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21 Dec 2016 - 6 min read

11 Smart Ways to Save for Your Next Travel

1. Open a separate dedicated account

A separate bank account will allow you to properly dedicate money for travel. Start your travel fund today by opening a separate dedicated savings account for it. This will help you track your progress and stay focus on your end goal.Good news, you can easily open a second savings account under your payroll account. Here are more reasons why you should open a second bank account:

You can automate your savings. With online banking nowadays, you can easily apply for automatic savings. You can actually set your payroll account so that you can transfer a certain amount to your travel fund every payday.

You can plan your expenses better. Creating a budget that works will be so much easier since you’ve already set your mind on the amount that goes to your travel fund. All you have to do is budget your remaining money for your other essentials.

You can have a backup account. A second bank account can serve as a backup account in case your payroll ATM gets stolen or goes missing. If all your money is in one account only and something happens to it, you will be forced to freeze the account and go through the long process of getting a new card.

2. Create and follow a monthly budget

Keep track of all your expenses either manually through a notebook or digitally through budgeting apps.

Think of your travel fund as a monthly bill you need to pay on time. You can create a spreadsheet for all your expenses, allotting a monthly budget for each category. Believe you me this can change your spending habits and help you save better.

Bonus Tip: Track your expenses too. Be aware of your daily expenses by listing down how much you spent for transportation, food and shopping for the day.

3. Try the 52-week money challenge

Take on the 52 Week Money Challenge and reap the rewards.

How does it work? You choose an amount you want to save for every week of the year. For example, P50 to save on Week 1, P100 on Week 2, P150 on Week 3 until you reach Week 52. Following this method religiously means earning a total of P68,900 by Week 52. Not bad for your travel fund.

Bonus Tip: Have an accountability partner. Have someone to remind you from time to time of your commitment so you can discipline yourself more. You can also ask a friend to do the challenge with you.

4. Try the 12-month money challenge

Try out this easier alternative to the 52 Week Money Challenge.

If you feel like the 52-Week Money Challenge is too much, try the 12-Month Money Challenge instead. Your savings at the end of the monthly challenge will be less than if you did the weekly saving challenge. But it’s better than having no savings at all.To do this, set aside a certain amount of money each month for your travel fund. It doesn’t matter if it’s P1,000, P2,000 or P3,000. The important thing is it automatically goes to your travel fund.

Bonus Tip: Save it in the bank. For security reasons, and for a chance for your money to earn some interest (no matter how small the amount), it is best to put your money in a bank rather than in your closet or bedside cabinet.

5. Go old school with a piggy bank or change jar

Saving five pesos everyday in a piggy bank or money jar goes a long way.

Use any jar you can find in your house and commit to putting your daily or weekly loose change into it. You’ll never know for sure how much you’ll end up saving by the end of the year.Just think of it this way: If you save P20 everyday starting January 1, then you’ll have P7,300 at the end of the year. Imagine how much more it will be if you save P50 or P100 every day. Every peso counts!

6. Plan your trip in advance

Book hotels and flights in advance through online portals to get cheaper prices and avail of promos and discounts.

Proper planning will help you find means for your travel expenses. Take advantage of online deals especially now that it is the holiday season. You can get massive discounts for your trips when you book in advance. Try Traveloka, the flight and hotel booking platform trusted by many. You can easily find the most up-to-date cheap flights and budget-friendly accommodations, especially around the Philippines and Southeast Asia.

7. Book hotels that have extra perks

Try to book hotels with free breakfast to help cut your meal costs.

Having a free breakfast means less meal expense, especially if it's a buffet. Your tummy will certainly be happy with you. So, make sure to book a hotel that offers them.

8. Find additional income

Clean out your closet and host a garage sale to earn some extra money for your travels.

To help augment your 2017 travel fund, look for part-time jobs. Not only will this speed up your saving process but also provide you more money to spend on your next trip. What extra job you can do today?

Do some freelance work. If you are good in writing, offer your services as an online content writer? If you’re good at taking photos or hosting, look for events in need of any of those talents. Creating logos, invitations and other marketing materials meanwhile will be perfect for those who are into graphic design.

Host a garage sale. Clean up your closet. Turn those clothes that you no longer need into cash by selling them in a garage sale.

Be a private tutor. Feeling confident with your English speaking and writing skills? How about your knack for Mathematics and/or Science? If you think you have the right skills, be a private tutor. Online teachers for hire are in demand these days.

Sell e-Load. Quick and easy, this business is something you can start in the comforts of your home or office. All you need is an extra phone and minimal capital and you are good to go.

9. Cut down on your expenses

Instead of buying food everyday, prepare yourself a packed meal instead.

If you can’t find additional income to fund your travels, then you can trim down your expenses and save instead. You can afford to travel if you know how to spend your money wisely. Try to cut down on the following:

Coffee – Having your daily java fix is costing you a lot more than you think. That P170 worth of cuppa everyday can amount to P62,050 of savings in a year. Imagine the places you can go to with that money.

Lunch – Instead of buying from fast-food chains, bring your own packed lunch at work. Prepare your food the night before to have a cheap and healthy meal the following day. That P100 worth of daily lunch is equivalent to P36,500 of savings in a year. Think about it.

Cable TV – The monthly subscription can be used for your travel fund savings instead. You can watch regular channels for free or stream online for your favorite shows. That P500 monthly bill is tantamount to P6,000 of savings in a year.

Vices – Aside from being bad for your health, smoking and too much drinking are also wreaking havoc on your budget. That P60 pack of cigarettes a day amounts to P21,900 of savings in a year.

10. Save your 13th month pay or bonus

Keep a part of your bonus pay to boost your travel funds for the next year.

Instead of spending all your 13th month pay on unnecessary items like a new mobile phone, save some instead for your big holiday next year. Slowly grow that initial fund by setting aside P1,000 each month from your salary.

11. Make it your goal

Pick a destination, plan your budget, start saving, and stick to it.

Nothing is impossible if you set your mind to it. Commit to building up your savings for your 2017 holiday. Make it as attainable as possible. Come up with steps to help you achieve that travel fund goal. Achieving more than enough travel fund is a year-round process. If you plan to go on an epic adventure next year then you must start saving money now and decide which, when and where you want to go next. Follow the 11 tips above and you’ll surely be on your way to having your dream vacation.

Can’t wait to put your travel budget plan into action? Start saving! And if you're ready, discover cheap hotel deals and cheap flights from carriers like Philippine Airlines, AirAsia, and more with Traveloka!

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