WAYS TO CUT YOUR EXPENSES AND HAVE MORE MONEY FOR TRAVEL
Grab a piece of paper and record all the expenses you have set, such as mortgage/rent, car payments, cable/streaming bills cel,l phone charges ins, insurance, school expenses, and more. Add them all up.
Note down your discretionary expenses. It’s what you pay on meals, movie night drinks, shopping for the daily coffee you get from Starbucks cigarettes, tickets to sports events, lunchtime snacks, and similar items. If you’re unsure what you are spending your money on, track your expenses for two weeks, see what you paid, and then revisit.
Take all that together -What did you receive? It’s most likely a substantial amount of money.
I’m betting there will be some expenses you didn’t know existed. Finance experts call them “phantom expenses” — you don’t know they’re in the first place because the costs are tiny. Many people squander money without even knowing that they have done it. One dollar in the morning and one penny there can add to. Even a soda or candy bar bottle could make a massive change over one year.
What does this have to do with relating to travel?
One of the most common reasons you believe you cannot travel is the cost. “I can’t afford it,” people tell myself, “I have too many expenses.” Most of us have costs that we cannot reduce (though be aware that when you travel in the long run, many of these expenses will disappear). If we can cut out the phantom costs, reduce our prices, and look for other ways to save, we can increase our travel funds faster.
If you are planning to travel more often or save for a particular trip, making a budget is essential. This will allow you to see where you can cut and the money you earn is being used.
Reduce your expenses every day, and reducing your costs and reverting to a simpler style of living can let you make money to go on a trip across the globe without looking for additional ways to earn income. I’m sure these suggestions are successful because I applied these before my first round-the-world journey (and continue to use the tips to keep my expenses down).
The less your income, the more time it will take you to save enough money to travel. But longer does not mean never. Every day, a little adds up to quite a bit throughout a long time.
Here are some easy and innovative ways to reduce your expenses as well as earn some money and be on the road earlier:
Monitor your expenditure
In the introduction, many people don’t have budgets. Therefore, the first thing to do to cut costs is to be aware of what you’re spending it on. Nowadays, in which you can use apps and apps, and then cars arrive at a moment’s notice, it’s hard to think about the amount we’re spending. Use a spreadsheet or an app such as Mint to keep track of your expenditures. You’ll be amazed at where your money is going when you begin paying. I’m from Austin and realized I spent around USD 100 monthly scooter trips. The distances I ride these aren’t very long and, as the weather is generally lovely, I decided to begin walking more. It’s healthier and also less expensive. It’s a $1200 per year savings (i.e., only a few months spent living in Southeast Asia!)
Keep track of your expenses and continue to do the same – to continue cutting off the less attractive fruit and discover where you’re wasting money. It’s possible to use an Excel spreadsheet or a website such as Mint or Onomy to keep track of your spending.
Create a separate account for your bank.
Financial experts have long advised this. Establish a separate banking account and have money automatically deposited into that account every pay cycle. Whatever amount you save, having the money in a charge different from your bank means you’re not spending, and you won’t go overboard. Imagine this as the piggy bank. Do not rob it. It’s your travel money.
Cut the coffee
Are you a fan of Starbucks? Well, Starbucks loves your money. Coffee is a cost you pay for every day that slowly will drain your bank account without you even realizing it. A daily cup of coffee for $5 will cost 150 each month. With a cost of USD 1,800 per year, that’s about two months of living in Southeast Asia.
What’s more important? Your everyday glass of Joe or spending time at the beach in Thailand and a trip through Borneo’s jungle?
Sure, sacrificing your cup of coffee may seem like a “duh” thing. Yes, there is a benefit in the time you save from purchasing a coffee maker. In normal circumstances, this is “small thinking” financial advice that’s not worth the effort or time.
However, at the moment, you’ve got a travel goal to achieve, and each cent is essential.
Learn how to cook.
Everyone needs to eat, but eating out can be costly. To keep your bill for food affordable, make sure you cook more often. I started cooking while in college (a technique that has been helpful to me since then), and before leaving to go on the first of my trips, I reduced my dining out time to two meals every week. Every meal else I prepared myself. I would keep the leftovers for dinner the following day, making more money.
There’s no need to be a master in the kitchen, either. There are millions of cooking websites, including YouTube videos, as well as recipe blogs that can help you make quick and healthy food. I rarely take longer than 20-30 minutes to prepare the food.
Lose the car
Vehicles are highly costly to maintain between repairs, insurance loans, repairs, and fueling your car with gas. Remove your vehicle as much as you can. Make the most of the bus, trains, bike, or walk. It might take a bit longer to get to work on public transport. However, you can use the period to think about your next trip, read, write, or complete other productive tasks.
I realize this method might not work for everyone, mainly those who live in small towns that don’t have a comprehensive public transportation system. However, another option is to dispose of your vehicle and purchase an inexpensive used vehicle that you’ll only require for your travels. Buying a used car allows you to save the money you earn from your expensive vehicle and apply it to your travel plans.
Furthermore, with the emergence of Uber, Lyft, and other ride-sharing companies and apps, getting around has never been easier, even in smaller towns. Please look at the numbers; however, taking Lyft around town might be more affordable than owning the car. (Plus, should you require the vehicle to travel long distances, it is possible to rent one quickly.)