Here are my five top tips for how to save for a backpacking trip:
1. Track your spending whilst you’re saving – Plan your spending for each month on a spreadsheet. Set aside an amount you want to save by the end of the month, and plan your other expenses around it. Keep the spreadsheet updated with your expenditure, and even try to see if you can save even more than you originally planned!
2. Set up a savings account – Make a savings account into which you pay a direct debit, or a determined amount depending on your personal expenses each month, in order to save up for your trip. You could pay into this account the money you save each month according to the tips written in #1 above! Have a target figure for which you are aiming, and know when you want to reach this goal, and just keep saving until you hit this number.
3. Don’t buy food and drink takeaways – Buying coffee and food out of the house can really add up even if you think it is just a small expenditure each time. Take a coffee out with you in a reusable travel mug, and make your food at home instead of dining out. It can save a lot of money over time.
4. Think before you buy – Maybe you’ve seen a new coat you want? Or a new item of skincare or makeup? Wait! Give yourself thirty days and revaluate- do you still want it? Chances are you’ve moved on, and are more focussed on building your savings, and thinking of all the ways you could better spend this money on your travels!
5. Cut your bills – Do you pay a big phone bill? Do you pay for the gym, Netflix, Amazon Prime, and Spotify? Stop and think… do you really need all these things? Reduce your data allowance on your phone- you probably won’t have data on your travels, so why do you need it at home? Try home workouts instead of paying for the gym. Share your online subscriptions with friends or family to split the cost. All these pennies add up each month!
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