One of the biggest barriers to travel is the belief that it’s simply too much money.  How can you possibly afford to go anywhere when you have so many day-to-day expenses?  Between housing costs, cable, your cell phone, insurance, gas, groceries, and all the unforeseen emergencies (new tires are going to cost how much?!) travel seems just out of reach.

But it doesn’t have to be!

Beyond racking up rewards points and finding the very best sites for travel deals, it simply comes down to setting aside money.

By using these 6 simple tips on how to save for travel, I’ve turned my own dreams of seeing the world into a reality.  And you can too!  Here’s how:

1. Pay Yourself First

This is the #1 tip on how to save for travel (and the one that’s helped me travel so extensively).  Whenever I get paid, the very first thing I do is set part of my paycheck aside in my Adventure Fund.

This is separate from my regular savings account (which is used for those unforeseen emergencies).  The money set aside in my Adventure Fund is only to be used for travel-related expenses.  This ensures at the end of each year I have a nice little nest egg for my upcoming trips.

Even if you can only squirrel away a little at a time, it adds up!  $20, $50, $100+ on a regular basis will grow considerably in 12 months.  Especially if you put it into an account with a decent interest rate!

And because the money is set aside for the sole purpose of travel, you don’t have to feel guilty for using it to jet off on your dream vacation.

2. Eliminate Unnecessary Expenses

This is a sure-fire way to add to your own travel fund.  Cutting unnecessary expenses like your daily Starbucks, monthly gym membership, and dining out can save a bundle!

Start making your coffee at home (it’ll give you an excuse to get a super cute Thermos!)  Rather than a gym membership, invest in a few free weights and work out at home (which has the added benefit of eliminating awkward locker room nakedness!)  Instead of a girls night out, why not enjoy a movie with some wine in front of the fire?  You can buy an entire bottle at the store for the price of a single glass at a restaurant.  So you know what that means – more wine for everyone!!!

EXPERT TIP: Track Your Spending

How much will you really save from cutting a few expenses here and there?  You’d be surprised.

An easy way to gauge how much you’re overspending is to track your purchases for 30 days.  Write down everything you buy and then evaluate.  How much is going towards entertainment?  Gas?  Coffees?  Lunches out?  Impulse buys?

Grab a barf bag and be prepared for some nauseating sticker shock.  Then use that knowledge to make some changes! 

For example, formulate a monthly budget.  I break the month into two-week segments and detail what bills are due and how much I’m allowing myself for food/entertainment.  Then I include how much I’m setting aside in my Adventure Fund, and anything extra goes to general savings.

This helps keep me on track so bills aren’t a surprise and spending doesn’t get away from me.  And building my savings into the budget ensures I don’t get lazy and burn through my extra cash.

3. Lower Your Bills

Another great strategy for how to save for travel is to lower your monetary obligations.  A great way to lower your monthly expenses is to simply have a good, hard look at your bills.  How much are you paying for insurance?  Has the cable company raised your rate again?  What’s your cell phone costing you?

An annual review of your insurance is a good idea anyway, so why not also evaluate its price?  Can you get cheaper (and equally comprehensive) coverage elsewhere?  And then there’s cable.  Once your package pricing expires, simply call and ask what their current specials are.  In an effort to retain customers, they will always find a lower rate for you.  Easy peasy.

With a little digging, household bills are a gold mine for monthly savings!

4. Consolidate Debt

How much are you paying on your debt?  Chances are, a lot more than you need to be.  Having a good, hard look at the debt you have is another great approach on how to save for travel.

The most expensive debts are typically on credit cards.  And who doesn’t have a credit card these days?  But if you’re not disciplined about paying them off each month, their high-interest rates can be costly.

We’ve all seen ads for 0% credit cards, but they can still be costly if not paid-off completely within the promotional term.  And their balance transfer fees can be expensive!

Instead, try paying off your high-interest debt with lower interest collateral.

A home loan is a fantastic way to do this!  You can roll your high-interest debts into your mortgage, so you have just one monthly payment (called a “cash-out refi”).  Bonus: you can write off most real estate interest on your taxes so it’ll save you even more!  And it can also help improve your credit!  Installment loans (like mortgages or other term debt) are looked at more favorably by credit reporting agencies than revolving debt (like credit cards or lines of credit).

If you don’t own a home, you can use the equity in your car as collateral instead.  Car loan rates are going to be much lower than rates on credit cards.  And as a term debt, it’s another that will help your credit score!

EXPERT TIP: Maximize Your Savings 

Always pay off your credit cards that have the highest interest rate first.  This will lower what your debt is costing you, and allow you to pay more towards principal.  And that means you’ll pay off your other debts even faster!

In addition, when you charge on a credit card use one that will earn you savings for future travel!  I personally love the Capital One Venture card, and use it for all my daily spending.  The rewards are flexible, they add up quickly, and their app is extremely user-friendly.  There are several other travel rewards cards out there, so find one that’s right for you and put that sucker to work!

5. Shop Your Closet

How is it possible to have an entire closet full out clothes and still have nothing to wear?  The struggle is real.

Rather than running out to buy more clothes you’ll forget about in a month, shop your closet!  It’s amazing what you can find by simply digging through your existing outfits.

Every six months I do a major closet clean-out.  But before something goes in the donation pile, I try it on one last time.  Surprisingly, a lot of things look great!  I’m left shaking my head wondering why it hasn’t been in heavy rotation all along.

This not only helps me rediscover lost treasures, but it also thins out the herd so I don’t have a lot of “B Team” items hiding my go-to’s.

It’s a proven fact that the more options someone has, the less happy they are with their choice.  So embrace the “less is more” mentality and get rid of things that don’t leave you thinking “Damn, I’ve still got it!”  It’s a great strategy for how to save for travel instead of spending money on unnecessary clothing.

6. Sell Your Stuff

One man’s junk is another man’s treasure.  And what does that mean for you?  Money!

Look around your house for things that are simply taking up space and list them on eBay or a similar site.  How many purses do you really need?  What about the sporting equipment from that one time you were going to take up tennis (or yoga, or cycling, or skiing… you get the idea)?  Or books, furniture, toys, home decor, etc that are now piling up in the garage?

Sell that sh*t!

You’d be amazed what people will pay for!  Not only will it help you earn extra money for your travel fund, but it’ll also help you declutter.  Jackpot!

Using these six simple tips on how to save for travel, you too can make your wanderlust dreams a reality!

Do you have any money saving tips and tricks?  I’d love to hear them!  Comment below with a few ways you’ve saved for your own travels.

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