Travel Savings: Beginner’s Guide to Boost Your Travel Fund

Travel has always been one of our favourite ways to not only explore the world but as a way to detox from our busy lifestyles. While travel is considered a privilege it doesn’t mean you have to be rich to enjoy the benefits a holiday destination can afford you.

We have been fortunate to explore various parts of the world while working full-time. But this wasn’t without forward planning to dip into our travel savings which helped to fund our trips.

Saving doesn’t always come naturally for many of us and it can be struggle to get the cash together for a big trip if you’re not used to being careful with your money. While we don’t suggest you have to be overly frugal we have listed our best tips and tricks to get closer to your travel savings goal!

So get out your pen and pad and jot down our savings hacks which will get you closer to your holiday destination and on the next flight out.

Set up a separate bank account

First thing first! Set yourself up a savings account that is separate from all of your other accounts. It is easy to set up an account online with pretty much any and every bank provider. This way your travel fund is totally separate from your regular money and you’ll be less inclined to dip into your travel pot. Many banks will give you rewards for opening a new account, which can include a monthly bonus or you could receive a gadget for showing loyalty. In addition, we would recommend an account which limits the number of withdrawals you can make throughout the year so you’re not tempted to touch your savings.

Set up automatic transfers

To build up your travel savings faster it would be a good idea to set up a standard order into your new account. Put a set amount from your monthly pay cheque into your new savings account. The easiest way to do this is to have cash automatically transferred from your ‘regular’ checking account each payday. For example, you could set up a £50 standard order (depending on your budget) to set aside for your travel goals. It is also a good idea to boost your savings fund with any extra cash you have leftover – whether daily, weekly or monthly – rather than buy that latte put that extra £5 into your travel account.

Get a money jar

Why not go old school and put your loose change into a money jar. We love doing this. It’s always a surprise to see how much you have accumulated over a few months. We both used to put £5 aside and saved over £150 between us in just a couple of months. Setting up a savings jar is an easy way to put money aside.

Use budgeting apps

A great way to keep your expenses low and see how much extra money you have available to boost your savings is to download a budget app. They allow you to keep track of your spending habits which can you give a clue of where to cut back on your spending. Apps like Mint are perfect to use for this. Mint allows you to keep track of and categorise your expenses, as well as set maximum spending limits for yourself.

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Cancel your Direct Debits

Remember that gym membership you started in January but have yet to step inside – cancel it. Or that magazine subscription you probably don’t need, cancel that too.

Now, take a closer a look at areas that you can negotiate a better deal and pay a lower rate. For instance, do you pay a monthly fee for your bank account? Think about switching to another provider and earning a cash bonus of up to £100. Or you can check what upgrades your current provider offers and decide whether you actually need it. For example, if they offer mobile and travel insurance this can be a great asset for when you’re ready to travel. If you’re paying too much shop around and compare prices on comparison websites.

What about your Netflix account? Check out how much you’re paying each month and if you’re paying for premium consider going back to the basic plan which costs about £5.99 per month.

Don’t Give Up

While it may seem like a challenge it doesn’t have to be a struggle. Travel is one of the most rewarding experiences life has to offer and we should all get a chance to get a discover the world. Whether you’re craving new experiences or challenges by following these easy steps you’ll be on your next flight in no time!

Shelley & Michelle xx

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