After reading quite a bit of posts on how to save money for your dream vacation or long term travel, I decided to put a list together of how I’ve started this year saving money to travel. I have to admit, that I am very conscious about money and how I manage and spend it. My motto is, if I don’t need it, I don’t buy it. Once I have a goal in mind, I’m committed to achieving it, especially if it’s for travel. I don’t have students loans or credit card debt, so for me it’s been easy to save.
In no particular order, here are 10 money saving tips that I currently use to save my for my long term travel.
1. Piggy Bank
It’s not very often that I carry cash with me, however when I do, I put all of my change in my piggy bank. It’s not much, but at the end of the year, I have money to add to my travel fund account.
2. Dining Out
I cook a lot, so it’s rare that I go out to dinner. Once in a blue moon, I will go out and celebrate a birthday or anniversary.
3. Cut Down on Bills
I recently called my TV/Cable provider company and was able to negotiate a percentage off my monthly bill. Also, the company I work for, offers a 15% off my cell phone bill each month. I also cut cost on energy. During the winter months, I do not turn on the heat regardless of how cold it gets. It’s a way for me to save money on energy. Of course, living in Florida helps!
4. Grocery Store (generic brands)
The generic brands at my local grocery store are as good as the brand name items. A lot of times, they offer buy one get one free on generic brands. When these deals are available, I will stock up as needed.
5. Travel Fund Account
I recently opened up a Charles Schwab Bank Checking plus Brokerage Account that offers a 0.10% APY, for when I travel Abroad. There is no ATM Fees associated with the account and they reimburse any ATM fees you are charged with worldwide at the end of each month. The account also offers free standards checks, free bill pay, and a Visa Platinum Check Card.
6. Salvation Army
I’ve become a huge fan of the Salvation Army. Every couple of months, I will get rid of things that I don’t need, such as clothes, furniture, shoes, kitchen supplies you name it, I get rid of. I make sure that when I drop off these items, that I get a receipt back. At the time of tax season, I bring the receipt to my accountant so that he can write off what I’ve donated. It’s a great way to add some extra money to my tax return.
7. Pack a Lunch
Every day, I pack a lunch for work. It beats spending money at McDonalds or Burger King every week.
8. Savings Account
Aside from my Travel Fund Account, I also have a Savings Account. Every week a certain amount of my paycheck is deducted and transferred to both of these accounts. It gives me the opportunity to build up both accounts.
9. Supplement Income
With an extensive background in wedding & event planning, I still manage to coordinate weddings and events for family and friends when needed. This allows me to make some extra money to put aside for my travels.
10. Cut down on Luxury Items
I do not go to the nail salon every 2 weeks to get a manicure or splurge at the hair salon. As a matter of fact, I am my own manicurist. The only luxury item I will splurge on is my hair. I get my hair cut every 6 months and that’s it. No color no special treatment.