8 Ways to Save Money for Your Dream Vacation
Published: March 13, 2015 | Updated: June 17, 2020 | Posted by: Moneymax | Personal Finance
Wouldn’t it be nice to just hop on a plane on a Friday night, arrive in Tokyo or Sydney hours later, see the sights for the weekend, and be right back at your desk on Monday?
Many of us share the urge to travel and see new places. With so many budget airlines making travel more affordable, going on a weekend trip is now more affordable than ever. Air miles you collect on your credit card are also useful for getting airfare discounts.
Some destinations like Tokyo, Sydney, or New York are just more expensive than say, going on a trip to nearby countries in Southeast Asia. So how can you afford that dream vacation of yours?
Table of Contents
Ways to Save Money for Travelling
1. Keep Busy on Weekends
What do you do on weekends? Go to the mall or eat out? Try keeping busy during the weekend by working on chores to keep you away from going out to the mall and spending money. The money saved could go instead to your travel funds.
2. Stop Food Waste
Have you stopped to consider how much food you waste every day? In the Philippines, the amount of food wasted is roughly around 22 grams per person on a daily basis. That percentage mirrors the global stat which shows that roughly a third of the food produced for human consumption is lost. By getting sensible portions of food, you can cut down on food waste and even save money in the process.
If you spend PHP 150 a day on food and save a third (PHP 37.50), you can save PHP 187.50 a week. Imagine how much you’d be able to save in a year at that rate.
3. Quit Smoking
Smoking isn’t just a deadly habit, it’s also a costly habit. If you’re smoking a pack a day, cutting back on your habit can not just make you healthier, it can also save you a lot of money!
Price of Pack of Marlboros – PHP 80 x 7 days = You can save PHP 560 per week
4. Save on Utilities
Turning off lights when not in use, setting a timer for your air conditioner, and making sure that you iron your clothes at the same time can help you save money on your utility bills. Aim to cut up to 20% off your monthly bill and you could save hundreds!
Save 20% off your average monthly utility bill (around PHP1,750 for an 85 square meter apartment) and you save PHP 350 a month.
5. Get a Gig or Start a Small Business
You can save money for your dream vacation or you can also earn more money for your goal. There are so many websites like Freelancer.com or Fiverr.com where you can earn by doing gigs. Your local Craigslist can also be a source of freelance gigs that can help you earn money.
6. Hold a Garage Sale
Look around you and there are probably a lot of stuff that you’re not using anymore. De-clutter your home and hold a garage sale or sell items online. You get the satisfaction of getting rid of some items you don’t need and you can even get to earn extra cash.
7. Get a Rewards Credit Card
There are many credit cards that let you earn air miles whenever you use your credit card. Take a moment to study where you spend the most on (groceries? gas station?), and find a credit card that lets you earn more rewards whenever you shop at those stores. You might be able to earn enough miles to let you fly for free.
8. Commute to Work
Even if gas prices may be lower these days compared to a year ago, commuting to work can still help you avoid other costs such as parking fees and toll fees. If you drive to work five days a week and commute for two out of those five days, you can save more.
Remember these tips and see your travel fund grow. Sure, you can also get a personal loan to finance your trip but saving up for it makes it much more special.
With a goal to help Filipinos lead healthier financial lives, Moneymax regularly publishes tips and tricks on personal finance and lifestyle, among many other topics. For more finance-related news and articles, follow Moneymax on Linkedin.