Money saving

10 tips to saving up and traveling the world

Ask anyone what’s stopping them from traveling and you’ll hear “it’s too expensive!” the most. And yes, traveling is rather expensive, if it wasn’t everyone would be doing it! But what one has to remember is that traveling is not only for the wealthy and that it isn’t prohibitively expensive. All that needs to be done for anyone to travel is to have the right mindset and some good financial literacy.

The key is to save money. And this is only possible by making several sacrifices in order to keep the costs reduced. We at Travset recognize this and have compiled a list of steps you can take to cut the unnecessary expenses out.

1. Save on rent

Paying the rent is usually what takes a large chunk of our paychecks and there are many ways to cut this down or eliminate it completely.

Move into your parents’ house to eliminate your rent cost entirely
Rent a room instead of an apartment
Flat share with a friend
Rent extra space out on Airbnb

2. Start cooking

Eating out is usually pricey and is an unnecessary expense unless it’s a special occasion. We recommend buying your groceries in bulk to take advantage of discounts and cooking your meals at home. Your wallet and body will thank you for it.

3. Take public transportation

Maintaining a car is an expensive affair. We suggest selling it off and switching to public transport or a bike. If this is not possible due to long commutes you can always downgrade to a car that is cheaper and is more fuel-efficient.

4. Say bye to the caramel chai latte

Do you really need that very expensive cup of coffee? The money you save in one month of not drinking it will pay for a month of accommodation in a hostel in Asia.

Travset tip- anytime you consider making a purchase that doesn’t seem frugal, think of how much you can see and do with it in your dream destination.

5. Cut the drinking and the smoking

The prices of alcohol in bars and pubs are inflated by a great amount and your wallet will definitely feel the pinch.

Smoking is a very expensive habit to maintain. As hard as it may be we recommend losing this habit as it is one that is costly both in terms of money and your health.

6. Get the word out

Let your friends know about your goal of saving money. Support during such thrifty periods is very helpful. Some might even join you!

7. Cut down on the subscriptions

Do you really need that Netflix subscription? Or Spotify?

Read a book or stream your video content from the many free websites that are available.

8. Purchase credit cards with free redeemable points

Many banks entice you with free miles and free hotel points to get you onboard their credit cards. We suggest taking full advantage of such offers. Do not however overuse these credit cards as the interest will jeopardize your journey to be thrifty.

See how you can choose the right travel credit card here.

9. Don’t be a hoarder

We are natural hoarders. It is best to sell what we don’t use anymore. You’d be surprised at how much you can get for those old clothes you don’t use anymore.

10. Make a budget and stick to it

There are plenty of budgeting sheets available online. We suggest getting one, preparing a budget (make sure you are realistic) and sticking to it.

Travset tip – saving money doesn’t have to occupy all your energies. It is good to cut back and give yourself a treat at times. That way you will not end up resenting the trip you’re about to take.