How To Start A Travel Fund: 10 Tips For Your Next Trip | Encore Guam

How To Start A Travel Fund: 10 Tips For Your Next Trip

Mar 17, 2021

There’s no better time to start a travel fund than 2021!

As the New year starts there are more progress and possibilities for travel in the near future…

…so why not use this time to save up and cross destinations off your bucket list?

Whether you’re still studying or already working, there are easy ways to grow your money to splurge on your wanderlust.

In this blog, we’ll share with you easy tips so you can start right away:

 

1. SET YOUR GOALS

There are a few ways to go about this. 

For starters, label your dream destinations and an ideal time to go there to serve as your deadline to accomplish your travel fundraising goals.

Example: Watch a show at the Encore Guam Theater for the New Year 2022!

Another way to set your goal is through determining an amount of money that you want to have saved up for travel when the year ends, or when the desired time to travel comes.

You can always start small or with a bang.

 

Example:

Save USD 100 every month or USD 10,000 by December!

Some people tend to just save money without any goals, which can demotivate them because there’s no inspiration to continue with saving.

Take this time to research online for the best packages to suit your budget.

 

2. BE DILIGENT & TRACK YOUR MONEY

If you really want to reach your travel fund goals, you have to keep your finance in check. 

It can be as simple as recording your every source of income and expenses, so you’re aware of the money flow.

Determine whether you’re in any place to travel internationally or domestically, apart from the current world situation, check whether it’s practical for your current finances to be traveling.

Apart from setting an amount of time to set aside, it helps to have a separate account dedicated to your travel fund, so that you’re not tempted to spend it.

Keep it separate from your personal savings and emergency funds, but also remember to sort your priorities as to which account you want to save up for first.

While we’re not financial advisors, it’s good to prioritize clearing any debts you may have.

 

 

3. LIFESTYLE ADJUSTMENTS

A lot of discipline is needed because people have their own lifestyle that they like to maintain and guilty pleasures they can’t get enough of.

You would probably feel deprived because you need to come up with ways to reduce your expenditure.

Whether it’s canceling membership and subscription,  or skipping on luxuries like eating out and going to a spa.

Of course, all this advice depends on how much you’re willing to compromise your present comforts for your goals to travel someday.

This allows you to set expectations as to how much you’ll be able to save, or when you’ll reach your desired travel fund goal.

 

4. COOK AT HOME

It is without a doubt cheaper to cook at home, compared to getting take out and deliveries!

Moreover, it is a much healthier option that can affect whether you’ll be fit to travel in the future or not.

As much as possible cut back on the fast food or, if cooking isn’t your skill, look for cheaper places to eat in the meantime.

Although it isn’t too late to pick up this life skill, considering all the time we’re spending at home!

 

5. STAY AT HOME OR OPT TO COMMUTE

This is another situational advice since this depends on your work and life situation.

Some people are fortunate to be able to work-from-home, so this advice is an instant advantage for them since they don’t have to deal with transportation expenses.

Those who do, have to worry about social distancing when commuting or carpooling…

…but if it’s safe for you to do so, why not opt to just walk or share a vehicle with other people to reduce costs?

By reducing your expenses related to owning and using a car, you’ll be able to save more for your travel fund.

 

6. LOOK FOR AFFORDABLE/FREE ENTERTAINMENT

I’m sure that a lot of us are subscribed to streaming services for watching movies and listening to music…

While there’s nothing wrong with that at all if you really want to cut on expenses, why not downgrade to a free plan till you can save up?

You can also try sharing an account with your family and friends, or pick up other hobbies that don’t include having to spend a lot of money.

These can be borrowing books to read, drawing, painting, gardening, learning a new language or skill.

The possibilities are endless, especially with many free resources available on the Internet.

 

7. MAKE MORE MONEY

Apart from having a day job or pocket money, you can always look for a side hustle to serve as added income.

There are a lot of companies looking for part-timers and freelancers, so take it as an opportunity to expand your experience and earn more money, so you can save more.

If you find it hard to juggle with your current lifestyle, you can also consider decluttering your stuff at home and selling them second-hand to your local community or junk shop that buys spare parts.

 

CONCLUSION

We hope you find this article useful and motivational to start a travel fund this year.

To help you remember, here’s everything we shared:

  1. Set Your Goals
  2. Be Diligent & Track Your Money
  3. Lifestyle Adjustments
  4. Cook At Home
  5. Stay At Home Or Opt To Commute
  6. Look For Affordable/Free Entertainment
  7. Make More Money

From Encore Guam, we hope to see you all at the theater someday.

Wishing everyone a Happy New Year!

Leave a Reply

Your email address will not be published. Required fields are marked *