7 Money-Saving Tips to Help You Prepare for Your Travels

In a time of rising prices and inflation, saving money while traveling is becoming increasingly important. As an aftermath of the pandemic, the US consumer price index (CPI) is up 6.4% from the same period in 2022, and we see similar cases in many countries across the globe. But since travel restrictions lowered, we also saw an increase in the number of people who want to see more of the world. How can we enjoy our travels without having to worry too much about financial constraints?

Tip 1: Preparing Financially

As with all things, preparation is key. The first entry in our article, 10 tips to save money is goal setting and creating a separate travel fund. Whether you’re using a savings account or a money jar, it helps to see the amount increase with every small contribution you make. Having this separate from your spending stash also helps you avoid spending what’s more than necessary. We also advise you to start small, even if you’re planning for extended travel – like setting your sights on an airline ticket, or a road trip across the country.

Tip 2: Manage Your Credit

Your credit score directly contributes to your overall travel experience – we can’t emphasize this enough. Lots of travel agencies, visa requirements, and even hotels and airlines call for healthy credit scores. You can manage your credit by applying for loans sporadically to space out hard credit checks. These checks can lower your score and remain on your credit history for up to two years. You should also be mindful of opening up new credit card accounts or other lines of credit if you plan on traveling soon.

Tip 3: Avoid Traveling on Borrowed Money

In line with our previous point, traveling using borrowed money is one of the worst decisions you can make, especially in times of economic crisis. You’ll never know how interest rates can change in a span of days and weeks – and with prices of goods surging, you’ll return from your trip to face a mound of debt. It’s likely that the money you borrowed will weigh heavy at the back of your mind, preventing you from fully enjoying the experience. That said, we also recommend settling rent, bills, or investment contributions in advance.

Tip 4: Apply for a Travel Rewards Card

If we’re to encourage applying for a credit card, it will definitely be for a travel rewards credit card. Besides enjoying the sign-up bonuses included upon applying, a travel card rewards you with points each time you use it. The more points you can earn, the faster you’ll be able to use them on a free trip. Using your credit card to pay for non-negotiables like food, household bills, and auto payments will help you get there faster than you think. Of course, we still recommend spending responsibly.

Tip 5: Avoid Eating Out

Eating out is a guilty pleasure for lots of people. According to Yahoo Finance, the cost of eating out accumulates to thousands of dollars per year. In reality, a single meal costs only about $5, but this triples to $15 once you eat out. Just imagine the amount of money spent if you eat out multiple times in a week, and the money saved if you choose to avoid doing so. This also applies to takeout coffee, boba tea, and delivery services. Once you decide to cut these costs, you’ll be surprised at how much you can save.

Tip 6: Finding Free Things To Do

Instead of going on expensive packaged tours, going on walking tours is a great way to explore cities, meet up with locals, and find hidden gems that aren’t crowded with tourists. Places like beaches, plazas, and libraries are also usually free to enter. You can also opt for national parks, churches, and museums, especially if you’re eager to learn more about the history of the area. You also don’t have to spend any money in local markets in order to enjoy the atmosphere.

Tip 7: Changing Your Mindset

Finally, changing your mindset is one of the most important steps to prepare for an extended journey. Saving up money can feel extra cumbersome if you view every decision as a sacrifice you have to make, which can easily take the fun out of the preparation process. Still, over 917 million people were able to realize their goals and successfully travel in the past year despite financial struggles. This shows that nothing is too hard or impossible if you set your mind to it.

Bonus Tip: eSIMs for data

You were probably thinking I was going to suggest using free WiFi! I never use free WiFi – not even at my hotel – because it opens your trusted data device (usually your phone) to malware and viruses. Instead, I get an eSIM. Read about my favourite eSIM provider in the article: Airalo eSim Review for Staying Connected When You Travel. There is even a discount code for you in the article – You’re Welcome!