Now that travel is becoming something that more and more people feel comfortable doing after the worst of the pandemic seems to be over, it’s time to start looking at your finances to see if traveling is something you can actually afford. And if it’s not, it’s also time to start thinking about what you can do to collect the cash you need to get out and explore.
To help those looking to travel more, here are three ways you can fund your dreams of traveling more often or to further destinations.
Cut Back On Expenses, Big And Small
The best way to save up money to travel is to ensure that the money you’re making each month is more than the money you’re spending. Once you’re able to do this, you can then start looking at how you can cut back on your expenses even more to save a larger amount of money.
Some easy ways of doing this, according to Jess McHugh, a contributor to Travel and Leisure, is to stop paying for the small things that you don’t actually use, like various streaming services or other monthly subscriptions. Or, if you’re looking for something that makes an even bigger financial impact, you could also look into more affordable housing. Especially if you own your home now, keep an eye out for realtor postcards from listing agents offering to help you sell your house. Then, you could either buy a less expensive home or start renting somewhere with a lower monthly payment.
Limit Non-Travel-Related Purchases
While there are things that you’re still going to have to spend money on that aren’t related to travel, if you’re really serious about traveling more, Joni Sweet and Lisa Millbrand, contributors to Real Simple, suggest that you reel in your impulse buys and your purchases that aren’t travel-related.
With the money you could save from buying things that aren’t actually important to you, you can save a lot of money to spend on travel and other travel-related items that you actually want to be using.
Find Ways To Bring In Extra Cash
If you’re not buying anything you don’t need and you’re saving as much as you can yet still aren’t able to make your travel dreams come true as quickly as you’d like, you may want to look into other ways to bring in extra cash. According to Sarah Kuta, a contributor to The Penny Hoarder, some great ways to do this include starting a side job, selling possessions that you don’t use or need anymore, cracking down on your monthly food budget, or finding a credit card that has great travel rewards.
If you want to travel more but don’t have the funds to do so right now, consider using the tips mentioned above to help you find a way to allocate more money to this part of your budget.