If you love to travel but don’t have the budget right now, chances are you need to learn more about how to save money for travelling. Seeing the world is a dream for many people, but travel can be expensive, so you need to keep saving for travelling before you make plans.
This blog covers how to save money for travelling, the benefits of savings for travelling, and more. Check that your passport is valid, and get your travel journal ready!
The benefits of saving money for travelling
The benefits of saving money for travelling are the same as saving money for anything else. You save so you can buy what you want, in this case – travel. Whether it’s flight tickets, tourist activities or accommodation, you must save if you want to travel. HyperJar digital saving jars can help you to save. Rename your jar ‘Travelling fund’ or whatever you like, and watch your jar fill as you save.
Here are the benefits of saving money for travelling:
You’ll have more money to spend
Saving your money for travel means you’ll have more money to spend on your trip and all the other expenses that come with travelling.
· You will have spending money to enjoy during your trip
· More money means you may be able to travel for longer, visit more places, do more activities, or stay in more luxurious hotels
· Having a healthy saving account to pay for your travel will mean you have a more relaxed experience and will have a more enjoyable trip overall
You’ll be better at budgeting
Budgeting before your trip ensures you have saved enough money for your travel expenses while still living comfortably and paying your bills. You should do budgeting daily to manage your finances, especially if you’re saving for travel. Budgeting for your travel is a good idea because:
· You can save money over time to stay in control of your finances
· You can budget for other expenses. For example, last-minute emergencies, clothing, activities, accommodation, and food
· You’ll avoid going into debt, overspending, or blowing your budget on unnecessary items
You’ll appreciate your trip more
Saving for travel means you can enjoy delayed gratification. Sure, you’ll have to be patient, but the reward will be great.
· You can enjoy the experience how you envisioned it
· Helps you to enjoy your trip knowing all your expenses are covered
· You’ve worked hard to save, so you’ll appreciate your trip even more
· You won’t be worrying about running out of money, so you’ll be less stressed
Tips on how to save money for travel
Travelling is an exciting goal to save for. If travel is something you want to do, start by thinking about what your ideal travel plans would be.
· Where do you want to go and how long?
· Will you be travelling alone? Getting a saving buddy can help you to save more by keeping each other on track
· Set a goal and envision your dream travel plans
· When do you want to travel? Having a deadline can motivate you to save
Check out our tips on how to save money for travelling:
Make a travel budget
Budgeting is a crucial step when saving for travel. You need to know how much you can save each month to plan your trip properly. When you know how much you need, you can determine how much you need to save. When you have a clear budget, sticking to your savings goals is easier as you know it will be worth it in the end.
You can name your travel budget whatever you like. Some of our favourites are:
· I’m outta here
· What a wonderful world
· Not all who wander are lost
· Escape artist
· Where next?
· A whole new world
Start saving early
It’s always better to have too much saved than not enough. That’s why you should start saving early. Not saving enough could mean you are tempted to get into debt or make poor financial choices. More is less in this instance. Be overprepared financially and give yourself a fluffy money cushion to fall back on in case you need it.
Get a travel-friendly bank card
Does your bank offer perks or rewards for spending money on travelling? Ours does.
Many banks offer a travel-friendly bank cards, and people don’t even know it. You can get air miles, flight points, lower charges when using your card abroad or better exchange rates. A travel-friendly bank card means you’ll be rewarded for travelling and could save up the points you earn for your future travel plans.
HyperJar offers perks when you use your card abroad. You can pay anywhere in the world, in any currency, and we’ll pass Mastercard’s exchange rate on to you directly, with no added fees or charges from us.
Open an online savings account
To save the smart way, open an online savings account. You can easily keep track of your spending via the app and transfer money quickly and securely. An online saving account will:
· Make you accountable for your saving
· You can set up an automated payment to be deposited into that account, so you will save without realising
· Your money will be saved before you can spend it
· You will get better interest rates on savings accounts
· Our jars are a great option to help you save. You’ll also get 4.8% interest on purchases from local shops to make your money work harder for you
Track your spending
It’s important to track your spending when saving money for travel. If you look at your bank transactions and find many unnecessary purchases, think about how that money could have been put towards your dream trip. When you know where you’re spending is going, you can make better financial decisions.
HyperJar’s jars help you see how much money you’re saving, and our app will notify you each time you spend so you can easily keep track of your spending.
By following these tips, you’ll save like a pro and book those fights before you know it. You can find lots more tips and savings challenges on the HyperJar blog.
How much money to save to travel for a year
Taking a whole year out to travel the world? Can we come?
To save up enough money to travel for a year or to work out how much money to travel for 6 months, you need to plan to ensure you have enough to cover your travel expenses. You don’t have to be rich to travel, but you need to be smart with your money. You need to spend less to save more.
You need to save for:
· Travel - Flights, Taxi, Uber, Boat, Transfers, Public Transport, Car Hire
· Accommodation – Hotels, Airbnb, Hostels, Camping, Backpacking
· Travel Insurance
· Specialist equipment
· Medical costs
The earlier you start saving, the more money you will have and the fast you can begin your amazing year of travel.
· The cost will depend on where you go and the type of travelling you do. How many countries you visit will also impact the cost.
· Research the cost of travelling to your chosen destination in advance. Read travel blogs and watch videos to get an accurate idea of costs.
· Create a budget to stick to throughout the year you’re travelling.
· Your money will go further depending on the currency and cost of living in your chosen destinations.
· According to Indie Traveller, the average cost of travelling for a year is between $12,000-$25,000 (£10,000 to £20,300). This could change depending on the variables, so you need to make a personal travel budget to ensure you have enough to enjoy your adventure.
Planning a holiday or travel adventure is such an exciting prospect. You will create memories that last a lifetime. By saving up enough money to cover your travel costs, expenses, and emergencies, you can live your travel dreams to the fullest. Our jars can help you track your savings until you reach your saving goal, and you’ll be so proud when you get there.