A few days ago on the Indie Travel Challenge we discussed Managing your Finances for a RTW Trip. Well, once you start managing your finances it’s time to start cutting back on your expenses so you can start saving money to travel.
So today we’re asking:
Ok, so the first step in cutting back on expenses is knowing where you are spending your money. You’ll need to track your spending over a few weeks and months to get a good picture of your spending habits. If you haven’t begin this step, check out this post on 3 Ways to be a Badass Travel Budgeter. Once you start seeing where, when, and how you spend your money, you can start looking for ways to cut back.
What kind of things can you cut back on?
Do you spend on eating out a lot or notice you’re throwing out a lot of food each week? Make weekly meals, buy only items you need to make those meals, and bring meals with you to school and work. making and cooking all your meals saves on food waste and hunger-induced take-out stops. Bonus: plastic containers form groceries make great tupperware (hummus containers are perfect for bagel sandwiches) and now you’re saving on containers too.
Stopping drinking coffee each day is great, but what about your $100+ a month cable bill? Do you need cable tv? Can you turn it off and get your zone-out fix with a $7/month Netflix subscription or stream tv free online?
How about your car? Now we know in much of the USA you need a car to get around. But do you need your car? Can you sell your car and buy a still good but older or cheaper car? Have a gas guzzler? How about downsizing to something more economical? (Bonus, it’s better for the environment).
Are you single? Why not get or become a roommate? Half your bills right there. Awesome!
Love shopping? Instead of buying new clothes hit up thrift stores. Better yet, find or start a ‘clothing swap’. Gather friends and friends of friends together. You each bring a bag of clothes you don’t want anymore, then you all swap bags and go shopping in each other’s unwanted stuff. You each get new-to-you clothes without spending a dime. And it’s an excuse to be social. Sweet!
There’s plenty of ways to cut back on expenses for and during travel. You just need to be a little creative.
Once you see where you spend your money, you can start coming up with ways to spend less.
Do you have your spending tracked but are stuck on how you can save money? Message us and we can brainstorm together!