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Your 20’s is a prime time to get your travel on. But it’s also a time where you may not be bringing in a ton of income to pay for said travel. That doesn’t mean you have to give up your dream of globetrotting sooner rather than later. No way, my friend.
It is possible to travel for an extended period of time, to simply take weekend getaways, or regular vacations abroad. The trade off is you may have to make some sacrifices in other areas. But these sacrifices are worthwhile if they’re going to help you travel more. Here are some tips to help you save more money for travel in your 20’s:
Cut your regular life to the bare minimum
Ask yourself: what in every day life can I live without? This could be getting a roommate, moving home with your parents, or limiting all partying activities on the weekends. My spending problems used to be clothes, shoes, and make up. When I took these expenses out of my monthly budget, I had much more cash to spare for stuff I wanted to do.
You’ll probably realize after looking at where you’re spending money during the month that you really don’t need that much money to satisfy your basic needs. These needs being having a roof over your head, food to eat, and transportation to your j-o-b.
So, create a budget for yourself. (Learn how you can create one here.)
Write down your income and then your expenses. Whatever you have leftover should go to your travel savings. Your friends, coworkers, family, and other haters may tease you for living so frugally while working towards your goal. Two words. Screw ’em. Do what you have to do to put away money.
Set your goal
Map out how much it’s going to cost you to travel and keep in mind everyone’s idea of travel is different. For me, travel includes international and stateside trips by car and plane that last just a few days or a couple of weeks. Any new experience or time away that takes me out of my current state and into a new experience is a trip.
Your goal and idea of travel may be different. You may want to go non-stop backpacking through Asia for several months. Figure out how much this is going to cost you:
- What’s the plane ticket cost?
- What will room and board cost you?
- What will food cost you?
When you have a total cost in mind, you can figure out how much you need to save each day, week, month, and year to make it happen.
Be creative to bring in more cheddah
If you reach a point where you can’t squeeze anymore money out of your budget, it’s time to get creative with bringing more money in.
Consider starting a side business before you travel that you can do remotely. This way if you do decide to take a significant time away from traditional work you can bring in cash while working abroad.
My main source of income is freelance writing. I got into freelancing by first creating a blog to showcase my work, then started pitching to publications and entrepreneurs. That’s not the only route that you can take for remote working though.
You can do photography, graphic design, web design, virtual assisting – you name it. If you need a kickstart in the idea department, here are 80 ways to earn money.
Besides remote work, you can get a part-time hustle waiting tables, cleaning houses, driving Uber, or delivering packages through Amazon Flex. There’s plenty of opportunity to bring in extra cash.
Gather the pennies, nickels, and dimes
Before you write this tip off as crazy and absurd, hear me out. I’ve had change counters that were filled to the brim regularly. I also signed up for Digit in the middle of July 2016. The app is kind of like a change purse. It finds dollars and cents in your bank account that you don’t need based on your spending habits and transfers it to a savings account.
Transfers happen as often as every day. In a little over three months, from mid July to October, my Digit app account has collected over $600 in it. The change I collected physically and digitally ended up paying for half of a cruise. If you want to check out a full review of Digit, go here.
The point is. If you find spare change keep it. That stuff adds up over time. Believe that.
Keeping yourself on track
Setting out to do all of the things above is one thing, keeping the momentum is another. It’s normal to be gung ho about something for the first two weeks and then lose focus. The invitation to happy hour starts sounding good. The blow out store sale email that comes to your inbox starts looking tempting. Don’t take your eyes off the prize.
Being consistent with your savings is what’s going to get you on that trip, ya’ll!
P.S. Are you new here and want more tips on getting your financial life together? Try these posts…
- Why You Should Give a Damn About Your Credit Score
- How to Save Money When You Feel Broke as Hell
- How to Make 2019 Your Big Year – For Real This Time
- How to Cut the Crap and Start Saving Now
- A Simple Way to Automate Your Savings
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