Believe me, I know that desperate feeling of wanting so badly to save money for travel but it just felt impossible. Now, I am so thankful to be at a more stable place financially and it’s my mission to help others do the same. Keep reading and we’ll dive into 8 ways you can start to save money for travel even if you’re broke.
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The best way to instantly get more money in your pocket is by eliminating useless things that are taking your money. Things like cable, unused memberships, shopping sprees, cosmetic home repairs etc.
If you are truly in a place where you feel broke, then you have got to quit spending your money on things that are keeping you there.
Maybe having cable TV is super important to you, but did you know you can save over $1,000 a year by switching to a digital antenna? BOOM! Travel fund.
If you decide that keeping an unnecessary expense like cable TV is something you have to do, that’s fine, it’s your life. But then you have to know you are choosing TV over travel.
Sometimes you can do everything you can to reduce your bills but at the end of the
Three years ago our family of 5 sold our house to downsize. We did this for more freedom both time-wise and financially.
As a general rule of thumb, you should be paying less than 30% of your take-home pay toward your mortgage and home costs.
Living on a budget is a lot more freeing than it is restricting. A simple way to get started digitally is by using the
Some people struggle when it comes to digital budgeting. I get it. That’s why I created a super simple, easy to use budget bundle that allows you to create a budget, build a savings, pay off debt and even plan and save for vacations!
Do you have a place in mind that you are wanting to travel to? If so, really make sure you are calculating all of your expenses so that you can create a realistic travel budget savings goal to work toward. It’s possible to save money for travel even if you’re broke as long as you plan smart.
Take advantage of my Vacation Planner in my budget bundle to help you weigh your options so you know you are saving the absolute most money that you can.
When it comes to keeping a travel budget as inexpensive as possible, I often turn to Airbnb.
Once you have reduced your monthly expenses and you know how much you are going to need to save for travel, just start saving. It’s as simple as that. No matter what your income, find ways to start saving small amounts.
My top recommendation for savings accounts that work for a travel fund are ones that actually pay you when you save. That means, you put in money and the savings account puts in money too!
Unfortunately, the majority of savings accounts are paying you around .01% — these savings accounts are paying you 1.85% or more!
Before you start an awesome travel fund, it’s important to make sure you are taking care of other financial aspects of your life.
This means, you are saving for retirement, have a solid emergency fund and
Need help with retirement? There is a great membership called Rule Your Retirement that will teach you all the best ways to get the most out of your social security, receive reduced benefits early, slash your tax bill and more.
Debt can be the biggest weight on a person when it comes to financial freedom. If you actually take a moment to calculate how much money you spend each month on debt you just mind find your jaw dropped on the floor.
Our family was spending around $1,200 per month on debt when we finally decided to start a debt payoff plan. We chose the Debt Snowball that is recommended by Dave Ramsey. You can check out a quick 5-minute breakdown of how this method works.
Whether it’s to help you pay off debt or to save for travel, I highly recommend starting a flexible side hustle. There are so many easy-to-start side hustles these days, you are insane if you’re not taking advantage of them!
Maybe you’re saying, “I already work full time and have kids, there is no way I have time for a part-time job!”
What I’m saying is there are jobs that let you work whenever you want. Set your own hours and you can make extra money.
Instead of just working to save money for travel, why not learn how to make money while you travel?
Passive income is a serious game changer guys. If you haven’t heard about it, passive income, put simply, it is a way of putting in the work, finishing the work, and then getting paid for it over and over again. For example, writing a book. Once the book is written, an author can continue to get paid for it. Although, when it comes to a book launch, a lot of hefty promotion is required. But you get my drift.
So what are some great streams of passive income that you could be making while you travel? By now, you probably know my personal favorite is blogging.
Blogging -Running a blog allowed me to travel to Texas and Idaho for family members. When my stepdad fell ill, I was able to take a full week off to help him through hospice care and when I got home, I had still made money. This is how passive income works. Even if you’re taking a little time off, you still have the potential to get paid. Learn more about getting paid to blog.
Start investing – Investing doesn’t have to be a scary thing. In fact, it can be incredibly beneficial to you and is one of the most lucrative ways to get paid over and over again. Here are my top three recommendations for beginner investors.
Airbnb – Putting your home on Airbnb is the perfect way to get paid to travel. You get an excuse to take a vacation and while you are away, you know you’re making money by hosting your home! It’s a win-win for everyone. Check the Airbnb calculator
There are endless amounts of ways you can be getting paid every day. Often times it just means taking a leap into the unknown.
Most importantly when it comes to planning to save money for travel, starting a new job or even learning to invest your money, the most important thing you can do for yourself is change your money mindset.
The bottom line is if you believe that you are stuck with money and there is no way out. Then you are right. If you start telling yourself you can win with money and that there is a way out, then you’ll be on the right track.
One of the best ways to change your money mindset is to pay yourself first with a smart savings account and by giving your money away. I know that might sound counterproductive, but I promise it will benefit you. The more you open your fist and lose your grip on money, the more easily it can flow out of your hand and right back in again!