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quick ways to save for travel

May 14, 2020

Saving for travel (or anything really) is as much about not spending as it is anything else. Cutting your monthly budget down to the bare bones is ultimately going to do more for you than any sort of seemingly amazing travel deal out there.

There are MANY ways to save for travel, and we’ll dive into as many as we can on this site. But the philosophy of not spending—literally parting with as few dollars or euros or rubles or whatever your currency is as you can—will forever out-win airline miles redemptions, credit card points, or comped hotel stays.

Having more money saved allows you to act from a position of power, meaning you can pay for things up-front and in full, often taking advantage of pre-payment discounts and cutting out painful credit card interest altogether.

So what are the best ways to save fast for travel?

1. Find the best rate for your savings accounts

Do you know the interest you’re earning on your savings accounts? Many people don’t. And considering that some big banks only pay a measly .01% for their standard savings account, many of us have stopped caring. But choosing where to park your hard-earned dollars can have a big impact. We’ve broken down some of the options in a recent Motivate Mondays email. Join our free weekly email subscription and gain access to our Motivate Mondays archive, packed with articles on travel savings tips, budget-friendly travel destinations, and strategies for ditching debt for good.

2. know what you spend monthly and create a budget

When it comes to being successful in saving, we live by the credo, “It’s not what you earn, it’s what you spend.” Or even better put, it’s what you don’t spend. Knowing what you spend is half the battle to saving.

So how do you start? 

First, go through your checking account and/or credit card statements for the previous 2 to 3 months and sort your spending into categories that make sense based on your personal or family habits. For us, those categories look like this: Housing, Utilities, Food, Outstanding Debt, Dining out and/or Happy Hour, Entertainment (think streaming services and trips to the zoo), Alcohol, and Miscellaneous (car repairs, haircuts, and any other unexpected expenses).

Once you have a solid idea of what you’re spending on what, the next step is to create a budget. A budget is simply listing out what you’ll spend each month versus what you earn. Ideally, we want to earn more than we spend, funneling the rest into savings.

If you’ve never done a budget, don’t worry, you aren’t alone. But this step is critical to understanding where you’re at and making the necessary (and sometimes hard) decisions about cutting back on expenses and saving more. Good thing is, the process can be very eye-opening and empowering and will undoubtedly set you on a better track for your future.

3. Switch your car insurance

The simple fact is, most car insurers won’t just up and offer a rate reduction unless you ask them to or if you threaten (nicely, of course) to switch carriers. We’ve saved hundreds of dollars by switching every year or so, and this is especially important if you have a new teenage driver on your policy. Initially, the premium to cover them will be quite high, but as they (hopefully) develop a good driving record, their rate should go down. And if you’ve improved your credit score recently, it’s also worth getting new quotes from both your current and alternative carriers as this will most likely impact your rate for the better.

4. Shop for groceries with a list — and stick to it

Deciding what you’re going to buy before you hit the store can greatly impact what you spend. For one, you’ll lessen or eliminate the more compulsive choices like grabbing an extra carton of ice cream simply because it looks good. You can even take it to the next level and price out what each item costs before you head out the door. 

5. Make a meal plan for the week based on what’s on sale

This can make all the difference in what you spend on groceries. We get it, sometimes you’re in the mood for something special that isn’t on sale. As long as buying that item fits comfortably within your budget and/or it’s a special occasion, we say go for it. But the more meal choices you can make in advance around local discounts the better.

6. Find things to sell

Most of us have all sorts of items stuffed away in our closets that we never use and hardly even lay eyes on. When you’re looking for extra cash, this is the perfect time to dig out these items (sentimental ones excluded) and offload them by way of a yard sale, eBay, Facebook Marketplace or even a tax-deductible donation.

7. Get a side gig

Thanks to the advent of the “gig economy,” everyone can find some type of part-time job to help supplement their income. Whether you want to drive for a ride-share program, become a dog walker for Rover, or put your handyman skills to work for TaskRabbit, adding a little extra income (on your own schedule) will help you get that much closer to your next travel adventure.

8. Ninja your debt

Saving becomes a real challenge when you’re saddled with debt, especially the dreaded high-interest credit card kind. There are different strategies you can use to approach this issue, which you can read more about in our recent article Get Out of Debt and Travel More.

9. Go alcohol-free for a month

Even if you buy alcohol at a discount (by the case, wine by the box, etc), what you spend on those daily drinks at home can really add up. We were shocked at what we were spending and have since challenged ourselves to several sobriety stints both in an effort to be healthier but also to save some cash. There are several online apps and month-long sober challenges you can join for more motivation. Try going dry for a month and see how much you save. You might even feel better too. Bonus.

10. Sew your clothes

Got a hole in your shirt? Instead of tossing it out, try picking up a needle and thread and stitching it back to life. Even if it lasts only a few more months, you’ve just bought yourself some extra use for no extra money.

11. Remove your stored credit card information from Amazon and other online accounts

We’re not picking on Amazon, but their 1-Click ordering really doesn’t help compulsive shoppers. This is clearly to their benefit and not yours. Removing your stored credit card information from your online profiles can add an extra layer of "Do I really need this?" into the equation when making a purchase. Having to dig out your wallet and credit card and then manually input those numbers all over again might just be enough to make you pause and reconsider whether the purchase you’re about to make is necessary or if it’s just future regret.

12. take a close look at your paid subscriptions and memberships

Evaluate your paid subscriptions—streaming services, magazines, gym memberships, makeup and meal service kits—and consider which you can reasonably live without. With automatic renewals often in place for these services, sometimes we forget or overlook what we’re evening paying for. Other times, we’re too busy to even use the service or subscription. If this sounds familiar, it’s time to be brutally honest and cancel these things. The money saved might surprise you.

13. Rethink your living space

For the majority of us, nothing represents a bigger chunk of our monthly expenses than housing. The good news is there are several ways to either lessen your spending in this area or increase your income, and it can have a massive impact on what you can afford to save. Can you downsize to a smaller apartment or home? Can you move in with a relative for six months? Can you take on a roommate or convert an already existing space to rent on Airbnb? If you can, this could put hundreds if not thousands of dollars per month back into your pocket.

14. Always buy generic

When it comes to everyday household items like foil, plastic wrap and pain relievers, there’s no real benefit to spending more for a name brand. Advil is simply Ibuprofen, after all. But we get it, brand loyalty is a thing. We have a friend that swears by one brand of toilet paper, and that’s just what he buys. There’s no convincing him otherwise. Generally speaking though, if you can stick to generics over name brand items, you’re going to save a ton of money over the course of a year. 

15. Go paperless for your monthly bills

Apart from the negative environmental impacts of receiving a physical paper bill in the mail each month, many credit card companies and service providers, such as car insurers, are now offering monthly credits or discounts if you opt for an emailed only statement. If you're still receiving a paper bill, go online today and make the switch. You could see instant savings from each of those accounts.