You may dream of travelling the world during your university break or annual vacation, but as a struggling student or young professional just starting down the career path, this may seem like an impossible feat. You probably have accommodation, food and transport costs, as well as bills to pay, so saving can be difficult.
However, with all these costs in mind, there’s no need to put your dreams of going travelling on hold. With some self-control and these money saving tips, you may just be able to achieve your dream. So, start planning and save money now!
This is easier said than done. You may have your ideal destinations in mind, but some may not be practical due to various reasons; budgetary limitations being one, especially if you are a student or young person on a shoestring budget. South Asian and South East Asian destinations tend to be cheaper as they are closer to Australia and with living expenses being lower compared to the UK and Australia you can eat and enjoy yourself for much less. These countries also have English-speaking people which also make them attractive travel destinations. Many of the countries are next door to each other also meaning you can tour more destinations via tours, coaches and railways.
Find out how much money, on average, you would need to visit your dream destinations. You will need to do research on the living expenses in the particular country, the attractions and how much they would cost for you to see them. Transportation and shopping expenses are also a key consideration, any incidental and/or unavoidable expenses etc. should also be accounted for. The biggest chunk of expenditure you need to consider are airfares, visas, accommodation, insurance and vaccinations (where applicable).
Make sure you check travel forums and look at local touring companies to get real, first-hand information from people who have travelled to the destinations in question as this will be the most reliable source of information.
Keep your eyes and ears open for special deals
There are special offers from travel agents, airlines and accommodation being made throughout the year. Air ticket and hotel room charges could vary vastly depending on the time of the year. Sign up with a few such companies to receive news about their special offers so you can compare what’s best. Budget airlines are also a good deal cheaper for short-haul flights.
Set the budget and your goals
Decide how much money you should save per week, per month, and per year to reach your goal. Have a clear idea and stick to it. Saving around 20% of your monthly income is generally a good goal. It would be prudent to transfer your salary directly into a savings account as you can remove temptations to unnecessarily withdraw from it or let it fritter away on daily living expenses. If self-control is not your forte, then have the bank impose some limitations such as overdraft limits.
Track your daily expenses
Keep close tabs on your daily expenses. This includes everything from bus tickets to coffee, snacks and entertainment, as well as clothes shopping and hobbies. Using a spreadsheet or an app to help you with this is a great way to keep an eye on what you are spending. Evaluate all expenditure and decide what you can cut down on or cut out entirely. Be consistent and stick to your plan.
Cut down on outside food by making your meals
You will realise that a great portion of your income is spent on food. A great money-saving method is to prepare your own meals instead of splurging on meals out. You can cook your meals in bulk over the weekend and have them frozen and ready to eat during the week. You can also have small snacks prepared so that you don’t have to buy extra bits when hunger-pangs strike.
You may find that the amount you spend on coffee, juices and other snacks works out to a substantial sum by the end of the week. By cutting them down, you will realise how you can save money quickly, plus it’s healthier!
As time goes on, your expenses may change due to rising expenditure, inflation, your changing needs, etc. Reassess your budget and goals to see whether you have to adjust to these changing situations. You may even have a better income. If not, go through your goals again and see what changes you need to make to meet them.
Remind yourself once in a while about your goal. It will help to have a picture of your dream destination pinned to your workspace as a constant reminder. Be committed towards your goal and stick to your money-saving tips so that you can achieve your dreams sooner rather than later.
Thinking to save money while travelling Australia. Click here to claim back your superannuation if you have been working and travelling in Australia