How to Save Money for Travel

Traveling - it leaves you speechless, then turns you into a storyteller. If travelling is one of your passions too and you love to visit places with bewitching landscaped views, mountains, beaches, historical stands etc. but the one factor that stops you from exploring these beauties is money. If you are also someone who is struggling on how to save money for travel and traverse to beautiful places with your loved ones, we have some tips and tricks that will help you in saving money to explore your love for travelling.

How to save money for travel?

The first thing that needs to be sorted is where you want to travel. What amount is needed to travel to the particular location and how many days will your trip last? You do not have to be extremely specific with your approach but with a slight idea the saving journey would become much easier and more strategic. List these down in your planner and explore how much money these places will cost and start saving your funds accordingly.

1. Budgeting for Travel

Saving can be loosely called a synonym for budgeting and anything we do to save money starts with the process of creating a budget. If you have planned to see a place and searched about the expenses you will have to incur to explore the place, the first step you must take towards saving money is to create a budget for the same. It does not have to be a long and tiring process, just jot down the money you will need to book tickets, hotels, and places to see. It will make your saving journey for the same much easier.

2. Create a Savings Plan

After you are done with budgeting for your trip, the next step is to create a full proof plan of where you want to go, places you want to visit, hotels you want to stay in and any other planned activity. This will give you a clear picture of how much funds will be required for your trip. This is another tip that you must keep in mind when thinking about how to save money for travel.

3. Start Dedicated Travel Fund: Open a Travel Friendly Account

Start a dedicated travel fund if you are an avid traveler and enjoy every bit about travelling and learning about novel places. Open a separate savings account where you can add on a certain amount of money each month just for your travelling needs and use it when the trip is planned.

Additional Read: How much money should you keep in your savings account?

4. Opt for Off Season

The trick behind this tip is that when you go to a place off season the price of each thing is less than compared. From hotels to flight tickets, you can get them all at a very affordable price and save some pennies. For instance, if you want to go to Goa, plan a trip from October to December mid as from December end to February the city is dotted with tourists around the world and all things are highly priced at the time. You should always plan in advance to save more money as the demand is less than the peak times.

5. Keep Checking Travel Plans & Offers

Offers, discounts and sales are the grab shots you should always be eying for. They turn out to be the best answer to saving on a vacation planned. Offers on hotels, flights, full-fledged tour packages can do wonders in your pocket. Search for offers and packages before you make your bookings and make it a habit to do each time you travel to a place to save a good amount of money.

6. Assess Your Expenditure

Expenditure if kept in check before you travel and while travelling while making your trip even more fun and pocket friendly. Try to cut expenses that are not so necessary before leaving for the trip. Moreover, when you are on the trip try to constraint your shopping spree, unnecessary expenses etc. to save money and end your trip within the set amount.

Open an online savings account now with Kotak Mahindra Bank to save your travel funds.