancy frocks and pretty shoes…if you’re not going to be using them any time soon or you have no interest in them, sell them and make some additional cash instead. It’s simple, effective and works!
We hope this simple guide helps you when boosting your travel fund.
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