Five Simple Ways to Save For Travel
From flights to Food, travel costs a pretty penny, and I don’t know about you but I don’t have many pretty pennies just lying around. Sure, you can take on a side hustle or sell your things, but that’s not what I want to focus on. Instead, I want to zero in on even simpler ways to save - ways that require very little effort and brainpower.
In addition to the five easy actions below, I also strongly suggest starting a budget sheet, which, yes, takes a little brain usage. Did I just feel you cringe from the other side of your screen? I know, I get it.
Before moving on, let’s just take a collective moment to call out budgeting for what it is: a big, fat, dumb pain.
But the reality is this: if you are serious about island hopping in Greece, trekking in Patagonia, or wherever your deepest travel desires take you, then being savvy with your money is a necessary evil - that’s just the way the expensive cookie crumbles. But I have faith in you! You can do it and I’m here to help send you on your way with some tips and tricks.
In 2020, I honed in on ways to save and even kept track of every purchase I made in a budgeting spreadsheet. Yes, you heard me right. Every. Purchase. It was eye-opening, and quite frankly startling, to see exactly what I was spending on day in and day out. (The work alone to do this honestly incentivized me not to spend as much.) Recording every purchase is likely not your jam, but having some sort of accountability and way to see the larger financial picture will be your the path to success. Need inspiration? May I introduce you to Dumpster Doggy.
My goal was to eliminate a hefty chunk of debt - which I did, self high-five - and this year I’m focusing on financing future travels and learning to invest. By employing the simple strategies below, I intend to have many pretty pennies for my next big adventure. Learn how you can do the same!
01. Round Up Your Change
best for: instant gratification, hands-off savings
Say hello to one of the oldest rules in the money-saving playbook: saving your change. While you can throw your spare pennies in a jar, that’s not very realistic for a world that shops online and uses credit cards. Instead, let your bank or an app do the work for you!
What is it?
These programs round your purchases up to the nearest dollar (or more) and the difference is put into a savings account.
For example, if you buy a jar of Nutella for $3.62. Your bank or investing app will round that to $4 and automatically throw $0.38 into a different account.
I use the round-up program with my debit card and have it transferred into a dedicated travel savings account. I like this method best as it separates it from other savings, such as an emergency fund, and makes it easy to see my progress. For cash, I put spare change in a jar. When it’s full, I roll it and take it to the bank rather than a Coinstar, which takes a cut (sorry Coinstar, but my money is my money, thank you very much).
02. Join a Buy Nothing Group
best for | Long-term savings, warm & fuzzies for being a good neighbor
Whoever said that nothing in life is free obviously never heard of Buy Nothing, a community-based social movement that I will forever rain praises upon. It started on Washington’s Bainbridge Island and has since gone global with over 1.2 million participants across 25 countries. And if it’s not yet in your city, you can start your own group!
It’s a great way to save money since people are always trying to get rid of things, which you can snag for free. During my ongoing pandemic puzzle phase, I get new ones from neighbors rather than buying, which, at the rate that I do puzzles, saves me a nice chunk of change. Need a hairdryer or rice cooker or bookshelf? Just ask!
What is it?
In a nutshell, Buy Nothing is a platform to give and get things from your neighbors. No money is exchanged - it’s plain and simple neighborly love at work.
I’ve seen people share bulk items, offer creative services, and even unopened food they won’t be using. From books to household appliances, everything is on the table. Including the table.
How to I do it?
First, find your group based on your location. It will take you to your neighborhood’s Buy Nothing Facebook page where you confirm your address to join the group.
Looking for something? Post an “Ask” (and you shall likely receive). Have something to give away? Take a picture of it and post it as a “Give.” From there, arrange a pick-up/drop-off.
Pros: give items to people who will actually use them instead of to the abyss of Goodwill (where it may or may not end up in a landfill),it’s eco-friendly since you can walk to pick-up/drop-off items, and it’s a casual way to meet your neighbors.
Cons: it is only through Facebook, though they may move to a different platform in the future.
03. Open a Travel-specific credit card
best for | justifying your spending habits, building credit
If you want to save up but have a hard time spending less money, let me first say this: I feel you. If this is the case, a travel credit card may be a good compromise as the money you normally spend translates into travel rewards, which saves you money down the line.
My go-to credit card is Chase Sapphire Preferred. It gives two points for any travel-related or dining purchases and one point for everything else. Since I mostly eat and travel, it’s perfect for me. Bonus savings include car rental insurance (if booked using the card, of course), no foreign transaction fees, baggage delay insurance, and more. I cash in on my points in the form of flights, which equates to some hefty savings!
What is it?
As opposed to other credit cards, travel-focused cards cater to frequent travelers. Bonus points, rewards, and perks and are all catered to those on the move.
Some cards have heftier annual fees but amazing rewards, while others offer cheaper - even waived - fees.
How do I do it?
First, decide which card is most advantageous to you. For those that often fly domestic, try an airline-specific card; for wanderers, a general travel card may be best; if you’re always at airports, one with free lounge access or Global Entry is ideal.
Then, use your card to earn points which can save you big bucks in the form of travel rewards (or even cash back).
As I said before, I recommend Chase Sapphire Preferred for its low annual fee and travel rewards. If you have dough to shell out and want to be treated like royalty, American Express’ Platinum Card is a real sexy option. If $0 annual fee is more your language, Chase’s Freedom Unlimited is a good choice for cash back, though it lacks as many travel perks.
04. Go Green(er)
best for | Long-term savings, karma points for saving the environment
Save the world and save your money! How’s that for a double whammy? While it’s tough to see the direct fruits of this action’s labor, being more eco-friendly will pay off in the long run, I promise. How exactly? Let’s break it down.
electricity
Save the world: Unplugging unused appliances and electronics once their done charging, turning down heat, turning off lights, and switching to LED bulbs all reduce the use of fossil fuels, which are the primary contributor to global warming.
Save your money: Aside from LED bulbs, which require a small upfront cost, these small actions will lower the overall cost of your electricity bill.
Out with single-use
Save the world: Most obvious is that products take an average of exactly one bajillion years to degrade and micro plastics also make their into the oceans, which kill marine life and ecosystems. More raw materials and energy to operate production also means more fossil fuels.
Save your money: Reusable items last longer and require a one-time cost. For example, I use significantly less paper towels after adding Swedish dishcloths to the mix. Also, Seattle grocery stores charge five cents per bag, so it saves a teensy bit to bring my own.
Walk if you can
Save the world: I think we all know that gas is bad since it causes pollution, but just in case here it is: “gas is bad because it causes pollution.”
Save your money: Save on gas by walking or biking to places nearby. During the pandemic, I rarely left my neighborhood (which is blessedly flat) and opted to walk or bike to places within a few miles. I filled my gas tank maybe once a month, which saved me quite a bit of money.
05. Reign in your vice(s)
best for | Disciplined folks, saving big over time
This is perhaps the hardest action of them as it requires sacrifice, and sacrifice is not usually enjoyable, is it? But consider the amount of money you spend on take-out food, pints of beer, magazine subscriptions. These things add up, people!
How do I do it?
Reflect on things you spend the most on and see where you can potentially cut back. There’s no need to go cold turkey - though good on you if you do! - because as a wise man once said, everything in moderation, including moderation. (Oscar Wilde, he is the wise man.) For you, maybe your vice is eating out and your goal can be to make dinner at home three times a week. Or if it’s drinks, you can cut yourself off after two. If you get the newspaper everyday but barely read it, maybe opt only for Sundays.
My personal vice is coffee. Because I’m bougie and like soy lattes, my belly is happy when I buy them but my wallet does not approve. To reel myself in, I set some ground rules:
I limit coffee buying to once or twice a week
If I go on a walk, I bring a thermos with me to resist temptation
On non-buying days, I make coffee at home or in the office, you know, when being in an office was a thing. When I’m especially tempted, I ask myself, “would I rather have this coffee now, or at a cafe Spain?” Remembering the bigger picture usually puts me in check (keyword: usually). As a bonus, my favorite coffeeshop gives a free coffee when you purchase coffee beans on Fridays, which is about the only thing that my belly and wallet can agree on. From these actions, I save around $60 a month.
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