6 TIPS AND TRICKS IN MANAGING YOUR MONEY BEFORE TRAVELLING

As the weather gets hot, all the more that we aim to have that vacation which we have been planning since the start of the year or perhaps since last year.

Speaking of planning, there are so many things one must have to plan out before going on a trip such as transportation, accommodation, where you’re going to eat and even how long you’re going to stay in your destination. All these factors entail expense, so definitely you cannot discount the fact that when you travel — you got to have funds.

With all the things you have to pay for, it seems almost too difficult to put together a good amount of cash for your upcoming trip. And yes, saving up your money may tend to be a daunting task but trust me, when planned and done correctly — it can be achieved.

Here are the steps that everyone needs to work through to save money for travel so you can have that dream trip amazing. 

By checking out these tips on how to manage your finances before you travel, you won’t have to settle for less (or settle for nothing at all). Do these little daily changes and make your travel dreams affordable.

1. Know what you spend. 

A few years ago, I was living my daily life without having any budget. One day, I decided to track and categorize every expense I had for a few months. Boom! I discovered that every month, for some reason or another, I had about more or less Php20,000 in surprise expenses. Yikes! No wonder I couldn’t save – I was being blindsided all the time. To save money for travel, start by tracking every cent you spend. Categorize those expenses and include a category for the unpredictable.

2. Save money day to day so you can save ahead of time! 

If you can make it a habit and a daily practice, go for it. But of course, how you save money will depend on your lifestyle, your income and how your spending habits. 

Find ways to cut back at least Php100 -150 a day to contribute Php500-750 per work week over and above what you already plan to save based on your budget. That’s Php 2000 - 3000 a month!

Or let's say if you buy lunch and take grab car every day, you can alternately prepare home cooked meals instead and opt to commute so you can cut back a bigger portion from your expenses. You may also try lessening your extra cups of coffee, saying “pass” to those spontaneous gimmicks with friends, and avoiding your favorite retail stores in the meantime. Remember, you are not depriving yourself but rather, being more purposeful on your spending. 

Another way is having a separate savings account for your travel money. With your bank’s auto-saving option, you don’t even have to keep going back and forth just trying to transfer your money. If you manage to hit your target budget, you will have more buying power to make your trip more fun and memorable. 

3. Imagine your most coveted trip & pay ahead. 

Keep your motivation high by having your trip all around you. Imagine how the vacation would go. Anticipate the things you might need to pay for and pay ahead. Paying ahead, even little by little spares you from the shock of having to shell out a large amount of money later on. 

4. Make the most out of your Loyalty Programs. 

Airlines, credit cards, hotels… there are many opportunities to save points that equate to peso that you may use to spend on or save for travel. Sometimes there are opportunities to save these points in more than one way at once.

Also, research for travel now, pay later promos. With the help of travel now, pay later promos offered by credit cards, you can travel without having to worry about having enough funds for flights and accommodations immediately. These usually come with deferred and installment payment options. Just remember to pay for your credit card on time, and you can enjoy! 

5. Earn extra money on the side. 

Declutter your space. Not only will you be less stressed not being surrounded by stuff, but you may sell some of this clutter that you can make extra cash on. There are several platforms out there for you to sell some things online. With a little imagination and drive, you’ll find that there are so many other ways to generate extra funds. With an extra stream of cash coming in, you’ll have even more to spend during your trip. 

6. Use expense-tracking apps. 

Make use of the technology that you have and download some apps that will help you manage your expenses before you go on your trip. There are several programs that are useful in tracking what you spend on, some of which even take note of how much you earn. These virtual wallets are sure to assist you in keeping your expenses in check. Travelling requires a lot from a person but with these tips and tricks, you can save enough (or even more) just in time for your vacation at your dream destination!

Saving money for travel can be a challenge regardless of how much or how little we make. But knowing that you can meet this challenge and how to do so will make it a reality.