🌏Travel feature - How to Save for travel (Part 2 of a 2-part series)

Estimated reading time: 3 minutes 

First of all, this is proving to be the hardest blog post to write. I am having to battle an unmotivated mind and low brain focus to pull this off, so I am giving myself a pat on the back for actually writing this paragraph. I'll reward myself with a lolly/ice cream after I successfully complete this blog.

Before you proceed with reading the rest of this post, you might want to check out Part 1 of this 2 part series. And while you're at it, do check out my travel channel. Thank you for subscribing 😉

Here goes everything...

1. Set a travel amount.

This is essentially going to be your travel SAVING goal. Your saving goal can be based on the cost of 1 trip or the cost of ALL the trips you intend to take in a year. It's totally up to you.



2. Create a budget.

For each of the trips you intend to take, you are going to create a budget for them. If you are only saving for 1 trip then skip to number 3.


3. Create a travel checklist.

Write down what you will need for each trip then allocate spending amount to each checklist item. At first, it might be a rough budget for each item. But as the time draws closer, you can spend some more time creating a more detailed budget.
This will mean you will need to do some research on the cost of living in the country(ies) you are visiting. (That's if you know where you are going already).


Now let's get practical.

4. Open a Savings Account or Pot specifically for travel.

One lesson I have learnt this year is that, one must save for a purpose. I can't emphasize enough how being intentional puts your mind at rest when you know that the money you have put aside won't be touched until the time comes.


Let's take a pause at number 4 and ask ourselves key questions.


What type of account should you use?
I mentioned a savings account or a savings pot. Most modern UK banks such as Monzo have features such as 'Pots'. This allows you to allocate your money into separate boxes based on the purposes. You can have a pot for car, holiday, utilities and so on...to keep the monies separate. Better still, you can personalize your pots by naming them (obviously), adding an image so you can visualise the goal, lock the pot and even hide the pot so you are not tempted to touch it. Also, you can set a saving goal for your pots. I have been using this feature with my Monzo personal account as well as other tools. Another is coming up next.


I have also been using an app called PLUM
Boy I wish I was paid for helping you like this. Hands up if you would subscribe to an Intraordinary club? Well you'll have to settle for a newsletter for now.

Anyway back to it.

I started using PLUM which is an automated savings app since January 2022 and up to the end of March, it was able to compile a total savings amount of £120. You can read more about how it works by clicking on the linked text above. I will highly recommend it as an additional tool for saving and budgeting. 

Now regarding savings account, there are 3 main types: easy access, fixed and ISAs. Easy access allows you to see what you have and access it anytime but fixed accounts will allow you to move or withdraw only after an amount of time. Do shop around for which bank accounts have good interest rates and terms and conditions. Let me just add that Plum offers between 0.25% to 0.45% depending on the account type. 

Let's move to Number 5.

5. Take a look at your spending. 

Someone I know, sets aside time at the weekend to do something they call, 'Life admin'. This is where they look at their incomings and outgoings, see which spendings made a dent in their finances and plan their outgoings for the next month.

 
I don't know about you, but for someone that wants to be in better control of their finances, I am now adopting his method. I'll be life admining this bank holiday weekend...like TODAY!

If you are tight on the money side, here is some quick advice. 

• You can Stop some direct debits and Shopping too much. The shopping should be your first point of call as you have more control.
• Cut down on costly Entertainment - if you are really stuck, try cutting down your spending on entertainment: Netflix/Prime video, movie renting, music subscriptions etc.
• Eat out less - Spending £50 in a night can be the same amount as your grocery and food spending in a week. So think carefully about when you choose to treat yourself.

6. Buy it cheaper.

3 ways you can spend less on your dream holiday is by 1; choosing to travel outside of expensive times. These expensive times are close to the school holidays, national holidays or global holidays: Christmas and Easter. 

Secondly, buy your tickets at sale price. These could be your flight tickets, accommodation + flight deals or tour packages.

Thirdly, you can eat for less or stay for less. So consider reducing your spending on your accommodation by swapping your hotel stay for a hostel or guesthouse. Try to avoid buying at tourist hot spots as prices will be higher unless you are prepared to haggle to pay less. 

So these are my 6 tips on how to save for travel. I hope you have learned alot and got some new tips you didn't know before. I am going to end it here and give myself a pat on the back, treat myself before beginning my life admin session. Don't forget to comment and share. I'm sure someone else can benefit from my hardwork. If you would like to give or support this blog, you can by visiting my merch shops and buying something to wear for your trip. (Something to remember me by 😜). Thanks for reading.

Till next time,

Happy Living!

Claudy xoxo