Saving up since forever for that dream getaway? If your answer is yes then read on for some tips and tricks on how you could finally achieve your travel goals. Whether you have been postponing that trip because of insufficient funds or you simply have been dipping into your travel jar (naughty!), I am sure these ways of growing your savings will definitely be very useful. Most of them are based from personal experience and are tried and tested by yours truly. It’s time to evaluate yourself and save up big time for that dream destination!
Open a savings account
This is very basic but as simple as it is, there are advantages into creating a separate account for the sole purpose of saving. This promotes motivation and a positive financial mindset. Then there are the interest rates, which no matter how low, is still free money. The goal is to build a habit of stowing away a specific amount that you will not use for anything else. When I get my salary from my full time job, the first thing I do is allocate to my savings account, then I pay all my bills then I live with what is left of my hard-earned money. Keep in mind: Live within your means.
Get organized with money saving apps
There are helpful applications out there for free that can help you keep track of spending or even manage bank accounts from your smart phone. Make the most of this technology to keep an eye on your monthly expenses – watch out for overlooked minor things that accumulate overtime. Usually these are unused memberships or subscriptions that you most likely do not even remember. Download a mobile bank app if possible and check your available balance regularly to make sure you only spend within budget.
Watch your daily coffee habit
I am guilty of this one, after all who can resist a good cuppa? However this proves to be an expensive habit overtime, not to mention the calories packed in a single venti. In London a coffee shop charges an average of £2.50 per cup. Even if I reduce it to four times a week that still translates to £40 a month. SOLUTION: I decided to invest in a coffee machine and it is still paying for itself tenfold.
Buy in bulk.
There are non-perishable goods that when bought in bulk can really give you a run for your money. Among these things are tissue paper, office supplies, beverages, batteries or even toothbrushes. The good thing is, you can order most of them online too. Saves you the money and effort.
Keep track of your transport expenses
We have a variety of options when it comes to going around these days and transport expenditures are easy to overlook simply because we deem them a necessity. Make sure you make use of travel cards if it is cheaper in the long run. Avoid taxi fares by getting up early to catch your train on time. Always ask yourself: Is this cost efficient or simply convenient?
Consider takeaways a treat every fortnight.
Face it: eating takeaway regularly is a major cause of the depletion of your savings. Which is why you should consider it a treat every two weeks if you cannot just do away with it completely. Who knows what culinary skills you have hidden inside you? Cooking and meal prepping is one sure way of gaining control over your spending on food.
Never watch movies for full price
I am not a movie person but in case you are, then get this. You can cut off your cinema expenses by half and see the exact same movie. For example in London, Vue Cinemas partners with Y Plan from time to time and you can buy tickets for £7 instead of £14. Also, I acquired a Tastecard membership which allows me to get 40% discount on certain cinemas nationwide. Or you can just stream online for free. And cut off your cable – Netflix is waaay cheaper.
Explore options for passive income
Earn extra bucks on the side even if it is only until you reach your goal. This may be hardwork for some but nothing is too difficult if you badly want this trip to happen. A few ideas are babysitting, dog walking or even hosting on Airbnb.
Scrap off your credit card debt
It is hard to save up for something when credit card debt takes a massive chunk of your income. And don’t you even think of booking that flight with your remaining credit balance. The last thing you want is paying off lots of interest over a debt you can easily take care of. You HAVE to prioritize scratching it off so you can focus on your financial plan.
Sell those pre-loved items
Have a good look around your room. Chances are you own stuff you haven’t even touched in a year. Rethink your need for these items and explore how comfortable you are with selling them. It could be an old bike, an unwanted gift or a camera you aren’t using anymore. Hold a small garage sale or get put it up on ebay.
Resist the upgrade.
Two months ago I resisted the temptation of upgrading my phone contract although I really wanted the latest handset model. In the end I talked myself out of it because my phone was in good condition that you would think it’s brand new. I downgraded my contract instead and this alone will save me £360 a year. If you have a smartphone that is working just fine, I recommend doing this immediately.
Get rid of some bad (and expensive) habits
Going out for a few drinks every now and then is harmless right? Wrong. With the costs of basic commodities on the rise, so is the price tag on alcohol and cigarettes. These items are usually taxed because of their nature, making them even more pricey. Smoking is a luxurious habit to keep and in London alone a smoker who consumes 1 pack a day will spend approximately £300 a month. Your body will thank you for it!
And there you have it, twelve ways you can save more money for that well – deserved holiday! Remember, every little bit counts and it all boils down to how it all sums up. Don’t be that person who thinks saving small amounts of money counts for nothing – spare as much as you can. Ultimately, every bit is an inch closer to your goal and before you know it, you’d be booking that plane ticket with a wide smile on your face. Happy travels!