Saving Money so You can Afford to Travel

Many people  don’t travel because they think they can’t afford it. I was one of those people at one point. Saving enough money to afford international travel seemed impossible. Those thoughts stopped when I really thought about it. When I took the time to look at where my money was going, I realized that I was spending money in a lot of unnecessary ways.

• Taking a rideshare to my office more than I took the bus even though I have a monthly bus pass.
• Eating out several days a week even though I go grocery shopping to cook at home.
• Buying coffee even though my office has tons of coffee options, and I can make coffee at home.
• Buying random things that I didn’t need only because I wanted them.

I knew that I was being irresponsible with my spending. More than that, I realized that that behavior was keeping me tied down. I decided that everything needed to change in order for me to do what I love. Keep reading to find out my methods for saving enough money to afford my trips.

 

 

Saving Smart

 

Once I decided to change things, I immediately created a budget. Creating a realistic budget allowed me to see how much money I could actually afford to save each month. After I had that number, I evaluated my savings account options. I was banking with Bank of America, and the interest rate on my account was 0.01%. It was almost nothing! I shopped around for an account with the highest possible interest rate. I also made sure that rate didn’t require a minimum account balance.  The last part was critical because I was starting with about $25. Research led me to Capital One’s 360 Savings account.

When I signed up, the interest rate was 0.75%, it has since increased to 1%. If you’re interested in setting up your own Capital One 360 account you can use my referral link to get started. By using my link, you’ll receive a $25 bonus when you open your account with $250 or more. They also offer interest bearing, fee free checking accounts.

After I set up my savings account, I opted to direct deposit money straight from my paycheck. This removed the temptation to spend money because it was in my checking account. Generally I don’t touch this account, and I use a second savings account for my emergency fund. My travel money sits until I decide it’s time to go.

 

 

Earning Money without Working

 

My job provides most of my travel funds, but I’m taking advantage of other income sources. One of these sources is cash back programs. I know they capture non-identifiable information, and  some people are iffy about this. In all honesty, I don’t care if companies know I shop at Old Navy, or buy store brand eggs. I’ve earned a decent amount of money by doing shopping that I was going to do anyway.

Right now, my two favorite services are Ibotta and Ebates. Between the 2 programs, I’ve earned about $300 in the past 2 years. If you’re interested, you can use my referral links. Both will net you a $10 bonus when you join and use the programs. I’ll give an honorable mention to InboxDollars. I still use this program, but earning enough money to cash out can be time consuming so I don’t get a lot from it (~$95 over 3 years).

These programs won’t make you rich, but the extra funds are nice to have. With both programs, I cash out as soon as I can, and put the funds into my savings account. The logic being that I can earn interest on it vs letting the company keep it.

 

Side Hustles for Saving

I am not a hustler. I’m not picking up a weekend job, and I don’t freelance my editing/writing skills these days. I also don’t own a car so the sharing economy isn’t in my stars. When I do feel the need to hustle, I’ll sell items I’ve crocheted, or update my Zazzle store. Neither is a serious business for me, but I can make some easy money through them. You can do the same, or you can be more serious about it. If you’ve got a skill you’re willing to sell, use it to make money. If you can do pretty much anything that someone else can’t you can get paid and enjoy yourself. Make sure you charge what you’re worth, and keep your money in your savings account. You can also jump in on the sharing economy if your interested, but make sure it’s worth it.

These are all ways you can make and save money to afford travel. I do want to say this: You should not go into debt to travel. If you can’t afford it, and aren’t in a position to save then that’s where you are, and that’s okay. I didn’t travel for almost 4 years because I really wasn’t in a position to do it. Keep saving what you can, and go when you have enough. Assuming we avoid nuclear war, everything will be there when you’re ready. When you do have your coins straight, don’t hesitate to shop for travel the way you’d shop for any other major purchase. Look for the deals. 

 

Have thoughts or questions? Feel free to contact me!