For more than a year now, our lives have been put on hold because of the coronavirus outbreak. The COVID-19 pandemic has brought significant challenges to the travel industry. People cannot just hop on a plane and explore the world and visit beautiful places like they used to. Some travelers also disregard their travel plans in 2021 due to the virus. However, this year, despite the pandemic still in full swing, travel destinations and airlines have started to adjust to the new normal and resumed operations with travel regulations. In addition to that, COVID-19 vaccines are already rolling out, and a portion of the population is getting vaccinated. That being said, you might be starting to consider your bucket list journeys this year.
Simply making travel plans, even a few months from now, can brighten your mood. However, getting away is a bit expensive, that is why you need to have a travel plan first, and money of course. Now, you might be thinking of saving for your short-term goals like traveling or long-term goals like investing in a house and lot. Here are some tips on saving money that can help you develop a strategy:
Make a Budget and Plan your Destination
To save money to travel, you have to first figure out how much you actually need to keep or when you are going to need it. Ask yourself these questions:
- How much I want to spend on this trip?
- How much will it cost for me to go to this place?
- Will I eat out or cook my own meal?
- What activities are available in this place and how much does it cost?
After that, decide on the duration of your trip to maximize your expense. Do some research about your travel destination. Get some idea of what you can expect to pay for, including airfare and lodging, then gut-check your expectations for your daily expenditures at your destination. Make an educated estimate of the amount you might need and set a firm budget for your planned vacation.
Assess your Expenditures
Keep track of all your expenses – that means every coffee, household item, or your daily fare. List down all your daily or monthly expenditures and categorize them into needs and wants. Set a strict spending budget by slowly eliminating all the wants or the unnecessary expenses you regularly make. Put your travel experiences higher on your priority list. If you spend a lot of your money on clothes, bags, and shoes, you have to spend less on material things to save more on travel and other essential items.
Earn Some Extra Income
Having an extra income can make a severe impact on your savings. Your side hustles can be your source of savings for your travel plans. Meanwhile, your full-time job can cover your bills and other necessary expenses. And suppose you are fortunate enough to earn a quarterly or annual performance bonus at work. In that case, you can put it on your long-term plans, like property for sale that you have always dreamt of or a car. The point is, having an additional income is essential to meet your goals.
Eating Less Outdoors
Eat at home as much as possible. Every time you are tempted to dine out, do not. Put the money you would have spent on take-out food and add it to your travel fund. Did you know skipping milk tea or expensive coffee will help you save so much money? Figure out how much that milk tea actually costs. Let us say you spend P150 per cup. If you have one order per day, it would be
P1,050 a week. It actually adds up to quite a bit of your money, right? You might want to put this on your travel savings instead.
While it is okay to treat yourself once in a while, too much is simply not sustainable. You can pamper yourself without spending too much money. So, it is a better choice if you dine out less, especially if you have financial goals in mind. Even though eating at home requires more time and effort, it can help you save more and promote a healthy lifestyle as well.
Stay motivated as you plan your travel
One of the best ways to save money is to keep yourself motivated. Think of this travel as a reward to yourself. Remind yourself every day that the money you save is going toward something you love. Visualize yourself and your feelings of what it would be like to travel to your dream destination. Just merely imagining yourself on vacation would be enough motivation for you to save money now.
One of the reasons people fail to reach their goals is that they lack focus or direction. Yes, your trip may be months or even years away, but you are working and saving towards it. You are getting closer with every pay check. You need to understand the importance of saving money which will inspire you to find more ways hit your goal faster. You just need to discipline yourself and be motivated as you save.
Create a Savings Account for your Travel Fund
Aside from your savings account allotted for, say, your future house and lot, start a separate travel savings account. This way, you can indeed separate your other expenditures from your travel goals. This will make it easy to transfer money from another account. Moreover, it will also help you monitor your account balance and get more motivated as you watch your account increase over time. Check your progress every month to get inspired more.
Make saving a habit. Be specific and get detailed about your plans. Just keep being positive and grateful. The more focused and concrete on your goal, the easier it will be to reach it.
Like your travel plans, acquiring a house and lot might be in your goals too. In fact, making smart investments early on can actually help you travel much farther. The only thing you need is to create a saving plan to make that home buying or travel a reality. If you plan and save for your future sanctuary, Camella’s master planned communities are the perfect place to come home to. Visit this page and check out Camella’s latest offerings.