3 ways to Saving Money for Travel (secrets Revealed)

Your search for the Holy Grail is over.

It’s time to reveal the secrets to saving money for travel – the stuff hidden in the vaults and only available to members of the Illuminati.

You’ve been looking under mattresses, buying lotto tickets, and getting small loans in an effort to travel sooner and longer for far too long.

There has to be (and there is) a better way!

It’s hard to save for travel and well let’s face it, who wants to cut out their daily latte?

Probably not millennials and many others for whom travel is an important part of life.

I was waiting to check out of our hotel the other week. It was the end of our 18-month road trip around Australia. We were splurging, because let’s face it, I’m not ready to give up these extraordinary views of Coolangatta Beach from these holiday apartments.

View from Mantra Coolangatta Beach - Queensland, Australia

An email from Source Bottle arrived in my inbox with a call out for expert advice on saving money for travel. It read:

“For millennials and many others, travelling is an important part of life. But, it can be hard to save for it. Often we may find ourselves seeking things or getting small loans to muster enough cash. There has to be a better way.”

Oh no. I groaned and rolled my eyes. Is this for real? An indicator of the laziness of a society who wants it all and wants it NOW.

Quick. I gotta go. Just give me your secrets. What are the shortcuts?

We get it all the time in regards to our travel blog.

“I want your life. I want to get paid to travel the world. What are your secrets? I want it now.”

Not the hard work or the longevity building, but just the free travel, NOW.

99% of those people disappear once I tell them our “secrets”. It involves years of hard work, content writing, community building, networking and not to mention getting vulnerable, conquering fear and changing from the inside out.

There are no secrets. There are no short cuts.

You want to travel more? You’ve got to save money.

Unless you have a rich uncle or win the lotto.

There ain’t no Fairy Godmothers. Although I do believe in an unseen power that walks towards you when you commit and take action to turn your dream into a reality. But, it involves you doing some work to meet that power halfway.

1. Cut Your Expenses

Where are you wasting money?

The older I get, the more I don’t want to be a Scrooge MacDuck, but there are still things that I don’t care to spend my money on, like magazines and expensive sunglasses (they always break so why bother!).

Make travel a top priority. It has and always will be my priority. I’m guessing it is for you as well.

What are you spending money on that does not align with your priority and values? What can you sacrifice without it feeling like a denial of pleasure?

Go through it with a fine-tooth comb and cull cull cull. Know your values and priorities and live for them – not for the Joneses (Who the hell are they anyway?).

Here are a few more posts that can help you when it comes to cutting expenses.

2. Increase Your Income

One of my favourite authorities on money to follow is Ramit Sethi. He speaks about how to live a rich life, but it’s not about using coupons and cutting out your daily coffee or green juice. This can be a great thing to do when you’re saving for anything, BUT, the number one strategy we’ve always followed is increasing our means (our income).

I don’t want to cut out my cappuccinos. I don’t want to wait until I save X thousands of dollars that come from cutting out everything that gives me joy in the present moment. I do want the better and faster way. Earning more money gives it to me.

Wayne Dyer in his book, “What we really want for our children” talks about the joy of the present moment in his chapter of the same name.

It’s a much deeper conversation in the book, but I think the following ties in with the idea that we have to deny ourselves pleasure, or view instant gratification as a problem.

It might feel contradictory to saving money for your more worthy goal of more travel. But, if you think a little broader in terms of how that sacrifice might affect the pleasure of your current moment.

You’re clever enough to, not just save the money for your dream, but create the money for it too. One has an attitude steeped more in abundance, one lack.

“Let’s set the record straight here for children and adults alike. Pleasure is terrific and you should try to fill your life with as much of it as you can. No conditions, no apologies; a simple fact. Life is to be enjoyed.

Life does not have to be seen as a series of misfortunes, suffering, drabness, or constant misery. It does not have to be serious or grim in order to be relevant. Children ought to learn that it is foolish to see life as a suffering experience, and that enjoying life and everything they do in the present moment is the healthiest apporach they can take toward being a no-limit person.

The joy of living in the present then, is an inner concept that begins with the suppositions that pleasure in life is not bad, that joy is better than suffering, that everything in life is a miracle, and that living fully now is far superior to planning, plannning, and perhaps never arriving.”

Joy in the present moment and living the true expression of yourself generally opens your world of our box to greater opportunities to create more money.

My motto is and always has been:

Money quote

That’s why I’ve always worked multiple jobs, worked over time, taken on boarders, and now have my own business.

You are powerful beyond measure, and there are always ways you can increase your income to get the money you need.

Some more posts that might help you:

3. Save all the excess

Now take all the money you’ve saved from the expenses you don’t need nor care about, PLUS all that extra you’ve collected from creative ways to earn more income, and whack it into your savings account.

Because you do have a travel bucket list savings account right? You’ve got to be automatically putting money away each paycheck to go towards your dreams. Then all the extra you’ve gathered needs to be added to this.

It should be a high-interest savings account. Having this travel savings money bucket recently helped us get the money we needed to attend the White House Travel Summit at the last minute.

It sure depleted it and then some, but by following our strategies above we are filling it back up again, patiently and without heavy sacrifice stealing our present joy.

Some posts to help:

You don’t have to delay your travels if you just earn an income while you’re doing it. It’s a brilliant strategy for travelling more and travelling often.

Here are some posts to show you how we have:

Do you agree with the secrets or do you have some more shortcuts you can share?

The SECRETS to saving money for Travel.

26 thoughts on “3 ways to Saving Money for Travel (secrets Revealed)”

  1. I believe it’s all about hard work and dedication. I spend 10 hours at my day job every day, then 5-6 hours doing freelance work and working on my blog. It’s exhausting but I’m keeping my eyes on the prize.

    1. Totally agree Zascha. I was thinking that yesterday as I hit my 12 hours of work for the day. If you have a strong enough why you’ll keep taking the action needed to get the end result.

  2. I want to hug you just for saying you can save money without giving up coffee. It seems like every bit of money saving advice starts with telling you to quit your daily coffee/s! But coffee isn’t an extravagance, it’s a business input.

    Just one question — how do you find a high interest savings account in Australia? I’ve got my savings in “high interest” account with my credit union but it’s still under 3%. I was getting around 6-7% with them a few years ago! And even what I’m getting now is better than what I’ve found elsewhere.

    1. Interest rates on savings accounts aren’t brilliant at the moment. But as long as you’re putting something away and automating it that’s a step in the right direction. In Australia try:
      ING: http://ingdirect.com.au/savings/savings-maximiser.html
      Bank West: https://www.bankwest.com.au/personal/savings-term-deposits/savings-term-deposits-overview

      Yeah, instead of worrying about giving up your coffee a day, focus on the BIG WINS like reducing and paying off credit card debt, reducing your home loan payments, reducing your car payments or any insurance premiums etc 🙂

      1. Exactly. I saved over $35,000 in 5 months to move to Japan and I did by using a top down method – what’s my biggest expense and how can I reduce it (getting a housemate in to share the rent was the answer!), what’s the second biggest etc.

    2. I have great respect for the ytravel family and ALL they have accomplished. Traveling as a family as they do and helping others along the way and making a living is no cake walk. Congrats to THEM. However, I DO feel it is the daily lattes and coffee. While it is certainly not the expensive lattes by themselves, anyone who somehow feels they ‘deserve’ a couple lattes a day is most certainly wasting a lot of money elsewhere. They likely have belts and blouses in their closet with price tags still on them. They may also feel they deserve a new car every few years so they lease. They likely also feel they deserve the prepared foods at Costco. You never really deserve this stuff but may indulge in it only after you are socking away 25% of your salary of more. Saving is not ONE or TWO things, it is a life mentality of not wanting to waste ANYTHING, including $5 in a Starbucks Latte when I can make coffee at home for less than tenth of the price. Like they say, there are no short cuts. Find joy in an ever expanding savings account, not an ever expanding closet….

      1. Maybe. although I do like my daily coffee, my closed is never filled with a lot of clothes, nor with the labels still on them. that’s not how I roll and I don’t go for a new car every few years I think it’s really up to each individual. I like my daily coffee (I just don’t make it as good at home) but I cut back in a lot of other areas that many don’t. So it’s a personal thing not true for everyone who likes a daily latte. I think each person has to be aware of their purchases and why they make it and only purchase in favour of their value systems.

        1. I must not have written my comment very well. CERTAINLY, I was not accusing YOU Caz of not saving or of having an abundance of clothes in your closet. The two of you are a great success. Much of the time you don’t even have a closet…. in GENERAL, my experience is that those who who buy coffee at famous coffee places are also wasting money in many other ways. With my middle class job, I retired at 57, have no pension to speak of and now live very well off of my dividends. I did it by saving in all areas. Not just top down or bottom up, saving is an attitude that in my experience should apply to all areas. Your articles are likely directed to a different generation who have a very different attitude than I do. Keep on doing what your doing as you are likely helping many people who need this advise.

  3. Nice post. The line: ” One has an attitude steeped more in abundance, one lack.” resonated with me. It’s my attitude that I battle mostly. Thanks for the post. Cheers and happy travels!

  4. I just started a personal challenge to save almost 2000 euros in little more than 3 months to travel only by working as an au pair in France. More than half of the time I’ll be pulling 11-12 hours with kids (yikes!) but I’m sure I’ll enjoy my vacation.

  5. Thanks for sharing this. We don’t travel the world that much only twice to three times a year. That’s only possible because we set travel as our top priority and never splurge on unnecessary things like expensive bags or shoes.

  6. Oh I don’t miss the endless car boot sales to help shift our stuff and make a bit more for the saving’s tin but we did it and now we are in month three of our 18 month career break to travel The Americas so it is worth it!

  7. These tips will certainly help a lot of people save some money for their travels but every one who love to travel will do all the necessities to take his trip.

  8. There are ways to save money, you just need to dedicate some time before your trip and do your homework. I saved a lot of money last week in Cabo San Lucas, Mexico, renting a SUV in http://www.caborentadent.com. Like half of what big companies (Hertz, Avis) charge for that kind of vehicle. They gave me a Jeep Grand Cherokee in top conditions.

  9. Thanks alot CAZ for these fantastic tips. Part
    of the planning process of going on adventure is saving for your trip. The reality is that a holiday will cost thousands of dollars by the time flights, travel health insurance, travel health vaccinations and medications , excursions and of course the travel packages are all added up.

  10. Your strategies are SPOT ON! And I particularly like the ‘Increase your income’ part in combination with cutting out expenses. There are many sources that help with eliminating unnecessary costs and simplifying life. As well as multiple guides for increasing your income.
    To me personally travel has always been about attitude as well, about being creative with transport, accommodation, destination, etc. For example if you want to sail maybe you can find a crew position on a yacht instead of paying for an expensive charter. Tent instead of hotel, train/bus instead of flying, the options are endless. And half the fun is figuring it all out! ????

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