I'm sure this topic has more that likely been covered before, but I thought it would be useful for people to share tips for saving money for a big trip (6 months+).
I'm fully aware of the obvious methods, but it can't hurt to know more.
So heres a few to start off....
1) Quitting expensive habits - Things like smoking, going out drinking, eating out in expensive restaurants etc. Or if you're not wanting to quit some of these completely, cut them by half, or find cheaper alternatives.
2) Cut bills - Phone bills, sky tv, electric etc. Try lower your tariff, cut down to sky basic package or get freeview. Unplug all appliances in your home if your not using them. A hard habit to get used to but worth it.
3) SELL SELL SELL!!! - Got old clothes, CD's, DVD's, Game's, old furniture, toys? Spending a good weekend you have free, because your not out drinking, sorting the house and making some money! Do a garden sale, car boot, or use eBay, gumtree etc. When I saved for my trip to Australia, a quarter of my funds came from selling unwanted items.
4) Money jars! - Every time you got some change in your pocket at the end of the day, put it in a jar/money box. You'll be surprised how much you'll have right before your trip. Even if its only £20-£30, thats a couple of nights in a hostel.
These are just a handful I swear by, but please feel free to share any ideas!
For me, i make sure i have auto transfer of funds from my payroll (biweekly) to two other additional accounts. $50 for one saving account for plane ticket $1300cdn/year and another one for $100/biweekly to another for expense account. So $150 every two weeks. I find it affortable to save this much and not be overly burden. Of course, the rest of my money, i will keep in a separate account away from my primary chequing account. Make sure you dont' have access to these three accounts on your bank card. Prevents you from being able to withdraw thru an ATM machine.
2ndly, find some hobbies that you can keep yourself entertain after work or in the weekend. Go for a jog in the park. Maybe play tennis or play sports where you can join in. Or even walk around carrying your backpack. This is a great way to train your legs when you do move about when traveling.
3rd. set your budget for your daily cost per day. Try to keep it that way. I believe if you buy food for the week, you tend to over buy, or simply go out snacking anyways. Its hard to commit. So put a money jar of X amount and spend that only for outdoor food.
Always try to commit to saving 40% of your income per paycheck. See how that works. If its works great. Try saving more. Dont' burden yourself.
I did that and it worked good for me.
timebackpacking, I admire your fortitude.
Well sometimes if I have nothing going on, I will just stay in all week and put all my wages (after bills) into my savings. Leaving £20 for getting about. Currently trying to put away at least £500 a month. Means living a very quiet life but will be worth it in the end.
WOW, Adam. You really are determined. I admire your efforts.
If you have the discipline, use your credit card for purchases that you would make anyhow. Make sure you pay it off each month to avoid any interest (interest can be a killer with credit cards). Do not use it to make purchases that you would not make otherwise. The points can add up and you can actually get cash reimbursements for the points. This will cost you nothing and you will make money. If you lack control with a credit card, then this may not be for you as it will defeat your purpose. I do this all the time. Sometimes, it can pay for a good portion of my trip.
Don't have a credit card, never have!
Yea I am determined, I've done Australia and I know the outcome is well worth minor sacrifices. These trips are life changing. And if they enable you to cut back or quit smoking, drinking, drugs or whatever, then it's changed your life in more ways than one!
We have a travel blog with all kinds of tips and nice places in Southeast Asia! Your budget is okay, because you've chosen cheap countries. Make sure you check out our -snip- for budget info! Keep in mind, India is really big. If you would like to have beautiful beaches, go to Raja Ampat in Indonesia, best place ever! -snip-
Have a good holiday!
Elise from newsfromNOMADS
[ Edit: Sorry, no promos please. ]
Thanks @Adz2012 for shring so many useful tips. I totally agree cutting down expnsive habits and keeping Money Jars. That really helps a lot.
Always make sure about the traveling agency, and always cross check with other travel agency and have guide with you.