How to Kickstart Your Travel Savings in 10 Steps
A comprehensive guide to saving money for solo travelers
March 22, 2022
When it comes to traveling, we all want to do it. It’s not a question at all. And if you’re like me, you’d certainly wish it was free.
But alas it’s not. We have to spend our sweet, hard-earned money on flights, hotels, and activities that will give us the best travel experience.
When it comes to solo travel it’s not easy to accept the fact that it can cost more money, versus traveling with friends when you can split the costs.
But if you have a goal to go on your own at some point, it’s inevitable that you’ll be spending more money than you want to.
The good news is that you have options: you can travel on a budget or you can create a savings plan!
Personally, I’m a fan of both!
But I feel that in order to have a good budget, it’s important to save enough first. A savings plan will allow you to put aside as much money as you need to have the trip you desire!
When I start planning an adventure, I like to start financially preparing weeks in advance—But most of the time, it’s MONTHS.
This not only helps me in traveling comfortably, but also to travel within my means and not leaving me broke at the end of the day.
So, in this post I'll be sharing with you ten things you can really start doing this evening to get you started on your travel savings plans.
You deserve an amazing trip so let’s set you up for success with these tips you can begin working on today.
How To Save Money For Travel Adventures
A comprehensive guide for solo travelers
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1. Research current costs of travel
First things first: Your destination will play a HUGE factor on how much you will need to save. Also keep in mind that different times of the year will give you different costs of travel.
That said, always pick a season that gives you the best value for your buck (ie. Shoulder season or off-season). But don’t compromise on the cheapest destination if that is not what you want.
Once you’ve thought of these two things, just go for it-- Daydream about your trip like there is no tomorrow! Wanting to be a solo traveler will make this step fun because this is where you can think of everything you might like to explore without restrictions.
So write it all down on a spreadsheet and be intentional about what you choose like hostels or airbnbs, museums, and restaurant you want to experience.
Once you have a list that you like, then you can look for the actual costs to do those things!
Start with finding out how much flight or bus tickets cost on average. Then move on to costs of staying at hostel or airbnb per night. Also, get an understanding of how much travel insurance will be and lastly, if you’re attending festivals or special events, how much will you need to attend comfortably.
Then continue down the list you wrote down. If it all sounds overwhelming, choose 5 things that are really interesting to you and focus on those.
In the end, you’ll have a rough estimate of how much you might need to save up for your travel adventure. This is important because a savings plan is not a plan if you don’t know what your end goal is!
After all your research on cost of travel, you might also want to save a bit extra as a safety cushion. No matter how much or how well you plan your trip, sometimes things just don't happen that way and you need to make sure you have a separate pool of savings specifically for emergencies.
A good rule of thumb is to sum up the total cost of your trip and aim to save an additional 10 to 15% for that purpose.
New to solo travel? Here are a few posts for you!
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2. Find out where your money is going right now
Now this is where the real deal starts. You may choose to do this step in one evening but if you want to look at details, it might be good to spend a few days on it to fully understand your spending trends.
To find out where your money is going, check your bank activity for all your accounts. Online banking accounts usually provide access to a spending report. This spending report shows you all the transactions you have done with your cards and categorizes it by type.
A few examples of types are ‘Fast Food’, ‘Shopping’, ‘Office/Business’, etc.
If you are not sure where your spending report is contact your bank to get their help!
Once you get a hold of the report, spend a few minutes looking where your money is going to the most. Of course, the top 5 will probably be the essentials like rent, groceries, health, and basic household shopping.
So put those aside and then look at the rest of the list.
As you go down the list, take note of the areas that you feel that you may be able to reduce the spending so that you can allocate that money to your travel savings.
These areas will vary by the type of lifestyle you live of course. For example, for me I found out that I could cut down on unnecessary spending at Target or switch from buying a daily drink at Starbucks to just twice a week!
Notice that I said ‘cut down’ and ‘switch’ instead of ‘stop’. I made sure not to fully restrict myself.
The goal of this exercise is not to make you stop cold turkey from buying something. That can backfire into making you want it even more!
Instead, this exercise is meant to help you set a reasonable budget. It’s basically finding from which basket you can take money to put it in another.
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3. Start budgeting this week
So now you know how much you need to save up and you understand how you need to adjust your spending habits to get started.
Here comes the perfect recipe for success: Budgeting.
I’ll be the first to tell you that creating a budget is easy but sticking to it is another whole story. It takes a savings goal, a deadline, and a lot of determination.
A good way to think of a budget is as a guideline on where and how much to spend on a specific thing and still be able to save a good amount for travel. And the best time to start following this guideline is today!
Starting to budget now will give you an advantage at saving more or faster than you hope for. As time goes by, you’ll also find out whether you need to re-adjust your saving plans to speed it up or if you’ll need to delay your trip a bit.
It helps to keep track of your spending by creating DIY excel sheet with sections for each of your spending categories. Then on another row, set a total amount that you want to use as a limit in spending for each month.
If you prefer to have your tracking on-the-go, it’s better to use free phone apps like YNAB (You Need a Budget), Mint, or Goodbudget. There are many options out there so find what works best for you!
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4. Set a special place for your travel savings
With the steps above you now should have a good basis to start saving. You have the insights on budgeting for your next travel trip, and you understand how to allocate it better. So what’s next?
The next step towards your saving goals is to find a special place where to save the money.
If you’re leaving it in your checking account there may be slight temptation to spend it that day you’re aimlessly walking around Target. Or worse yet, you might not even notice you’re spending it if you don’t check your bank statements often!
A great solution to avoid dipping into the golden pool is to create a separate savings account!
My top recommendation is to create it with your current bank. This way you can set an automatic transfer each month which makes the easiest way to track your progress!
But if you prefer to keep your money at home, perhaps you’d want to try the envelope method and keep it in a secure, safety box. Or, go the traditional route and use a piggy bank!
Whatever method you choose, give it a try and make sure it works for you. Always remember the reason why you’re saving and to leave the money alone until you’re ready to spend it on travel expenses!
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5. Create a weekly or monthly savings plan
Depending on how much time you have from now until your solo trip, you’ll need to find out how much money to put away weekly or monthly.
Ideally, you’ll have at least 3-6 months to save but if you have the opportunity to save for longer, I’d say that's better!
Creating a savings plan involves setting a very specific goal of how much money to save within that timeframe. Once you create it, remind yourself that you can vary it. It doesn’t have to be the same amount every week or month. The important part is that you’re still saving.
For example, you can choose to save $15 this week, $20 next week, $18 the following one, and so on. Or, if it’s a monthly plan, you can choose to save $50 for two months, and then increase it by 20% every month after.
It’s like setting S.M.A.R.T. goals— The savings plan will keep you motivated and on track!
Find a template and write your goals down. You can use a table to track your weekly or monthly progress too! Tape this on your wall, mirror, or somewhere where you can see it every day.
Once you fulfill a goal, cross it out! It’s going to feel so good and it will be the motivation booster you’ll need to continue the savings journey!
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6. Got debt? You can still save for travel
Student loans, credit card balances, and mortgages can feel like a burden when we want to travel. They can feel limiting to the life we want to live.
But hear me out girl, you can pay your monthly dues and still save for travel.
Balancing all the financial responsibilities and your travel goals will require serious time and commitment from you. With that, you’ll be able to save up because there is no question that you can do it and that you will!
Take a good look at where you are in your repaying journey and find out what’s a reasonable amount for you to save for travel. If you have a lot of debt, creating a budget plan will be the best course to go. Not only will it help you check things off your travel bucket list but it will also keep you on track to a debt-free life.
If you don’t know where to begin, explore your options for making extra payments, refinancing for a lower interest rate, or getting a digital side gig you can monetize.
Now if you’re almost at the end of the repayment journey, then it’s possible that you’ll be able to save faster. But it’s still important to follow a budget and keep your eyes on the prize.
Stay consistent and you’ll be on a plane before you know it!
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7. Got skills? A digital side-gig could help!
This is not a step you need to follow to start saving for your trip but I won’t deny that it certainly helps with supplementing it.
If you got a skill for online freelancing (like content creator, virtual assistant, or ghost writer) then finding a way to get paid for it is possible for you. It might take time to find work on websites likes Upwork or Fiverr but once you get that going, you’ll get to pick a few projects.
You can always find a part-time position in an actual physical location but a digital gig would ease up additional expenses and your energy.
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8. Take advantage of a credit card with travel rewards
Note: Using credit cards without a payment plan is tough and you will not be reaping the rewards it gives. Only consider this option if you are able to pay the balance off before the end of the billing cycle.
Being financially responsible and on a budget doesn’t mean you can’t use credit cards for your expenses.
The truth is that as long as you pay your balance by the end of the month, credit card use is actually good. It helps with your credit score but also can provide benefits for travel!
Credit cards with travel rewards are a good option to save up in the long run. I personally believe that you can save faster if you allocate your money properly. But if you use the travel reward credit card to pay for daily expenses, you could rack up points to redeem for one flight or a night at a hotel soon.
With that said, do your research and find out which credit cards you can apply for. Gather information on interest rates, cashback or point rewards, and always read the fine print.
Take time to make an informed decision before you move forward with this.
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9. Reward yourself with moderation!
After a few weeks of following your budget and saving for travel, it can get boring or restricting. This will make you feel like spending your money spontaneously on something you don’t need.
That’s why you need to have a plan for this situation!
When you’re in the thick of it, you might feel restricted of all of the goodies in life.
I’m here to reassure you that it doesn’t have to be that way. Your savings plan doesn’t have to be strict or boring. I strongly believe that when you’re intentional about where your money is going, a small reward can kickstart your motivation.
To save you any trouble, I suggest that you add a category in your budget for gifts or self-care. You can choose to use some of the budgeted money each month or to use it all for one special occasion.
But if you’re practical like me and you want to buy clothing or material items, then consider purchasing items that you can use for your solo trip too! You can use it for your every-day life and to make your travel adventure a better experience. Double-win!
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10. If you don’t reach our weekly or monthly goal, try again!
You’ve heard the saying: Fall down 7 times, get up 8.
Consistency is important, but resiliency is key!
The best method to save up for your adventures is to maintain focus every time you set money on your savings account. But it’s not always possible to accomplish weekly or monthly goals and that is absolutely okay!
Be kind on yourself; give yourself grace and remember that discipline doesn’t build overnight. If you miss your goal one week or month, try again the next. This will also be a good opportunity to readjust your goal amount as well.
Failing to meet a goal can put you down and make you feel like you’ll never get there. But reassessing your goals will help you catch up or give you a better idea as to when you should be aiming to take your trip.
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