10 EASY ways to save Money for Travel | Money Saving Hacks 2020

10 EASY ways to save Money for Travel | Money Saving Hacks 2020

Hi and welcome to the channel. Today we’re going to be
talking about money. (Music) Travel doesn’t have to be expensive
but flights and the ability to do all the things that you want to do
while you’re away does require some money. And I am all about a good deal, but spending your entire trip
staying in a hostel, eating in a hostel, drinking in the hostel, sounds like a waste of what
could’ve been an epic adventure. That’s why I make a conscious
effort to save for a trip so that I don’t have to be pinching
every single penny while I’m away. Today I’m excited to share
these tips with you so that the savings you make today
can lead to an epic adventure tomorrow. (Music) Set a very clear goal. Saving is not always fun, but knowing what you’re saving for
can be very motivating. If you want to go to Italy, put Italy as the background
on your computer screen, put it on your vision board,
make it the background on your phone. That way, the next time that you’re
out at the bar, and your friend says: “Come on! It’s just one drink,” you can look at your phone and realize
that that $10 glass of wine is going to be so much better
at a vineyard in Tuscany for €1. Track everything. Know what your starting point is and how you’re progressing
towards your saving goals. I use a free app called Toshl that allows me
to input everything I’m spending and everything that I’m earning, and then it puts it
into these nifty little graphs for you that shows you if you’re spending
all of your money on food or entertainment really just where it is going. And I know that tracking
doesn’t necessarily mean you’re going to save more, but it’s like those food tracking apps,
MyFitnessPal or Lose it where you input
everything that you’re eating, and then, when you realize
that that stale office doughnut is actually half
your calories for the day, you may decide to pass it. The same logic goes
if a Starbucks Frapuccino is actually worth the equivalent
of a full day of eating in Thailand, you may realize it is not worth it. Track your expenses,
know where your money is going. Create an adventure fund,
also known as a tax-free savings account. Why have your money
just sitting in a checking account, when you could instead have it
in a tax-free savings account where it’s going to be
passively earning you money? To get started with this,
go around your house, collect all of your spare change, dump it into one of those machines
at the grocery store where they will turn it into bills for you, and then go put this
to start off your adventure fund. Or just take all your spare change
and bring it into the bank. The won’t like you,
but you will be surprised at how that money actually adds up. And then automate transfers
into this adventure fund. I do it by 10% of my income
on a bi-weekly basis, where it automatically transfers,
so I don’t even need to think about it, and the money starts adding up. Also, compound interest is
a beautiful thing, so, if you start saving now, $5 today
down the road is going to be $10. and you don’t even end up missing it
if it’s not in your account ready for you to spend it. Know your tendencies. Gretchen Rubin has a fantastic book
called The Four Tendencies that explains what motivates us to do
the things that we do. It’s great insight into knowing
why even though we know we should do something,
we don’t necessarily do it. There are four different types:
obligers, questioners, upholders and rebels. The majority of us are obligers,
which means we’re externally motivated. Obligers are fantastic
at sticking to habits when they are held
accountable from others but not necessarily when they’re
holding themselves accountable. That means, if you know
you want to start working out, and you set yourself a goal
where you will wake up at 6 a.m. and do a whole workout,
you’re probably not going to do it. But, if you had a friend
that you were meeting at 6 a.m. to go for a run with,
you will actually show up because you don’t want
to let that person down. The same mindset goes for money. Have someone else
that’s holding you accountable or doing the challenge with you,
and you’re likely to achieve this goal. On a similar note,
regardless of your tendency, get support, get
an accountability partner. Tell someone. You know what? Tell everyone. It’s going to make it
so much easier for you if the people in your life know that you have a specific goal
that you’re saving for. So then, when you’re skipping out
on expensive activities or, say you’re at the movie theater and you go into your purse
and you pull out your own bag of M&M’s and your can of Coke, you’re not going to feel
so awkward doing it. Am I the only one that does that? This way you still get your movie snacks but you don’t have to spend
a whole bunch of money it’s not like they ever check your purse. Let me know in the comments below
if you do that or if it’s just me. Better yet, take it a step further and get someone on board in the challenge
to save money with you. It’s more fun this way because you can
host your own movie nights in and have a cocktail party,
or even challenge each other to see who can have
the cheapest grocery bill that week. It’s just moe fun
and motivating to do things that involve a little bit of sacrifice
with other people. If you don’t have someone in your life
that’s willing to go in on it with you, look online. There are plenty of Facebook groups
and forums and Reddit groups of other people that are trying
to save money as well. You can then share the wins, the losses, and strategies that you’re
using with each other Avoid sales. This may sound like a stupid tip
if you’re trying to save money. If there’s something that you’ve been
meaning to buy for a long time, yes, go for the sale. But, what I’m talking about is
avoiding impulse-buying just because it’s a good deal. I can’t tell you how many times
I’ve gone to a store, seen a T-shirt that’s
regular $100 on sale for $10 doesn’t quite fit properly
but it’s a great deal, so I’ll buy it and it’s still
in the cupboard a year later with the tags on it. Don’t buy something
unless you absolutely need it and don’t buy something
unless you absolutely love it and know you’re going to use it or wear it. Another good thing to ask yourself
before you buy anything is how many hours would you need
to work to make back this money. Another fantastic book is
Your Money or Your Life The basic premise of the book is
that it is a lot easier to not buy something than it is
to make that money back later. I would much rather pack
a sandwich for lunch Instead of going out
for lunch at work paying $15 plus tax, plus tip, which is money that would be equivalent to spending an extra hour
of work that night. Finally, would you rather that item or have someone walk up to you
and pay you in cash the equivalent of what that item is worth? Nine times our of ten,
I would rather leave a T-shirt on a shelf if it meant that someone
was going to come up to me and give me a $20 bill that I could keep. (Music) In this video, I shared
some general strategies to have a better
money-saving mindset for travel but I find it to be most helpful
when I have specific systems in place, which is why I encourage you
to hit my face and subscribe right over here, because next week I’ll be sharing
my five-step process to get pretty much
anything I want to buy, either cheaper or for free. Hope you’ll tune in for that. In the mean time,
the key is to stay motivated by knowing your “why.” I highly encourage you
to check out this video right here on the perfect trip for your personality
or this one to inspire you down here on some of my favorite
bucket-list experiences. Hope you’ll join me next week
for some more money-saving hacks See you then. Bye!

12 thoughts on “10 EASY ways to save Money for Travel | Money Saving Hacks 2020

  1. love your tips….ย great job as always! David USA ,, p.s., retiring to Thailand 9-18-2019 on a O/A visa….

  2. I agree with your point, but also, for those who need to save, the surest way to save for travel, is; eat at home, people who prepare their own meals at home, save five times more than those who don't.
    Put a ban on social life, I know that sounds extreme, people who don't hang out often, spend far less than those who do,
    Oh, and, take the bus instead of taxi, or maybe even walk it, except of course the destination is far, and the last idea I came up with is, anyone who plans to save for travel should learn to hang on to some of their items for much longer, and not buy new stuff just to be up to date with a newer iteration of the same product like iPhones etc.

  3. I bring my own snacks and pop to the theatre because they don't have what I want and the smaller portion. Love your video and can't wait for next week video.

  4. Super great tips! Been following Graham Stephan a lot recently to understand personal finance and savings more. The lack of eating out is definitely something I gotta get better at! Super good!!

  5. individually suggest to my friends. I am confident they will be benefited from this Channel..!!


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