The purpose of this blog post is to educate future travelers on how to save money to travel. The blog post seeks to help travelers plan their future trips, allowing them to identify saving points.
Track your spending
Research states that you have to know your fixed expenses (those that do not change) versus discretionary expenses (i.e., the electric bill, which might be low in fall but rise in summer depending on geographic locations). In short terms, you must know what comes in before you can assess what possibilities are there to control what goes out.
Fun Fact, did you know that you should always have an emergency fund that is three months of your necessary living expenses. Example “I make $30,000 a year that means I make roughly $15.63, so I should at least save $7,500 within two years. If you have a deficit, you must look for ways to raise your income. Here are some ideas on how you can get some extra bucks:
Ways to obtain additional money for future trips
- Selling Platforms: I have sold “junk” on eBay and have obtained $5,000 from my childhood toys, electronics, and clothes. Here are some examples, I met a collector on eBay who wanted my Home Alone recorder and paid me $200 if I shipped it the same day. Another example was someone who purchased all my old Power Ranger Megazord, over $100, as I had the original pieces. Finally, women would give me clothes, which I sold, but warning, although I got a lot of money for the dresses, it did take a while as some shirts were sold for $3.
- Refer Friends to sites like Rakuten: Click on sites you purchase from with their link, and you will get 3% to %20 back on your purchase! You can get paid through PayPal, which I prefer, or with a check or Amazon gift card.
- Seasonal employment: I usually work as a seasonal employee for 2-3 months to collect at least ($3,000); half is allocated towards Christmas shopping, and the other half is dedicated to travel.
- Find Discounts: There are many travel essentials that go on sale in various seasons, so plan ahead of time, research.
When purchasing items for your next travel (e.g. airline tickets, hotels, car rentals), consider using Rakuten. You will get money back on your purchases paid through PayPal after a few months post your trip. Disclosure: if you click the link and create an account, I will get money per referral. Please note, I utilize that money to keep my blog going. Safe Travels.
Ways to save money for future trips
- $100 Summer Saver: My bank offers a summer saver program, where I gain interest in depositing $100 a month and not touching that money for a year. That means that every year, I have roughly $1,200 for travel plus $360 that I earned for keeping the money untouched.
- Travel buddy: Most things are double occupancy booking, by having a travel buddy, they cover their half, and it is cheaper for both of you to track expenses is an important part of learning where you can cut back or even eliminate your spending.
Ways to invest money for future trips
Investing is a great way to have your money work for you, but it comes with risk. Before you start investing, it is essential to understand the different options and the risks involved. There are many types of investments that will ensure a safe and secure financial future.
- Savings accounts provide a safe way to save money and draw interest on the balance.
- Stock: Purchasing stocks allows you to buy part ownership of a company, and you make money or lose money as the value of the stock increase or decreases depending on the stock market.
- Bonds: Loan money to a government or company, who issues you a bond promising to repay you at a fixed rate of interest on a specific date.
Goals: 2021 – 2025 Travel Goals: Barcelona, Brazil, Venice, and the others are unknown for now.