Impatiently waiting to jet off abroad?
While you’re busy working during the period leading up to travel, time can pass incredibly slowly – and it can be equally tricky to save money. We’ve written five simple tips to help you save more effectively – so you can spend more time enjoying your next adventure.
- Plan a travel budget
Firstly, you should think about how much money you’ll be spending – plus a bit extra. Never overlook how many unexpected costs could crop up along the way: from train tickets to last-minute accommodation bookings, you never know how much spare cash you might need.
Try to work out your budget based on food, travel, and accommodation first. Once you’ve figured out a figure for this, bolt on an additional amount per week for emergencies.
- Open a savings account
By setting up a separate savings account, you’ll be able to keep your money organised. Along with being able to watch the figure grow every time you add money, opening a savings account could give you more control.
When you keep saved money aside, you’ll be less likely to dip into it. Some banks offer savings accounts that allow physical withdrawals and deposits too. Though this might seem old-fashioned, you’d be much more tempted to spend your savings if they were easily accessible on a mobile app.
- Limit unnecessary spending
Cutting back on spending is the most sensible approach if you’re aiming towards a savings goal. You don’t have to take on strict austerity measures – but changing a few of your spending habits might help.
For example, in 2021 alone, UK consumers spent almost 3 billion British pounds on hot drinks including coffee, tea, and cocoa. If you usually pick up a coffee on your way to work, why not try making one at home instead?
- Sell things you don’t use
If you have a wardrobe full of clothes you don’t wear anymore, you could sell some on. Once you’ve gathered together everything you no longer use, you might be surprised to see just how much of a profit you could make.
You could also get your money back on items like books, shoes, and furniture. In turn, you could end up with a tidier, more organised home once you’ve sold a few neglected items. Don’t sell anything that you still need, though.
- Stop eating at restaurants
Lastly, try to remember that eating out is a significant expense. It’s more than likely that you’ll be trying all kinds of new cuisines once you’re away on your travels, so try to hold out on going out for brunches and dinners.
If you commute, try making your lunch the night before and taking it to the office – rather than popping to the shops or the nearest café for a quick sandwich.
We hope you’re feeling ready to get some savings together after reading our quick guide. If you’re struggling with debt and money, you can read guidance from Citizens Advice online.