Are you saving money to go on vacation? Or maybe you’re hoping to travel long-term and you know you’ll need a nest egg to do it? Perhaps you’re hoping to travel full-time, and you need some income streams which will allow you to make money while you’re on the move?
Here are some of my best tips to help you save money for travel:
Make a plan
The first step is to figure out how much you need for your trip. If you’re just planning to take a short vacation, this is easy and you can quickly calculate the cost of flights, accommodation, and more.
If you’re going to be travelling for a long time, you’ll need to make a strict budget. You’ll also need to have at least six months of living costs in your account if you’re planning to get an online business off the ground. In this case, your best bet is to head to the cheaper destinations first so you can have time to get your income streams sorted while you’re on the move. Many people underestimate how much time they’ll actually need to work each day to bring in a steady stream of income. Consider visiting places like Southeast Asia, Central America, and Eastern and Central Europe while you’re working on your income generation.
Find a side hustle
If you still have your 9-5, you’ll need to get some more money coming in so you can really build up your savings account and get out of town as soon as possible. There are a number of ways to do this, and one of the most popular at the moment is day trading and penny stocks.
You’ll need to learn all about VWAP. You’ll also need to do your homework, and you should be able to explain relative volume and limit order in depth before you begin trading. This will allow you to make more informed decisions and manage your risk appropriately.
Another good option is to go freelance. If you have a job you can take on the road, see if you can find some freelance clients and build up a reputation and portfolio of work while you’re still at home.
Slash your expenses
Let’s be honest- you knew this tip was coming right? There’s a reason why so many would-be long-term travellers move in with their parents before they go overseas. Anything you can do to get rid of as many living expenses as possible will help. Consider quitting that expensive gym membership and working out in the park instead. Give up that weekly bar meet-up with friends and spend more time socialising at home (or with Netflix). Ditch the monthly manicure and do your nails yourself. Basically, you need to take a good hard look at what you’re spending money on and ask yourself what you could be spending it on when you’re travelling.