Skip to content Skip to footer

10 Effective Strategies for Saving Money for Travel

If you want to save money for travel, you’re in the right place. Here are 10 easy tips and changes you can make in your daily life to achieve your financial goals. You don’t have to follow all these tips exactly; just choose the ones that suit your lifestyle and adjust them as needed. Make them personal to you and watch your savings increase.

1. Create a Travel Goal with Multipl

Once you have a budget for your trip, you can use the Multipl app to create a Travel Saving Goal. This fintech app helps you save money by leveraging the power of mutual funds. Once you set the goal amount and time duration, Multipl recommends the best mutual funds based on your risk profile and market valuation. To make things even easier, you can set up AutoPay Mandate to automate your saving process. 

For example, let’s say you’re planning a 1-week trip to Shimla and plan to save ₹40,000 within 8 months. With Multipl, you can set up monthly SIP instalments of ₹5,000 and ensure you don’t miss any payments.

2. Set a Daily Budget

It’s important to set and stick to a daily budget to reach your savings goal. Here’s an easy process to figure out this budget: 

  1. Create a list of necessary monthly expenses like rent, gas, utilities, health insurance, groceries, etc. 
  2. Create another list for non-essential monthly expenses like a gym membership, internet, happy hours, eating out, movie tickets, clothing, etc. 
  3. Use two highlighters to mark each item on your lists: 
  • Colour A: Necessary monthly expenses 
  • Colour B: Non-essential monthly expenses 

Calculate the total cost of the items marked with Colour A and divide it by 30. This calculation will give you your daily budget.

It may take a few weeks of trial and error to find the right budget. If you consistently go above your budget, consider increasing it slightly. On the contrary, if you never reach your daily amount, challenge yourself to cut your spending even further.

Remember that budgeting is a personal process and should be realistic for your lifestyle. If it’s not, it won’t be easy to stick to it.

3. Track All Your Expenses

It’s also important to track your expenses, even the little ones. This is how you’ll stay committed to your savings goal. Often, the small things – a new shade of nail polish or the daily espresso – add up without us even realising it.

When you have to track every spending, you’ll question your purchases: “Do I really need this?” It may seem a bit difficult at first, but it becomes a habit with time. 

4. Balance

It’s completely fine to treat yourself occasionally, and a little overspending shouldn’t dampen your spirits.

However, if dinner and drinks with friends add an extra zero to your daily budget today, be mindful of your spending for the rest of the week. Over time, your splurge will balance out with your disciplined spending.

Also, try to plan ahead: If you know December will be a financially demanding month, be extra frugal during October and November. By finding a balance between spending and saving, you can keep your travel saving goal under control.

5. Cook Your Own Meals

Cooking your own meals is one of the most effortless ways to save money. When you cook at home, you control the cost of ingredients, practice portion control and utilise leftovers, plan meals efficiently and make healthier food choices. By shopping for budget-friendly ingredients, cooking in bulk, and avoiding the added costs of restaurant meals, you significantly reduce your food expenses. 

6. Shop Smarter

There are many easy ways to shop smarter and save money. For instance, buy items in bulk, take advantage of weekly specials, use coupons, share subscriptions, consider shopping at thrift stores, etc. You don’t have to do it all, so choose a few that make sense to you and try them. Saving money can bring a satisfying feeling! 

7. Have Fun for Free

By looking for free entertainment options like exploring nature parks, visiting public libraries, attending community events, organising picnics or game nights with friends and family, or utilising free online resources, you can have a fulfilling and fun experience without any financial burden. Embracing these cost-free activities not only reduces your expenses but also encourages creativity, fosters relationships, and promotes a healthier approach to leisure, all while helping you reach your savings goals.

8. DIY

Many times, we spend money on services without much thought. And many of these services are actually things we can do ourselves, like washing our own car, having our own spa night, etc.    

We’re not saying you should do everything yourself, but if you take on a few more tasks on your own, you can save a lot of money. Not only that, you’ll also learn valuable skills as you go along.

9. Hold Onto Your Bonus

People often come across unexpected money in the form of a bonus, and they spend it without a second thought. Save that unexpected money instead of spending it on a spontaneous splurge.

10. Get a Side Hustle

Getting a side hustle also helps you save more money. You can do freelancing or become a tutor in a subject you enjoy and more. So, if you have the time, skills, and resources to make it happen, get a side hustle in addition to your main job.

Final Words

By prioritising your travel goals and adopting smart financial habits, you make steady progress towards your desired destination. You also enjoy great discounts and deals with Multipl, which can help you save even more money. So download the app now and start saving money for your next trip!

Download Multipl: One of the Top Investing Apps preferred by Smart Investors

Leave a Reply

%d bloggers like this: