Money Savings Tips to Afford Travel
Traveling the world is a dream for many, but often it seems out of reach due to financial constraints. However, with careful planning and a shift in mindset, traveling can become an achievable reality. You’ve heard people or even yourself ask “How is she always traveling? Doesn’t it make her broke?” Or “There’s no way I can travel cause it’s so expensive and I don’t have that kind of money to burn on that.” Well in this guide, we’ll explore practical tips and strategies to afford traveling without breaking the bank.
The Latte Factor
The first and perhaps the most important one. Living below your means is essential for saving money and affording travel. Cut unnecessary expenses like dining out frequently, expensive subscriptions, or impulse purchases. Cook at home, brew your own coffee, and opt for free or low-cost entertainment. Every dollar saved brings you closer to your travel goals.
In one of my favorite books, “The Latte Factor” by David Bach he explains a principle to a young women who doesn’t know where to start when it comes to saving money.
If you’re someone that grabs a $6 coffee every day before work, here’s what I want you do. Start making your coffee at home before work. Every morning you do that you can put $6 away in a “Travel jar” or move $6 over into your “travel account.” You’re going to pay for your trip with a cup of coffee. Sounds crazy right? Well if you buy a coffee say five times a week before work, that’s $30 right there. Multiply that by four and that’s $120 a month you’re spending JUST in coffee. If you wanted to take a vacation or travel every four months, you would have $480 in your travel account. If you’re someone who travels twice a year, every six months, then you would have $720 in your travel account just by opting to not buy your morning coffee at an expensive coffee shop! That’s essentially a round trip flight! Your Latte Factor
You can use this principle on anything else you find yourself mindlessly buying every day. Do you grab a muffin before work as well? Or do you always buy or eat lunch out? By making these simple changes and opting to eat at home or make coffee at home, you are already well on your way to booking your next trip.
Invest in Yourself First
Investing in yourself pays dividends in the long run. Enhance your skills, education, and employability to increase your earning potential. Consider taking courses, attending workshops, or pursuing certifications that align with your interests and career goals. A higher income means more resources for travel.
Investing in yourself first also means putting money away for important things such as the FUTURE! your retirement! Things like investing in your companies 401K as well as your own Roth IRA. You NEED to save money for your future now so you will be able to reach financial freedom at a much earlier age. I’m sure most of us out there don’t want to work til they’re 65. I sure as hell don’t. I want to be well retired by then with over a million dollars in my retirement accounts that I can use for my dreams to travel and live a life without restrictions or responsibilities, but it won’t be made possible unless your invest now and often.
Make it automatic so it comes out of your paycheck as soon as you get it. You won’t even notice it’s gone and it will be invested before you even see your paycheck. Doing this will set up great for your future so you can retire and have money to travel! Now this isn’t to say you can’t travel until you retire, because you absolutely can, that’s what this website is built around! I have several other posts about exactly how to do this and why you should keep your job even if you’re itching to travel the world.
As part of the paying yourself first initiative, set up a separate account named “Travel” every week put some money in there. This can be $20, $30 or evevn $50 if you want to build up the account faster. Do this on top of the coffee money you’re putting in there and before you know it, in a few months when you’re ready for your trip, you won’t even have to touch your checking or savings. Your money will be right there in your travel account just waiting to be spent!
Prioritize Experiences Over Material Items:
You’ll hear me say this one a lot. It’s something that is absolutely crucial to living a good fulfilling life. 3 Rules to To check out my other article about the 3 Rules to live by for a fulfilling life, click on the link.
Shift your focus from accumulating possessions to collecting experiences. Material items depreciate over time, but memories from travel last a lifetime. A new car is one of the biggest expenses a person can have. If you’re a car person and you love to put money into a nice car, then go for it. but if you’re someone like me, who doesn’t care what car you drive, as long as it gets you from point A to point B and has good gas mileage, then you’re better off going the used car route and putting ALL that money you’re going to save towards your next vacation. I currently have a 2014 Nissan and I love it. All paid for in cash, no monthly expenses, good gas mileage and gets the job done. I have friends who are buying brand new vehicles or leasing new cars with $600 payments. That is the fastest way to go kill your wealth building and travel dreams. What they spend on a car in a month, I can use to put towards a flight! Next time you’re thinking about buying a new car, maybe opt for one that is at least five years old, pay it off in cash and you have a car for the next five to ten years with no monthly payments!
Same can be said for clothing, shoes, and any other things you buy. I will get into that more in the next section.
Allocate your resources towards experiences like exploring new destinations, immersing yourself in different cultures, and trying new activities. These experiences enrich your life in ways that material possessions cannot.The sooner you realize this, the happier you’ll be and the wealthier you’ll be as well. All the money you put in material items, you can put in experiences
Invest in Your Health
Your health is your most valuable asset, and maintaining it is crucial for enjoying travel experiences to the fullest. You don’t want to out of breath or sore if you’re hiking or walking around a new city! Adopt a healthy lifestyle by eating nutritious foods, exercising regularly, getting enough sleep, and managing stress. Investing in preventive healthcare can save you from expensive medical bills down the road, freeing up funds for travel adventures.
Make time for exercise, at least four times a week. Before work, on your lunch break or after work, just move your body in a way that feels good! Break a sweat, get the heart pumping! If you want to go hiking in the great outdoors or walking around cities, you need to be in good shape to do that. You don’t want to have to miss out an adventure because you’re not in prime physical condition. Being healthy also means the less you get sick and down the road you’ll be feeling great and not having to worry about your health and unexpected medical issues.
Take care of yourself now, the future you will be grateful
Look Poor to Be Rich:
Appearances can be deceiving when it comes to wealth. Embrace a minimalist lifestyle and avoid unnecessary displays of wealth. Opt for affordable accommodation, travel during off-peak seasons, and utilize budget airlines or public transportation. Opt for Airbnb’s instead of a luxurious hotel. By living frugally and making savvy financial decisions, you can afford to travel more frequently without sacrificing quality
As I alluded to in the previous section, buying fancy clothes and shoes to give the appearance of looking rich is actually the fastest way to go broke. By looking poor, that is actually one of the fastest ways to build wealth. I’m not saying to look like a slob, but just buy regular clothing from regular stores, you only need a couple pairs of shoes, not ten. You don’t need crazy expensive jewelry or the newest cars.
You’re richer than you think you are. Just by opting for cheaper items such as clothing, transportation, food, accommodation etc, you can free up a lot of money that you can put towards things that are going to enrich and benefit your life. Like your health and of course living your travel dreams!
Conclusion:
Traveling doesn’t have to be a luxury reserved for the wealthy. By adopting a mindful approach to finances, you can afford to explore the world even if you don’t think so. Remember to live below your means, invest in yourself, prioritize experiences, maintain your health, and embrace a frugal lifestyle. With determination and smart planning, your travel dreams can become a reality. Start saving, start exploring, and let the journey begin!