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Essential Money-Saving Methods To Fund Your Next Trip

EMA Global - September 27, 2019 - 0 comments

To some people, travelling is a luxury that will need months or years of saving and preparation. Whether it is a dream holiday, a honeymoon trip, or a large-scale expedition across the continent, every trip requires funding to pay for transport, travel expenditure, and emergency needs. Depending on the level of comfort you want to go for on your trip, the budget will also need to be adjusted accordingly.

If saving for the trip of your dreams seems like such a daunting task, take it slow and follow the steps below. With some dedication and time, you will get closer to reaching your dream destination.

Create a suitable budget 

In saving for a trip, you need to know the ultimate amount you need to save. This is where a budget comes in. Keep it realistic and appropriate for the destination you are eyeing and the type of holiday you want to experience. If it is a backpacking trip, you can save less as you will choose simple lodgings and modes of transport. However, if you wish to go on a comfortable tour, you will need a larger amount to cover the cost of the whole package. At the start, it is sufficient to get a rough idea of how much the big-ticket items will cost for your trip, such as air tickets, accommodation, and spending needs. Don’t forget to set aside an amount for emergency use, such as in the case of loss of belongings on your trip, or for when a medical evacuation is required. Knowing your goal for saving will help you work towards it.

Open a savings account 

A savings account is one of the best methods to help you save. Set aside a bank account that is separate from the funds you use daily, and put in a fixed portion of your salary or allowance in it every month. With a dedicated account for your holiday fund, it is easier to keep track of your progress. Having it labelled as a ‘savings account’ also deters you from taking money out from it. The good thing about using a bank account is that it is secure and can accumulate interest. If you require the extra help, banks also usually have planning schemes that help you schedule how often you want money credited into your savings account from your main account.

Use the common change jar 

This method is commonly seen in movies – place a jar or piggy bank on your desk, and feed it your spare change. While it may seem like peanuts, these little amounts each time can add up to quite a substantial amount over time. Although this may be a slow method for saving for an entire trip, it can help you save in addition to other methods. A fun variation to try is the five-dollar challenge. The rule is simple: put in any five-dollar note that comes into your possession, and don’t count the cash until the end of a set period of time. This makes for a painless and fun way to save up, and the amount you count at the end of the day can turn out to be quite a pleasant surprise.

Apart from ensuring you have enough funds for your travel, always make sure to make necessary preparations to stay safe. Include a good travel insurance plan in your budget to help you cover for unforeseen expenditure in the event of an emergency, such as medical treatments, air ambulances, and hospitalisation fees. With these helpful tips, may you be on the way to reaching your holiday goals sooner rather than later!