Funding Your Travel: 7 Ways to Make it Happen
Money doesn’t grow on trees, right? Saving can be a struggle; it always seems to come slowly and go so quickly.
We’re here to break down a few creative ways to help you manage your money and save up for those travel adventures you’ve always dreamed of. It’s time to put your money where your mouth is so you can hop on that plane sooner.
1. Set your saving goals
No pain, no gain. Just as you would for buying a house or a car, decide how much you need for travel and then set goals and timeframes to accomplish them.
Start short-term. Set a particular date for accomplishing shorter-term goals and make sure the goal is attainable within that time period. Figure out how much you need to save per week or paycheck. First, save enough for your flights, then your accommodation and lastly, your spending money.
It’s easier if you break it down into increments. Just like in reducing your expenses, you’ll see results sooner which will keep you motivated.
2. App saving hacks
There are many apps for that. Apps don’t just have to be time wasting or money draining. Many can give you the tools you need to reach your saving goal faster. From the simple touch of a smartphone, you can plan daily, weekly or even monthly budgets to track your spending. These are our favourite budget apps:
Clarity Money helps you determine wise spending from wasteful spending. Using the target date you set, it creates financial goals for you. It alerts you if you’re spending more than your allotted budget and it can even cancel subscriptions you’re not using! Aside from helping you control your spending habits, the app also enables you to lower your bills by finding lower credit cards. Pretty neat!
Qapital adds a learning component to the idea of saving money. Each purchase you make is typically an uneven amount. Qapital rounds that transaction up to the nearest dollar and then puts the spare change in an FDIC-insured account. You'll just need to connect a checking account to the app. It also provides lessons on goal-setting and the value of even small amounts going toward achieving a much larger goal!
Acorns is another great mirco-investing app that employs a team of experts to take your leftover change and put it into an investment account, so your savings grow. If you’re buying a cup of coffee for $3.40, the app will round that figure up to the nearest dollar and take that 60c and put it into your choice of stocks.
3. Open a dedicated savings account
Don’t just save for a rainy day. If you’re serious about funding your travels, and not just stressing about whatever is in your bank account when your travel date rolls around, this is a critical step.
Do a little research and see if it is worthwhile opening a new savings account dedicated to your travel savings. In most cases, the cost to set up an account is zero. Find one with no charges (these are often for a limited time only) and keep an eye out for those with high interests rates to make the most out of the money you have sitting in the account. Be aware of all charges before you create any new accounts, as you don’t want to end up costing yourself money so read all T&C’s carefully.
4. Then set up automatic transfers
Now that you have a dedicated account set up, you have to fund it! Set up an automatic transfer at regular intervals, this is easy to set up and can really add up over time. A transfer of $50 week ($10 per workday) adds up to $2,600 by the end of a year.
5. Sell your stuff
Life is about experiences, not stuff. Especially when your stuff can put cold, hard cash into your travel fund! Jump on Facebook Marketplace, Gumtree, eBay and Craigslist. Start emptying out your closets with the one year rule - if you haven’t used/worn it in a year, sell it. Check your storage spaces, too; a fortune could be there waiting for you. Good old-fashioned garage & car boot sales seem to be doing better than ever, find them near you. Then, liquidate directly into your travel fund.
6. Good old fashioned piggy bank
Sometimes, the old ways are the best and a piggy bank might be the best idea for you. A piggy bank, a change jar, something, ANYTHING so you can see how much you have saved. A great idea is to get a large glass bottle or jar, cut a slit in the lid and then glue it on. This means you can watch your money build up as you keep adding more in but can’t open it up to dip into your stash. When it's full, carefully cut the rest of the lid out to retrieve your savings then cash it in down at the bank!
7. Fundraise with Fund My Travel
Family, friends and even strangers can be so generous and every little bit helps towards your travel dream. Crowdfunding travel puts a new spin on an old concept (fundraising) and gives anyone who wants to travel with a purpose a new tool to garner support (financial and otherwise) from their community and social networks. Fund My Travel is a great platform designed to help send volunteers and students overseas to achieve their dreams and help those in need. Start a campaign, upload a video to introduce yourself and pitch your cause. You have a maximum of 120 days to share your campaign and raise funds.
If you’re a Global Traveller, ask about our flexible payment plans when discussing with our friendly team. What tips or tricks do you use to help save money for travel or other goals?