One question I get a lot is, “How can you afford to travel so much?” To answer that simply, I save!
I save because travel is important to me, so I treat it like a reoccurring expense. Every time I receive money, I set some aside for my travels.
Travel isn’t only for the wealthy. It’s for everyone. And I feel like world travel is something everyone should be able to experience. So let’s talk about how I do it, starting with the basics.
What are travel savings?
Travel savings are exactly what they sound like. They are funds set aside for travel and nothing else.
Why do we need them?
Travel funds are essential because they can save you from unnecessary debt and make traveling possible.
Many people think travel is impossible because they believe it costs too much. Which is not true. If you actively set money aside for travel and have a budget for your trip, it will be very much attainable.
I have three different methods for saving money for travel:
#1: The Envelope Method:
This method is pretty simple. All you need is an envelope and a dream destination to write on it.
Once you have your dream destination written down, you need to think about how soon you’d like to visit and the total cost of the trip. Think about your timeline carefully, and review how much extra cash you can put into this envelope each pay period or every month.
Saving for travel requires discipline. Once the money is in the envelope, consider it money spent on your trip. Do not dip into the envelope for any reason other than to purchase a part of your dream trip.
Tip– Be very honest with yourself when setting money aside for your trip. And stay true to the amount of money you said you would put in each pay period or month.
#2 Saving Your Singles Method:
This may come as a surprise, but saving all of your singles adds up.
Try it! Keep all the singles you get back every time you spend cash and put it to the side for a whole week. I bet you’d be surprised at how much money you’ll have by the end of the week!
Now try saving all of your singles for a year, and see how much you have by year’s end. I bet you’d have a solid amount of cash to add to your travel savings!
Tip- I’ve seen people try this method with $5s and 10s, but it’s all up to you and what you’re comfortable with.
#3 The Savings Account Method:
Opening a travel savings account is my favorite method. But I will acknowledge that this method is not for everyone. However, I do recommend this method if travel is something you’d want to do often.
A travel savings works just like regular savings and is very similar to the envelope method. The only difference is that you’re saving on a bigger scale for general travel. But it’s similar to the envelope method because you set aside a certain amount of money to put in the account as often as you’d like.
Saving for travel isn’t hard. It just takes discipline. Travel should never feel like something out of reach, especially when you can start saving now with a travel goal in mind!
Okay, I have a favor to ask. Get an envelope today, write your next travel destination, and start saving money for it. Let me know where you’re planning to go, and I’ll see you on the road!