How to Save Money for Traveling

Everytime I talk to people about traveling and the trips I have been on, there is always one common question: how do you get the money to travel too so many people for more than a week?! After making so many mistakes with money and not having a concrete budget plan, I taught myself a formula that works every time and I wanted to share it with all of you! I know that we have bills and traveling can be pricey but I am telling you it is not impossible. If you think about the total cost in one single shot, it can overwhelm you. Instead, let’s think about saving over time. We don’t have to rush. Follow my travel saving formula and other tips below!

If you are working…

What you need:

1. Amount of money you earn per week

2. End goal amount to make your trip happen

3. Number of weeks you have until you quit your job...ahem, you go on your vacation

Now calculate everything:

Travel Saving Formula

End Goal ÷ weeks until your trip = amount of money to save per week

For example:

I plan to backpack Cuba for a month. Yes! I am so excited and trust me I’ll be okay if I’m not allowed back in the country. (The first direct charter flight from New York to Cuba did take off last month though! There’s progression.) My goal is to save $3,000 in 19 weeks. If I plug it into the formula, it would be:

$3,000 ÷ 19 weeks = $157 per week

I would need to save $157 per week to meet my goal. If you subtract this amount from your average paycheck weekly, the money left over will be for your usual living expenses. If your end goal amount is unrealistic, then either adjust it to fit your reality OR keep reading below.

Okay, so what if you don't have a job. Let’s say you’re in between jobs, or maybe you don’t earn enough money in your current job. We can brainstorm:

Sell unwanted things on eBay or Craigslist: You know those old college books, electronics such as laptop or television and any other item you can get money from that you don’t use or need? Sell them! However, unless you have enough items to sell to raise funds for your trip, continue reading!

Start an Indiegogo or GoFundMe campaign: While this may be a great way to have family members, friends, and strangers support your travel journey, you would have to think of a real and convincing campaign story to get people to donate. It may be because you want to visit your grandparents in your home country that you haven’t seen in ten years—NOT because you want to lay out on the beach with a cocktail and catch a tan!

Work an odd job: Baby-sitting, dog walking, or house cleaning. There is no time to be prideful; you’re on a mission to save travel money! These jobs can be found on popular sites such as SitterCity.com, and Care.com.

Limit your usual unnecessary expenses: I understand that we are humans and of course we need to eat but... we don't have to spend all our money on food. We can eat breakfast at home, make lunch to go, and eat dinner when we return home, versus eating out all the time (and of course take snacks for in between. While you’re at it, cut down on that caffeine addiction. You don’t need a large soy latte with an extra expresso shot every single day. Decaffeinate yourself, it’s good for you—but if you must have a daily coffee, make it at home. Oh, and how could I forget—drop the cable bill! Most of the shows you see are online or on Apple TV anyway.

Let us know how you save for travel money.

Until next time...