If we had it our way, we’d be travelling 24/7 and living our best life, but we are probably going to have to win Lotto be able to do that.
If you’re looking at planning your next overseas adventure but you’re a bit light in the money department, we’ve put together some hacks we live by to help us head overseas whenever we get the chance.
Set a budget for where you’re going
Before you do anything, you need to do two things: 1) pick a location and 2) set a budget.
Figuring out the costs for flights, accomodation, food, activities, transport, spending and anything else you want to ticket off your bucket list will help you nail down how much you need to save. Once you have a rough budget, you can start looking at where the money for your trip is going to come from.
Open a separate savings account
Setting up a savings account strictly for travel is one of the best ways to keep your money separate. Look at your weekly budget and decide what you can afford to put away each week, then set up an automatic-payment so you can mindlessly deposit money into the account.
Have a spare $20? Over a year, that quickly amounts to just over $1,000 with $30 totalling $1,500. No matter how little or how much you can put in each week, before you know it you’ll have a nice lump sum to put towards your trip.
Give yourself enough time
Time is key. When you aren’t made of money, one of the best ways to make sure you actually get to take that trip is to plan it a year or so out so you have enough time to save.
This is a great way to save if you are planning on taking an expensive trip, want to add some luxury or you’re travelling for an extended period of time. It is friendly on the wallet and you won’t need to worry about any unexpected life costs derailing your savings.
Cut your costs
You know what that means – it’s time to cut down on buying lunch, coffee, clothes and anything else you’ve deemed a ‘necessity’.
The average coffee costs $5 and if you’re getting one a day to make it through the work week, that is well over $1,000 a year you could be stashing away for your trip to Italy. We know its hard, but cutting back to only purchasing your ‘necessities’ twice a week will help keep you and your bank account happy.
Do some research
Research, research, research. Be sure to compare flights and accomodation costs across a few different websites and if you’re booking through a travel agent, it is a good idea to enquire with two or three to see what deals they are able to offer. If you’re taking a solo trip, group tours are a great way to cut down on costs and meet new people. Companies like G Adventures, Topdeck & Contiki offer awesome tours around the world so you’re sure to find something to your liking.
This tip works for some and not for others, but the base of it is to look at your spending. If you don’t look at your balance after your bills have gone out, then carrying cash and using it as your ‘entertainment/eating out/need coffee to survive’ budget will force you to keep an eye on the funds.
One of our Her World staffers lives by this rule and jets overseas every year because of it. Her trick is to try and leave a certain amount (whatever your budget allows) on your eftpos card so when your next pay comes in, you can allocate any overflow to your travel fund. What might be $50 into your savings one week could be $100 the next.
Take a friend
So technically this isn’t a tip to help you with your savings, but travelling with a like-minded buddy can save you money in the long run.
Accomodation, food, transport and activities can be a lot cheaper with two people because you are essentially cutting the costs down the middle. In some cases, places offer discounts if you are booking for three or more people at once. Planning with a friend will also help keep your budget in-line if you both set deadlines for when you need to book your trip.
We say its the perfect time to start planning that girls trip!