19 Tips On Reducing Your Expenses To Increase Your Travel Budget

Before you learn about the tips, it’s recommended that you list out all your fixed expenses for each month. This usually covers your phone bill, cable bill, insurance, rent or mortgage, car payments, school payments, and other similar bills.

Next, list down your variable expenses, which covers food, drinks, groceries, shopping, coffee shop runs, tickets for the ball games or movies, and the like.

After adding these expenses up, you get a large amount of money. This doesn’t even include small expenses that make a substantial difference when accumulated over a year.

Now, if you want to travel, the biggest roadblock to it would be money. If you have too many expenses or don’t have the budget for it, then you can’t travel. So what should you do? Reduce your expenses. There are some expenses you can’t cut, although some of it would disappear or get reduced when you travel, you should be able to reduce variable expenses and remove the small expenses.

Here are 19 tips on how you can reduce your expenses and save or earn money so you can travel sooner.

1. Reduce your coffee runs

If you love coffee, then you would probably be sad to hear that it’s a small expense that quickly empties your wallet. A $5-coffee will cost $150 a month and $1,800 a year.

2. Cook when you can

When you have the option to have a home-cooked meal, then you should. Eat packed lunches or go home to eat as much as possible. If you don’t know how to cook, then it’s time to learn how to.

3. Say good-bye to your car

If you have a car, then you already know how expensive it is to own one. The insurance, loan payments, repairs, and gas quickly drains your bank account.

4. Look for a roommate

Living on your own is expensive, so why not make it easier for you by finding someone to share the monthly expenses? You could also downsize your apartment or move in with your parents to save money on rent.

5. Use online streaming

Do you really need cable when there is a free and legal streaming platform called Hulu? Stop spending on cable television and go online.

6. Get rid of your landline

Most people already have mobile phones, so you don’t really need your landline.

7. You don’t need the latest phone model

It’s time to downgrade your phone to a less expensive brand. You will even save money on your phone bill if you don’t have a lot of apps.

8. Open a new credit card account

Get a new credit card for traveling because there are some companies that offer incentives such as free money, flights, or rooms.

9. Get a high-yield savings account

Grow your money by placing your money in a high-yield online savings account. Look for a bank that offers the best interest rates.

10. Sign up for a Charles Schwab account

This bank has no account fees and refunds all your ATM fees, so you won’t need to pay an ATM fee ever again.

11. Look for promos and discounts in travel newsletters

You may be able to find last-minute sales or great deals in newsletters. You can also sign up for travel and airline site mailing lists (go paperless and clutter-free).

12. Opt for Couchsurfing

Get free accommodation and make friends with locals by using Couchsurfing. Don’t forget to build your profile first by using it locally.

13. Change light bulbs

Even if you have to shell out money to buy energy-efficient light bulbs, it will pay off in the long-run.

14. Save with second-hand

Pay for half the price by buying from Amazon, clearance sales, and wholesale websites.

15. Use coupons

Cut grocery coupons and use The Entertainment Book, Groupon, and loyalty cards to get a discount on products that you need.

16. Sell things that you don’t need

Since you’ll be traveling, there’s probably a lot of stuff you won’t be using anymore. Earn some extra cash by selling appliances, furniture, and other stuff sitting around.

17. Take a rain check

Movie tickets are small expenses but make a substantial difference when accumulated. It’s time to start saying ‘no’ to movie night unless it’s on a couch.

18. Cut down on alcohol

We all know that a night at the bar will empty your wallet. If you really want to travel, you need to sacrifice some parties or get-togethers.

19. Save money and your lungs

Smoking kills you and drains your bank account. Save money and stay healthy so you can surely enjoy your trip.

Based on Materials From Nomadic Matt
Photo Sources: Fat Stacks Blog, Victor Freitas, Isabella Mendes