How to save money for travel

Trying to scrape up enough money for your travel dreams can be a little challenging, even at the best of times. But we all deserve to explore the world! So we’re here to help out.

We’ve all heard the money saving tips before, and honestly half of the battle is just sheer discipline and willpower, but if you can push through and if you decide that travelling is just that important to you, then you can save any amount! Even a million! Wow! 

If you’re looking to save money for travel, start by checking out Contiki’s Big Travel Sale and then reading this article! 

Start by budgeting your trip

A good place to start is by establishing just how much you’ll need. Saving in general is good and all, but having a specific amount as a goal will make it feel so much more achievable. You’ll actually be able to track your progress and feel a sense of accomplishment!

The main things you want to take into account while budgeting for your holiday are these:

• Flights / transport
• Accommodation
• Food
• Activities

If you already know where you want to go then figuring out how much all of the above is in your favoured destination will be such a big help. You’ll also be able to check what times of year are best for travelling both price and crowd-wise. Taking flights into account will be a major player in your travel plans as well, and you can figure out how to get cheap flights here. 

Remember to budget a little extra for spending money – everyone loves souvenirs like silks from Vietnam, chopsticks from Japan, or tea sets from London!

Take currency into account

Depending on where you’re travelling to and from, currency exchange rates may work well in your favour! If you’re travelling from Australia for example and are used to spending in AUD, then you may find yourself pleasantly surprised by the exchange rate in other destinations like Thailand or the Philippines for example. This could mean you end up budgeting less!

Create a designated savings account

Once you’ve figured out your ideal travel budget, create a dedicated savings account. You’ll be able to do this with most banks, or you can create a handy Revolut or Monzo account where you’ll also be able to exchange into new currencies directly in your account instead of having to get cash out (though having cash on you is always a good idea when abroad).

Seeing the total add up in your separate savings account will help you stay on track with your goals, and keeping that money apart from your regular savings will ensure you don’t spend it (we know all about “emergency” withdrawals…).

Cha-ching! Keep your cash and coins close

A great way to save money for travel is to keep track of your current spending – duh – and a perfect way to do that is to make use of your cash and change. In this day and age of credit and debit cards and contactless paying, spending money can feel like a really intangible thing. If I tap my card here the money will be taken from some different place (through wires???) and put in a third different place and I don’t have to touch it at all!

Bringing back the tangible experience of trading money into your life will make you more aware of your spending habits, and you may be able to cut back on anything unnecessary or frivolous. 

And, speaking of change, save all your little coins and put them in a jar. They may seem like nothing at first, that can really add up. 

Keep an eye out for those sweet, sweet deals

Obviously a great way to save money for travels is by hopping on any travel deals and sales you can find. This is sort of out of your hands in the sense that companies go on sale when they go on sale, you’re not in charge of that, but you can keep yourself in the loop!

Identify the travel companies (hi!), airlines, and hotels you like, and sign up to any emails or memberships that could give you exclusive and extra discounts to help you save some coin.

Speaking of… have you heard of Contiki’s Big Travel Sale?

Share the financial planning and set up a travel fund!

Similar to setting up a separate savings account, except a travel fund is collaborative! Instead of getting tangible gifts for your birthday or Christmas or any other gift-giving event, ask that your friends and family contribute towards your travel fund. Even if it’s just £5, the number will quickly add up helping you along your goals.

Limit your spending

Well, obviously. If you want to save money for travels you’re going to have to sacrifice other things. A great area to cut down on is food, notably eating out and ordering takeaway. Not only is this a slightly healthier choice, but cooking for yourself instead of frequenting restaurants and fast food chains all the time will noticeably lighten the burden on your wallet (or make it more heavy with all that money?). Pack your lunch instead of buying it every day at work, meal prepping is a big trend for a reason.

If you’re worried about this ruining your social life, don’t! Ever heard of a dinner party? You can host, and make food, and everyone can pitch in and you’ll have just as good a time as if you were out at the fanciest latest hotspot. 

Generally it’s a good idea to take a look at your monthly spending and identify any areas that you can cut down on. There’s probably a subscription or two that you just never use but are still paying for, or maybe you’re buying too many groceries and not actually eating everything. This is sort of a boring task, but it’ll really help in the long term.

Of course, once you’ve saved all this money, you can spend it all on holiday! No local restaurant or street food stall is off limits while you’re there – trying new foods is half the reason to travel after all. 

Pay yourself

Similar to savings, you should start giving yourself the gift of money by paying yourself. How? Like, as a reward, duh. 

Listen, life without travel is hard, so to congratulate yourself on making it another day without lounging in some beachy paradise or stuffing yourself full of local bites, you should get a prezzie. Once you’ve completed that annoying admin task you’ve been putting off, once you’ve finally swept your apartment, once you’ve completed that run you kept promising yourself to do. Give yourself a reward and add a little more to that savings account or travel fund. This is a great way to make saving fun and give yourself a sense of accomplishment.

Credit card perks

If you are the proud owner of a nifty little credit card then you should pay attention to all the benefits on offer. Many credit card companies offer rewards and loyalty programmes that you can put towards travel, specifically airline costs. 

Travel with Contiki

If you marry into the Contiki family, we promise to love you for richer or poorer. Travelling with Contiki vs. travelling alone can prove to be quite cost effective as your transport and accommodation is all included in the package, as well as many activities and meals. You may have to pay a little extra here and there, but overall, you’ll be saving more than going solo. And you’ll be making loads of new and fantastic friends along the way as well, so you’ll become richer in that sense too! Beautiful, right?