Saving tips to make the most out of your trip

Have you ever thought of saving money to be able to travel a bit more relaxed? Or perhaps to buy a house, a car or save for that trip of a lifetime? Here we will talk about saving tips in celebration of Savings Week in the UK starting on September 18th.

By Syeda Juveria Afreen | SJA

Instagram: (@sja_thedude)

Saving money is always good. It’s one of the important habits that can help you in situations you might not have considered. Having savings can help you feel relaxed and confident about your future. By concentrating on what you can control and developing a savings habit little by little, you can start to change your relationship with money. 

A strong belief that you will achieve your goal is a great achievement, and having the right mindset would be our best ally in creating the habit of saving. Here are a few key reasons why you want to learn how to save:

“A small start can lead to a big change”. 

Benefits of learning to save money

1. To be ready for whatever circumstances come your way

Sometimes we all have unplanned events, which means having a savings buffer can be a great help. Such unplanned events might be illness, job loss, a sudden car repair, visas or a missed flight. Having savings will help in such circumstances and leave you feeling less stressed, especially if you find your income suddenly reduced. For example, arranging cover from Cars Protection Plus for your car can help minimize any nasty surprises on your travels. 

 

2. To know you can reach your Goals

Building up savings can help you in the long run. Whether your savings are for buying stuff or if you want to sustain your travel lifestyle for a few months, make your targets specific and achievable. For example, say I have to save 3,000 dollars every 6 months to buy a car by the end of next year. So, you know how much you have to put aside each month in order to reach that goal. Or if you are planning for long-term travel, you want to first plan your budget to know how much you’ll actually need, and from there realize all the measures you’ll need to take to make your goals feel more attainable, which will help you save money for it.

3. To make more of life

Keeping savings aside will help in many different scenarios. On one side, it will come in handy when trying a different career path, for example, starting your own business, and keep you from getting into debt in life. 

Moreover, especially when looking for ways to earn more without having to work 3 jobs, investing could be a great way to start earning passive income and save more money for when you’re planning to take a long break or start travelling full time. For instance, you could take up an investment plan, which helps with savings and also returns interest, like Fixed Term Deposits or Recurring Deposits. But that’s a topic we can get into in more detail in a future article.

How to start saving

Saving doesn’t come naturally to everyone, but starting small can help you go a long way to building decent savings. Here are 6 tips to get started!

Realize Where You are

Take a stop and just think about your current spending and savings habits. This will enable you to better control your flow and be sure you will only make purchases that are important and essential. Although the odd treat is okay, make sure to budget for these too. 

Set a plan or goal

Setting goals will help make sure you save money. It could be to get a sense of security and control or to take up some insurance policy that will give you vantage later in life. You could also invest money where you can get profits each month and save it for later. The ideal would be to plan to set aside 10% of your monthly gross income.

If you have a specific trip in mind, set your date and plan your budget appropriately to make that trip. Don’t forget, as well as paying for the trip, you’ll need spending money and an emergency buffer for any unplanned events or challenges. 

For example, taking 2 months off and going on holiday to the US will require lots of money (regardless of where are you flying from) and if you save as required for your set budget then you won’t encounter any problems with it.

Cut yourself some slack

Don’t worry, It’s Okay if you are not ready to save. Many people struggle to save money because of various monthly expenses (planned and unplanned), and this can affect their mental health. You may not be in a position to start your savings journey today, and that’s fine.

Sometimes life becomes difficult and finances take work to maintain. But with small steps, you could improve your life and savings with it. 

Make a small start

Plan and think about how to get there. Start small, putting aside each note you can spare. Reaching a decent amount of savings to motivate you to keep going can be easier than you think. The most important step is the beginning, and once you start, everything else will follow.

Limit yourself where you can

Buying unnecessary things you don’t really need is a common enemy of saving. So,  to help with this you want to restrict buying things like additional wardrobe shopping, as well as to minimise restaurant spending and keep track of your bills.

If you do need to buy some material things (which can happen for plenty of reasons), make sure you shop the best deals when you can. And make the most of cashback, coupons and vouchers. Look at selling things you no longer want or need. You could sell them online or through a local market.

With the help of an app

Another useful tip that will help you learn how to start and grow your budget account is to use technology. For example, using a savings app helps track your spending, set the budget, meet saving goals etc. 

When possible, open a separate savings account, which will help you to keep the needed money apart from your current account.

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