One of the major reasons why most of us fear travelling frequently so much is money. It burns a hole in our pocket, even if we travel on a budget. So, do you have the itinerary to your dream trip lying somewhere in the drawers of your desk? And the only reason stopping you from packing your bags and take that trip is because you don’t have enough finances? Then welcome aboard, my friend, because you are not alone. Most of us who live in big cities face financial troubles sometimes, if not frequently, and saving up for travel seems like a big task because we often drain our savings account during harder times. But what if we told you that there are ways to cut your expenses easily and save that money for travelling?
There are a lot of expenses bleeding our finances that we don’t even realize and some of these expenses may seem too small to make a difference, but together they can make an enormous and substantial difference over some time.
Here are 12 ways to cut your expenses and save up more money for travelling.
Most of us had made budgets for the first few months we started earning but never really tried hard enough to stick to it. The foremost thing to do when trying to cut the unnecessary expenses is to make a reasonable budget for yourself and try sticking to it as much as possible. This way you also will be keeping a track of your spending and be surprised at where your money goes once you start paying attention. Keep a record of your discretionary spending and try to avoid them as much as you can.
2. Cook at home
To keep your food bill low, cook at home more often. Restaurants are expensive and eating out every other day wounds your wallet. Learn to cook food from thousands of cooking sites, recipe blogs, and YouTube videos. They will teach you how to make easy and healthy meals. Think about the large sum of money you would be saving by cooking at home.
Another benefit of eating home-cooked meals is you’ll be eating healthier food and that will most definitely reflect on your body too. Some people also say that cooking is therapeutic. Wouldn’t hurt to give a shot, right?
3. Use public transportation
Using public transportation is much more convenient than what you believe. They might take a little while longer to reach your destination, but you’d be saving so much on car insurance, fuel, loan payments, and regular repairs.
If using public transportation is not feasible for you, try carpooling or sharing your ride. This way you can divide the expenses, and it won’t be such a burden on you. If possible, walk or cycle to nearby areas to save up on the money spent on cabs, and it also doubles as a workout regime.
4. No online shopping
Are you one of the people who randomly and impulsively buy unnecessary items online simply because you are bored? Delete the shopping apps from your phone that tempt you so much and save up the money that you would have wasted on something that you don’t essentially need.
5. Turn off the appliances
Electricity is much more expensive than we assume. Turn off your electrical appliances when they’re not in use. Also, replace your light bulbs to energy-efficient bulbs which will not just cut down on your utility bills but are also environmentally friendly. You will not only be saving money but also doing some good for the planet.
6. Sell your unnecessary stuff
If you own stuff that you don’t use and won’t even be using in the foreseeable future, sell it. Have a guitar that’s collecting dust in the corner of your bedroom? Sell it. Have an old cricket kit that you never even used? Sell it. Anything that you no longer need or desired and is in the condition to be used by someone else, you can do yourself a favour and sell it. You will get to earn some money and also get rid of the clunk.
7. Cancel memberships and subscriptions
There are multiple memberships and subscriptions that you don’t even realize are bleeding your money. Cancel the memberships and subscription that you don’t use or need. These subscriptions and memberships are nothing but expensive and recurring clutter, and you need to get rid of them.
8. Buy second-hand items
Buy goods like electronics, books, furniture, and other items at discounted and sometimes half the price from thrift stores, websites that buy and sell second-hand items, wholesale websites, etc. Why pay the full price for something when you can pay half or at least get a heavy discount?
9. Shop for groceries only when you need to
This way you will be only buying what you need and also minimizing wastage. Commit to finishing the bulk before you go out shopping again. Another important tip is to never go grocery shopping when you are hungry. Everything will appear to be more tempting, and you’ll end up spending much more than you should.
10. Make your own coffee/smoothie
Do you need to spend so much money on getting coffee or smoothies from the expensive chains? This is a daily expense that drains your money quickly without you even realizing it. You can avoid spending so much on them and simply start making your coffee or smoothies.
11. No cinema
I know it’s fun to go out for a movie night with your friends or boyfriend/girlfriend, or even alone, but watching movies at the cinema is an expense that you can easily avoid by streaming it for free. You may have to wait for a while longer to watch them, but the money you save by not going to the movie theatre is worth it.
12. Set up a separate bank account
It has been recommended by financial experts to set up a separate bank account and have money be automatically deposited into that account every pay cycle. Putting the money in a different account would take it away from your spending and not keep tempting you to overspend. Also, fight the urge to raid this account unless necessary.