Here’s how to save money for travel. ☆ Going to University and studying to become the next Arianna Huffington, Steve Jobs, Oprah Winfrey, or Barack Obama is a great time in your life. You get to flee the nest and experience life as an independent young adult. Being an independent adult comes with new responsibilities, like managing your own time, sticking to deadlines, getting a job on the side to fund your student life, and saving money to #treatyoself every now and again.
Grab a buddy & you can both figure out how to save money for travel as a student!
The responsibility of being independent can be a challenging task for us all to master in our young adulthood. It is something that we need to learn if we want to enjoy our time care free and do the things we set our sights on—like traveling the world! We want to help you discover how to save money to travel the world as a student. The first thing is having a dedicated bank account that allows saving for travel.
Why you need a dedicated savings account for travel
We all practise mental accounting—“this month I have an allowance of £1000. £400 towards rent, £200 for food, £300 beer money and £100 for everything else.” The only problem with it being mental is the lines become blurred and we forget how much we have actually spent in our budget. Having a dedicated savings account for travel can help you stick to your savings plan and reach that amazing goal sooner.
Putting a dedicated amount of money into your savings account for travel each month and forgetting about it is the best way to save money for travel as a student. Think about it as a sunk cost in your monthly budget. When the time is right it will be like you are going on a free holiday! You won’t even care to think about some of the small sacrifices you made when you are jetting off on an around the world trip, or doing amazing volunteer work in a project you are passionate about.
[Find Financial Resources for Travel on GoAbroad.com]
So, what’s the best savings account for travel?
You don't have to rough it in a van all semester (although that sounds kinda fun...?). Open a savings account for travel!
When it comes to figuring out how to save money to travel the world, there are a few obvious techniques—like having a dedicated savings account for travel. But what’s the best? Some options include…
Moneycado is a new piggy bank for your travel bucket list. It’s a savings account that rewards you as you successfully save for your next trip. Moneycado also makes it easy to discover how much you need to save for for your next trip using their Trip Cost Calculator—it’s the saving for travel calculator you’ve been looking for! You input your travel destination, duration of travel and your budget (represented by one money bag for the budget travelers, two money bags for the average traveler and three money bags for the luxury traveler), and “Hey, presto!,” it calculates how much you need to save including flights, accommodations, and suggested spending money.
If you’re unsure of what countries you would enjoy, it’s travel quiz helps you find out what type of traveler you are—like an Adventure Hound, a Party Animal, a Dreamer, or a Culturalist! Whatever your travel style, the app suggests amazing trip ideas to match. Find out dream destinations to match your travel style and how much you need to save to get there!
Unlike reading a map (in English...), opening a travel savings account isn't rocket science!
More tips to help you save money for travel as a student
Learning how to save money for travel as a student isn’t rocket science—especially if you follow this advice.
1. Get a part time job
It’s amazing how satisfying it feels when you earn your own money. You can do with it what you please. Having a part time jobs helps you become disciplined and develops great habits for success. The more money you earn the sooner your piggy bank for travel fills up too and the more traveling you can do.
Tutoring can be a great way to earn some extra pocket money for your trip and help others ace their exams. It's easy to register as a tutor at www.mytutor.co.uk and you can start saving for travel in no time.
Putting in a few shifts at your local is another great way to save for travel as a student. The benefit of this is you also get to hang out with your mates and tell them the funny events that happened the night before. You can feel proud of yourself that you got to enjoy a night out without spending a cent, helping you to reach your goal of saving for travel sooner. Which brings us nicely onto the next point…
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2. Drink less beer
The national average for the price of beer in the UK is £3. The average university student goes out 3 times a week. On average, that student drinks 3.6 pints, or £10.80, each night out. If that student had 1.6 less beers per night out, that would be a combined total of £14.40 per week, or £57.60 per month, or a staggering £691.20 per year! About half the price of an around the world ticket for a student. It’s easy to think about it, wake up with less of a hangover or get an around the world ticket.
Walking around your own city for free is almost as tasty as that stout you almost just ordered...
3. Cycle to class
What a way to start the day with a fresh breezy cycle into class. Feel the wind in your hair and imagine yourself on your dream beach holiday cruising between beautiful Balinese islands sipping on a margherita. This will be you soon! Avoid paying for transport costs, petrol and car insurance, cycle! You get fit and save money for your next trip at the same time!
4. Take packed lunch
An average lunch in the UK is around £4. If you are buying lunch everyday you neglecting the fun of cooking your own delicious meals and the potential saving of 20 pounds each week. Ask your grandma for the recipe of your favourite dish and get cooking! You’ll be surprised what you can learn and having that one delicious dish up your sleeve is guaranteed to win you points in the future.
5. Do romantic dates at home
See, you just spoke to grandma about learning how to cook one of her finest dishes. This is your opportunity. Treating someone special to a romantic candle lit dinner at home is a great way to impress, and save money for travel as a student. Spruce up grandma’s dinner with a little finesse by adding some sprigs of rosemary for garnish. Buy a fine red wine, put some candles on the table, play some Barry White in the background and you are sure to impress. All while being light on the wallet and more funds in your piggy bank for travel:)
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6. Have more house parties
This one relates to spending less on beer. If you have a house party you get your mates to bring the beer for you and you provide the venue. It’s a win win for all. In exchange for hosting the party all you have to do is clean up the next day. Being the host comes with it’s own benefits too, everybody wants to meet you :) Increase your popularity status and save for your trip at the same time. Who said saving for travel couldn’t be fun?!
7. Collect pocket change
Also known as shrapnel, your spare change can add up a lot over time. If you collect it in an actual old school piggy bank you will be surprised at how quickly it fills up. All the money you collect can be extra spending money when finally departing for your trip. It’s like the mental accounting discussed earlier, if you don’t know how much you have it’s not going to affect your judgement. All that extra cash can go towards rewarding yourself on the first night of your trip.
Let’s fill your piggy bank for travel
Your next destinations? An overflowing piggy bank for travel. Then Italy.
Learning how to save money for travel as a student can be a bit of a challenge—but, anything challenging is rewarding! Rewarding yourself with the adventure of traveling the world, meeting new people, exploring different ancient civilizations, and learning from new cultures is something that no other experience but travel can give you. Open your travel savings account today!
This article was contributed by Moneycado. Moneycado was started by two guys, Oli and Matt, who had very similar experiences from travel. They want to make travel financially accessible. Oli and Matt want to create a new and fun way to save for your trip, and make the process behind it connected to the trip. They believe we should be rewarded for putting in the hard work to save money to travel the world. Unlocking personalised rewards for your trip is the incentive to save for travel they hope to create.
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