How Do I Save For My Next Vacay?

Wouldn’t it be so great if we could abandon uni and just travel the world? Unfortunately that might not be super realistic but luckily for us, uni allows a bit more flexibility than school and full-time work for these opportunities to an extent. Last year I travelled to 5 countries and this year I am planning another 4. Tragically, travelling is super expensive and being a uni student, it can be hard to save in this economy. But here is your guide to some day-to-day saving tips to help fund the adventures and experiences waiting for us ahead. 

1. Travel Account 

This may sound a bit intuitive but it's something I had never really thought about doing before I started to save for travelling, and that is to make a seperate bank account for travel so that you can budget exactly how much you are allocating for you trip. It also helps you feel more at ease with spending large lumps of money as its already been reallocated to a travel account and doesn’t feel like it’s coming directly from your hard earned savings. 

2. High Interest Saving Account 

After reading ‘Shes On the Money’ by Victoria Devine at the end of last year, I did my research to find which bank account would give me the highest interest with the least amount of guidelines attached. My current bank account was only paying about 4% interest annually but relied on me not taking money out of my savings each month in order to receive this bonus interest. Obviously if you are planning an expensive trip that is unrealistic, and so I transitioned to a completely online bank account which pays me 5.25% interest annually and allows me to transfer out of my saving also. Double win!

3. Choosing a Few Most Valued Things 

Now even though we’re trying to save for travelling, we also need to live our lives in the present. That’s why I choose a few things that I value spending my money on and won't sacrifice, and then I can save on everything else. For me this includes coffee, Pilates and going out with my friends, however it will be different for everyone. This helps me make sacrifices in spending elsewhere as I’ve identified what is most important to me and what is not.  

4. Making Cheap Substitutes 

Inspired by a “Two Broke Girls” podcast I listened to a few years ago, there are some swaps I make in order to save money in areas where I feel are most appropriate. For example, I love and value expensive makeup products, however feel there are some products worth buying high end versions of more than others. For example, I will buy high end foundation, blush, bronzer, highlight but I will make swaps for cheaper products such as concealer, mascara, lip gloss, setting spray as I feel I get the same results with both the 60$ and 20$ products. 

4. No unused subscriptions 

I will never have any subscriptions running for things I do not use. This is such a money drainer and a lot of the time you won’t even recognise it happening. Make sure you regularly review your subscriptions and set reminders to delete subscriptions that you may have joined to receive a one time offer. 

5. Price checking 

This may feel like a small save, but I promise it will add up. If I know that I need to buy a new product that I use regularly, whether it be my contact lenses solution or shampoo, I will always look on Google to see if any stores have it on sale. More often than not, at least one store will be selling the product at the discount, and I save myself a few dollars rather than just going anywhere to buy it. 

The thing with savings is that it can be long and tedious, but it’s all about finding a good balance of spending and saving for your future plans, and also making good habits. These tips have helped contribute to some of the best opportunities of my life and I hope they can help you build that travel fund too. Happy flying <3

Keira