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Two steps guaranteed to help you save money for traveling

Two steps guaranteed to help you save money for traveling

Not along ago we described three ways we’re saving money to fund long-term travel and no doubt we’ll be posting more money-related material in the coming months with ways we’re cutting our expenses and generating extra cash to follow our travel dreams.

But if you’re one of those people who just can’t seem to save any money for traveling, here are two steps GUARANTEED to help kick-start those travel savings!

Step 1:

Spend less than you earn.

Step 2:

Save the difference in a travel fund.

It really is that simple! If you earn $500 a week, spend $400 or less and after a year you’ll have over five-thousand dollars towards your next adventure! The bigger the gap between your income and expenditure, the bigger your savings!

So what are you waiting for?!

If you want further info on the concept of spending less than you earn, I recommend checking out this excellent post from The Simple Dollar.

Flickr Photo: vagawi

5 Comments

  1. Posted November 6, 2010 at 12:30 pm | Permalink

    OH I LOVE THIS. It is straight to the point & is no LIE~

    I wish more people knew this & followed it.
    Jaime recently posted..175HRS IN JAIL

  2. Posted November 6, 2010 at 12:46 pm | Permalink

    You mean I actually have to spend less then I earn. I thought it was going to be easy to save money.

    I agree, it really is that simple. If you really want to turn your travel dreams into reality you have to be willing to make sacrifices.
    Nick Laborde recently posted..Luck Is For Losers Or Paying The Stupid Tax

  3. Posted November 7, 2010 at 7:39 am | Permalink

    Hi Amy & Kieron,

    Those are great and straight forward tips, almost completely obvious! :)

    One habit that has helped me save a lot of money is just applying the 80/20 rule – save 80% of the time with the ability to splurge the other 20%. For example, packing lunch 4 days of the week and then going out 1 day of the week, that way you can make saving a long term habit by saving most of the time but not depriving yourself either.

    Great blog, and I look forward to more of your updates!

    - Lily
    Lily Leung recently posted..How to Declutter and Move Forward

  4. Posted November 7, 2010 at 4:27 pm | Permalink

    @Jaime – It really is that easy to save, I think people know it but just don’t want to listen. This concept, as well as “paying yourself first” are the two that will fund our travels – anything else is just a bonus.

    @Nick – You could always fund your travels with credit cards and personal loans – we’ve made this mistake before. Fortunately it was all paid off within a couple of months however. Saving for travel is all about sacrifice and delayed gratification… it gets hard sometimes but in the end it’s all worth it.

    @Lily – Thanks for the comment and following us! Fantastic advice… the last thing you want to do is become so frugal that you resent saving and the reason you’re doing it in the first place. While we’re working hard to save as much money as we can, we know that we need to enjoy going out sometimes and even some weekend trips so that we don’t go insane!

  5. Posted November 8, 2010 at 1:54 pm | Permalink

    Seriously. That’s all there is too it. Spend less than you earn and save the rest. I think the book Rich Dad, Poor Dad explained it this way. We have a tendency to spend more as we earn more. Our salary increases, so we buy more expensive cars, clothes, etc.

    I deduct $100/week for travel and directly deposit it into a separate savings account. Out of sight, out of mind.

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