How to save up for travel? How to finance your travel?

This is one of the most requested blogs or topics that I get from people around the world. And here is my take on it, till now I have sponsored every bit of my luxury travel from my pocket. After traveling to 15 countries, I can say that I can definitely give you some good advice when it comes to managing finances for travel.

First and foremost, you have to realize whether traveling for leisure is something you actually want to do. If I had a dollar for every person who came up to me and said: “oh, I want to travel this summer!” And then never did anything about it, I would have an extra million dollars.

Before you unleash your scythes, these people have plenty of money, maybe even more. What they lack is the seriousness towards a goal. They don’t actually care about traveling; they probably saw a movie or an excellent post on Instagram, and when they met their friends, bought up in conversation that they would like to travel to make conversation and forgot all about it. 

Your inspiration, if not followed by a concrete plan, will remain just an idea. I have also had friends who whined about not being able to go abroad because they had expenses. In contrast, they previously mentioned that they had no interest in doing so. These friends in question also spent well over 3k dollars to attend a distant friend of a friend’s marriage. So yeah!

Where there is a will, there is a way. On the other hand, I also have friends who backpacked across Europe with almost nothing in their bank accounts. You have to choose where to invest your time, money, and resources, you may get limited holidays in a job, or you might be saving for something else.

In Marie Kondo’s words, what will spark more joy? 

Attending a wedding where you may never even meet the people getting married again in your lifetime or hiking Mount Everest?

You know my answer.

What I want to say is that if you are serious about traveling and it is a severe intrinsic desire where you are sure about it, your path will become easy, and travel wouldn’t just be a dream. You don’t need a fat bank account or private jets to travel.

Traveling is something that has been done since the beginning of time; you can find a way that is most comfortable for you.

So if you are serious, let us talk about how you can now take that inspiration and make it a reality,

  1. Choose a destination: Choose a destination that you want to go to, research about the hotels, activities, etc. that you would like to do when you are there. What would the flights cost, and when will you be able to get a leave or a comfortable time off for traveling? Also, have an estimate for your number of days that you want to spend there.

  2. Take out a sheet of paper and write all the estimated expenses that you may incur for this plan. After you are done, add 20% of the total value for food, experiences, souvenirs, shopping etc. and add another 15% of that total again for extra unforeseen expenses.

  3. Once you have an estimated number, figure out a comfortable saving plan to get to it. Set a date and start saving in a completely separate account or have a clear demarcation of funds. I have seen that it is best to have either a different account or a locked investment plan where you can’t access the funds else you might spend it all on other things.

  4. Once you have that down, if you get some extra dough you can allocate it towards your travel plans. This technique is not only limited to travel but also can be useful for any other thing that you might be wanting to buy or save up for.

  5. Also, till you book, depending on whether you want to travel luxury or budget, you can set up email alerts as well as have talks with the hotels or flights for better options. As a luxury traveler, I have received hotel upgrades to the most stunning views and penthouses just because I had a friendly chat with the hotel managers before arrival. Don’t be afraid to ask for upgrades, extra services like breakfast options, valet, etc. or even discounts.

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