With the advent of the new year, plans for travelling to dream destinations, such as Bali, Paris or Norway might already be a part of your bucket list. As dreams are not enough, it is essential to have the necessary monetary means to travel to these destinations; reaching into your savings or breaking your fixed deposits for travelling purposes is not a good idea! However, you can travel wherever you want by saving money in a disciplined manner – this can be done by setting pragmatic goals and sticking to a monthly budget. While you can also avail quick loans online for funding your trip, you should only apply for a loan if you have a steady source of income. Here are some ways in which you can save money for your dream trip:
1. Fix a Concrete Goal
Chart out a concrete, detailed and organised plan. Start with the location and set a target month for travel. This will grant you the time to prepare in advance, allowing you to look into airfares, hotel charges and other miscellaneous costs. Set a budget in accordance with these costs and start saving systemically to reach a certain monetary target. If you don’t set a concrete goal, you will end up spending more than you had originally bargained, and might end up taking same day cash loans to fulfil short-term monetary goals.
2. Open a Separate Savings Account
It is human nature to desire and covet – most of us begin splurging the moment we receive our paychecks. However, if you wish to save money for your trip, you need to cut down on your splurging habits and start saving. The best option is to open a separate savings account, where you can save up some extra cash, post sticking to a monthly budget. Aim towards saving greater amounts as you approach your travel date. Judicious habits and an optimistic mindset can help you achieve your savings target eventually.
3. Cut Down On Your Expenses
While setting a budget is necessary for saving money, the most important part of the process is to cut down on your expenses as much as possible. When you sit down to chart out your budget, work towards identifying unnecessary expenditures. For instance, it is not a necessity, but an indulgence to buy premium coffee from Starbucks every day. Similarly, an inordinate amount of money can be saved by cutting down on the number of Davidoff cigarettes one buys on a monthly basis. Identify the miscellaneous expenses that apply in your case, and try to limit or eliminate them altogether.
4. Make Purchases Wisely
When buying certain household items, you should have a look at the best prices and offers available. For instance, before buying a mixer-grinder or toaster for your kitchen, go to different online e-commerce portals to compare prices and offers. If you do this before every purchase, you will be able to save a lot of money! Also, use reward points wisely – many credit cards offer reward points for travel and accommodation expenses. In order to make your dream trip happen, make smart use of these reward points.
Contribute to Earn Incentives
If you happen to get your annual retention bonus while planning for your foreign trip, transfer it to your savings account instead of splurging it on a new pair of shoes. Also, make the best out of performance-based incentives, as these bonuses can bring you closer to your goal. You can also work on a freelance basis over the weekends in order to earn some extra cash.
If you follow these steps, you can easily save enough to be able to travel to your dream destination. By leading a financially disciplined life, you can become the architect of your own destiny!