While the last few months have allowed me to joyfully explore some regions of Canada, I must admit that with the borders reopening, my desire to explore the rest of the world has reappeared, more present than ever.
If it were up to me, I would fly away tomorrow morning without looking back, but the reality is that wandering requires some financial preparation. How to save money for a trip? Here are 5 practical tips that I hope will motivate you to save and pack your bags!
1- Create a savings project
A beach resort in Estonia? A backpacking trip in New Zealand? Where do you dream of going? Visualize your next trip and start making that vision a reality. Create a vision board with photos and ideas that inspire you and keep it somewhere you can see it! I personally made mine as a collage, which I display next to my desk as both a reminder and a decoration. It could also be an electronic version, serving as your computer or phone wallpaper. Having a clear and precise plan for a project generally leads to greater motivation. When it comes to stocks, creating a savings account is an excellent starting point. Most financial institutions now have savings programs with interest rates. Automatic transfer with each paycheck, or setting small monthly goals, is a good way to save gradually. Advantageous. Setting up an automatic transfer plan with each paycheck or setting small monthly goals i,s a good way to save gradually.
2- Cut back on current expenses
Saving, saving… Yes, but how, when the cost of living keeps rising? Creating a monthly budget is essential when you want to save money. Beyond simply looking at your estimated monthly income and expenses, analyzing your actual spending helps you get back on track and stay within your budget when you deviate from your initial spending plan.
Here are a few quick tips:
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Review your subscriptions: Is it really necessary to have a Crave and Netflix account? Do you have unused membership cards like Costco or Amazon Prime? Clean things up!
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Use public transport whenever possible. Good for your finances and for the environment.
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Every time you mpurchaseyour monthly budget, for example, to buy clothes (yes, I’m really writing this one for myself), ask yourself: do I really need it? Is it more satisfying to own yet another pair of shoes or to achieve my goal? If the answer is the latter, invest that same amount in your savings instead of spending it on the initial idea.
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Pack your lunches and bring your coffee to work. You already know this. But it can’t be stressed enough! For my part, I’ve set myself the following challenge: every time I treat myself to a coffee or other non-essential indulgence, I have to double my savings. If I can’t afford it… weWellthen I can’t justify the drink either!
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Spend your entire monthly budget for activities, restaurants, and cafes in cash only. Having cash on hand makes you more aware of the value of money and often results in more informed choices.
3- Think second-hand
Whether for everyday purchases or those related to your upcoming trip, prioritize secondhand goods. Beyond thrift stores and clothing banks, sites like Kijiji or Facebook Marketplace make it easy to buy and sell items of all kinds. Have clothes you no longer wear? Retro dishes gathering dust? Make it a habit to get rid of what you don’t need.A nd put the profits from your secondhand sales into your travel fund 😉
4- Use a credit card comparison tool
Bonuses, rewards dollars, travel points… Finding a credit card that suits your needs can be quite a challenge. Seasoned travelers will tell you that many cards offer attractive travel benefits that can save you a lot on flights, accommodations, and more. I’m not here to recommend credit cards or banks, but I want to share my latest discovery: Hardbacon, n app and website that brings together a host of tools to take control of your finances (and it’s a game changer !). Hardbacon is a local company that offers comprehensive solutions for better portfolio management, from budget planning to investments. Specifically, I discovered their various comparison tools: brokers, insurance companies, checking accounts, credit cards … which make it easy to find the best option for you without any hassle. It only took the app a 30-second survey to suggest the card with the best travel rewards, based on my monthly spending.
5- Plan your trip and keep an eye out for promotions.
I’m not one to plan a day-by-day itinerary, let alone my activities, but listing and considering all the possibilities and evaluating their value beforehand will help you better organize your budget. Research the cost of living in the destinations you want to visit, the exchange rate, the average price of a meal, and so on. Sometimes, buying a transportation ticket a few months or weeks in advance can save you a lot of money! Make a list, then subscribe to the newsletters of these destinations to take advantage of deals when they’re available .
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