There’s an old saying for when you’re deciding what to pack when you travel that goes, “Take half the clothes and twice the money.” If it were only that simple it would be great, but of course it’s not so easy. For most people, the two hardest things to come by when planning their trips are time and money. Often you have one but not the other. If you have them both in ample supply then consider yourself lucky, and this article isn’t for you.
If you’re planning a trip around the world, I’ll go ahead and assume you’ve got the time thng figured out. If you’re like most travelers, it’s the money thing that needs a little work. It’s really easy to start increasing your monthly savings by just making a few minor adjustments to your spending habits.
First of all, one of the best ways to get yourself in the right frame of mind is to start thinking in terms of what a certain amount of money can get you in some of the places you want to visit. $5 can get you a cheap hostel in many developing countries. There are many places in the world where budget travelers get by on anything from $5 to $20 a day. So if you start thinking that for each $10 you don’t spend, you’ve saved enough to spend one night at a beach in Southeast Asia, you’ll be on your way to a full piggybank in no time.
A few simple tips for saving money before you take a trip:
- Give up luxury expenses, like $4 lattes
- Start brown bagging your lunch, and eating in as often as possible
- Limit entertainment expenses. If you like movies, then rent them on DVD. If you want to go to the theater, stop buying concessions, and try to see matinees.
- When eating out, drink water and avoid alcoholic beverages. Skipping the soft drink at $1.50 saves you enough for a meal in many places.
- Avoid out of network ATM fees, and any other bank fees in general, like the plague. These add up fast and when taken together could keepyou on the road for a lot longer.
There are countless more ways to save money, but you get the idea.
The great thing about saving for a big trip is that it can be almost as enlightening as the trip itself in terms of opening your eyes to how much we needlessly spend money of frivolous things. It just so happens that it’s easier to start saving when you have a goal as monumental as a trip around the world.
Once you’re on the road and you see what you can get by on, chances are you’ll wonder if you’ll ever be able to spend $5 a day on coffee and $10 a day on lunches at work. The best part is that you probably won’t.