Saving up for a long term trip can seem like a daunting task, especially when you feel as though you are tied down with restrictive bills. I was surprised how easy it was to save money once I downsized my lifestyle to only the necessities; many of the financial commitments were for things I wanted, but didn’t need.
MyJar recently released an infographic showing the different ways you can save money for those big things in life (displayed below). Whether it’s your dream to buy a new car, set up a new business or save for that trip-of-a-lifetime, we all have to start somewhere. The graphic showed some new and interesting ways to save money that I had never considered before, such as switching appliances off standby mode to save on your electricity bill and washing your clothes at lower temperatures.
Here are some of my tips on how I managed to save money for my long-term trip. Obviously not everybody will be able to follow all of these tips, as it can really depend on your lifestyle and family circumstances, but the following are guidelines that can be followed to help you save a little more.
Set Up A Savings Account
In their infographic, MyJar said that every payday you should have a standing order set up that pays a certain amount straight into your savings account. This is great advice. Although I didn’t have a standing order, every pay day I would instantly transfer money from my current account to my savings account via my online banking or phone app, thus ensuring that I didn’t spend the money before it was too late. My savings account didn’t offer a very high interest rate, but just having a separate account where I could see the money start to build up made it feel as though I was accomplishing.
Sell As Much As You Can
As I was selling my house before I left to travel, this one was quite easy for me. I was able to sell a lot of my furniture on sites like Ebay, which helped towards my travel fund. I also sold my car, meaning that I was no longer spending money on petrol and insurance. Even if you can’t or won’t sell big items like these, there are always clothes, shoes or jewellery in your wardrobe that you never wear, as well as old books, DVDs and music. Selling them online or at car boot sales is a good way to get rid of any clutter and earn you a little money.
Reign In Your Spending
Another good point made by MyJar was that you should review your spending habits and try and cut back on things that you don’t really need. I quit my gym membership as soon as I was able to get out of my contract and tried to still get exercise by walking as often as I could. I also downgraded my internet package, got rid of my cable bill and tried to make the most of free texts on my mobile phone instead of calling people.
Be Savvy At The Supermarket
Wherever you can, try and make meals in bulk and then freeze individual portions for other meals. This can save you money as items are usually cheaper when bought in multiples or larger packs. Try and purchase supermarket brand products instead of name brand ones and incorporate more fruit and vegetables into your diet in place of meat and fish, as they are always cheaper to buy.
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