Do you have a dream of travelling and visiting different cities? Is there an island, a country or even a continent that you always wanted to backpack? Backpacking is a great way to travel and visit new places on a budget, however, knowing that you will be out of work for the time of your travels; you need to save up some money for your trip. Here are some saving tips for backpackers.
Open up a new savings account:
This new account will only use to accumulate money for your travel. Check with your bank on the accounts options and pay attention to cash isa rates; if possible pick something that gives best possible interest. In many cases, you can have money transferred directly from your paycheck to it and you will not even notice it. Make a budget and have a certain sum transferred. This way your mind will block access to this money and you find that you will be spending less.
Make a budget:
A new bank account would be useful without a proper budget. Keep track of what you usually spend and see what you can do without and what you can have transferred into the new account. More importantly, do not underestimate travel costs; London and say Barcelona will require different budgets. Also don’t underestimate transportation costs as those can add up as well. You would be in a much better situation if you saved up more than you need as opposed to running out of money during your trip.
Try to pay as many of your expenses in cash. This way, you can keep track on how much money you are spending. A good idea would be to have the sum you are willing to spend in cash so you can keep track of how much money you have left.
Make your own coffee:
Whether during your travels or in the lead-up to it. it is often difficult to notice that the daily $2.50 spent on coffee adds up quickly. Buy a french press and use it at home. When travelling, fill it with socks and take it with you, so you can make your own coffee.
Host dinner parties and avoid bars:
Save your restaurant money for your travels. Restaurants charge a lot of money on both food and drinks that you can make in your own house for a fraction of the price. Invite friends over for a potluck and if you want to go out, eat before so you do not spend much on food.