If you’re planning to travel this year, you may be looking at ways to save money. The word ‘budgeting’ is a bit like ‘dieting’. It feels restrictive and brings to mind the idea of doing without. Fortunately, there are ways you can save money without feeling the pinch. You just need a few strategies and a little creativity.
1. Review Your Outgoings
First things first. Review your outgoings over the last few months and make a note of where you spend your money. This will include rent, bills, food, entertainment, etc. Now look for costs that could be eliminated. This may include the following:
* Subscriptions to magazines you’re no longer reading
* Memberships to gyms, spas, etc. that you’re no longer using.
* Daily coffee from the posh coffee shop; make your own and use a travel mug instead
* Takeout food
There are several apps available to help you track your spending.
If you’re just planning for one small vacation, this may not be relevant to you. But if you’re planning on a big vacation or an extended period of travel, then it’s worth reviewing your options. Most of your monthly expenditure is likely to be spent on rent or mortgage payments. Is there a way you could reduce this? For example:
* Moving into a smaller and less expensive house or apartment
* Moving in with a friend to share expenses
* Taking in a roommate
Energy bills are becoming increasingly expensive, and if you haven’t done so already, it’s worth shopping around. There are big annual savings to be made that could all be redirected to your vacation pot.
4. Shop Smarter
The best way to save money on shopping is to get into the habit of scrutinizing everything you buy. Before making a purchase ask yourself whether you really need the item. Also, look for ways to make savings on purchases.
If you shop online, search for voucher codes before completing your purchase. Click here for discounts on several well-known shops and brands.
Before completing your grocery shopping check the local newspaper for coupons. The savings are surprising.
Instead of defaulting to your usual grocery store, look around. It might be worth splitting your shopping between a couple of different stores to get the best deals.
Commuting can also take a hefty chunk out of our monthly salary. Look for ways you could reduce this. If you drive, consider carpooling to share the expense. In fact, it’s worth reviewing whether you need a car. If you can rely on public transport, you could immediately eliminate insurance and gas costs, etc.
If you use public transport to travel to work, is there a cheaper option? Season tickets can save you money. Or, would it be possible to reduce your journey by walking part of the way?
Many towns and cities have created cycling lanes to encourage more people to travel via bike. If this an option for you, it will not only save you money but will increase your fitness levels at the same time.
There are lots of ways to save money if you think carefully and review your outgoings. How much you want to forego, depends on individual circumstances and your travel priorities.