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ruthdelacruz | Travel and Lifestyle Blog

Ruth dela Cruz is a travel and lifestyle blogger in the Philippines. She loves writing about her travels. Drop her a note at admin@ruthdelacruz.com. The internet knew her as @ruthilicious.

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May 8, 2020

Practical Ways to Save Up for the Trip of a Lifetime



Travel will sure change because of the Coronavirus Pandemic. But it is not too late to plan for your dream travel.  Most people dream of traveling around the world, experiencing new cultures, meeting new people, indulging in international festivals and cuisines, experiencing the colorful nightlife of cities like Vegas, and so on. Their dreams, however, remain just dreams because traveling, traveling overseas especially, is very expensive. And the fact is, you can't get around how costly a trip of a lifetime, especially if it's an around the world trip, can be. You can, however, figure out smart, savvy ways to save up for it. It might require a lot of determination and commitment, but it is doable with the following steps.




Find Smart Ways to Make Money

Apart from your savings, it is wise to find a source of additional income. Traditional ways such as getting a job at a diner or babysitting are great. You can, however, find smarter ways to make money that don't take up as much time or require as much effort. You can enroll for focus groups or taste tests that pay a minimum of 35 USD an hour. You can invest in high-value stock such as blue chip stocks. 

Other ways you can make money are to sell items or clothing you don't use, try DIYs instead of hiring personnel, take surveys, or even master tricks to help you make money from traveling.

Figure Out Your Travel Budget

Once, you've decided you want to commit to a dream trip, the first thing you need to do is calculate how much you will need. In order to come up with an accurate travel budget, you first need to choose your destination(s). Do this very carefully.

At first, you may find yourself leaning on fancy or popular destinations. You will, however, realize how expensive such destinations can be. While the idea is to dream big, you should also be realistic. There are so many destinations that are just as breathtaking but will cost you way less. These include Moldova, Lima, Jamaica, Cuba, New Orleans, Barga Italy, Chiang Mai Thailand, Lisbon, Atlanta, Turkey, Montreal, Cooperstown NY, Kenya, and Mexico, to highlight but a few.

Once you've done this, calculate the upfront cost. This should cover visa fees, flights, food, accommodations while in transit, travel insurance, medication, and vaccines. Next, take a minute and research the cost of living in your selected destinations. This might prove to be a very involving process, but it is very important. Calculate your daily budget. This should include food, activities, hotels, transport, shopping, and whatnot. Add this to the upfront cost and don't forget to include an emergency fund. Technically, a trip around the world costs between 20,000 USD to 30,000 USD.

Create a Savings Plan and Open a Dedicated Travel Fund

This might sound basic, cliché even, but when you are trying to get funds for your dream trip, you need to create a practical savings plan. This plan should involve an assessment to figure out how much you have and how much you need. Next, you should create a savings plan. Analyze your expenses and your income. See what you can do without, eliminate it, and redirect the funds to saving for your trip.

Track your expenses and take time to check your progress either weekly or monthly. This plan will evolve over time. Now, once you collect these savings, don't put them in your ordinary bank account. Open an account that is dedicated to your trip. Create a habit of depositing cash in this account even if it is as little as 5 USD.

Adjust Your Lifestyle

Create a spreadsheet of essential and non-essential things that you spend on. You can add a column of non-essential items that you are not willing to give up. In as much as you are trying to save, this shouldn't mean you should live a miserable life. Things you should consider cutting out include magazine subscriptions, club memberships, cable TV, online community memberships, and Amazon Prime.

Avoid eating out as much as possible and stock up on easy to cook meals such as pasta, vegetables, rice, potatoes, eggs, etc. Aim to spend less than 8 USD on lunch or bring home-cooked meals to the office. Do away with fancy drinks, coffee, and smoking. The latter can save you 2,000 USD a year according to studies. Minimize car usage, shop in bulk, and work out at home or at free public park fitness sessions. Stay in and avoid clubbing as it can be quite costly. More importantly, though, try your best to stay away from friends who are shopaholics or spendthrifts.

Create a Daily Reminder to Remind You of Your Goals

To ensure you don't slack off or stop saving, put your goals into perspective. Hang pictures of your destination in your room or make them your screen saver. Put up a map and use strings or pins to mark your dream trip route. Additionally, put up the amount of cash you need to go there. All these will help keep you inspired to save up.