How do you save up for trips? - Seedly
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Savings

Asked by Daniel Lee

Asked on 10 Dec 2018

How do you save up for trips?

For those of you who like to travel, how do you save up for trips? How often do you travel? Any best practices to share? :)

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Thats a really interesting question, One of my friend saves all the coins he has from the loose change he gets daily. Over a year or two it added up to quite a substantial amount. But of course just saving loose change isn't enough for overseas travel, maybe you can use this method to help subsidise your expenditures during your trip.

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Yong Kah Hwee
Yong Kah Hwee
Level 6. Master
Updated on 07 Jun 2019

Personally, I have a spreadsheet that tracks a few things:

  1. My main & side (if any) income for the month

  2. My expenses for the month, categorised into their respective categories, such as insurance, parents, daily expenses. I also set aside a small amount each month for travelling overseas.

  3. An amount I am setting aside for savings for the month.

  4. An amount I am setting aside for investments for the month.

At the end of the spreadsheet, I have some cells telling me how much I have saved / put aside for investments, and how much money i have put aside for travelling so far.

So that's how i save up for trips! :)

I try to travel at least twice a year!

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Yong Kah Hwee
Yong Kah Hwee

on 10 Dec 2018

Also, try to plan your own trips instead of booking tour packages!
Daniel Lee
Daniel Lee

on 11 Dec 2018

Oh cool, maybe I should start keeping a spreadsheet too. The only issue is I probably won't stick to it after a couple of months, haha! Perhaps using the Seedly app will help too. Will try to do so for 2019! And yeah! Totally agree that should plan your own trips too, tour packages are really very much more expensive.
Mosmos Fong
Mosmos Fong
Level 3. Wonderkid
Updated on 29 Jul 2019

Depends on your travel destinations. These days I use budget airlines such as scoot and being travelling to various parts of China once or twice a year. Scoot has many interesting new destination for China this year. Price for 3 star hotel is cheap at $20-30/night, transport and food are affordable too. All my past China trips for 7-8 days, everything including accomodations, transport, food and souvenirs, I only spent at most $500/trip. Just save $50-100+/month for my trip for 6 months and I am ready to go for the next China F&E trip!

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Loh Tat Tian
Loh Tat Tian
Level 6. Master
Updated on 07 Jun 2019

When I first enter the workforce, I just keep saving (like there is no tomorrow).

My target was to get emergency fund and a pool of money. Trip was an after thought and used from the savings pot.

But since you are on Seedly, have a Seperate pot of "trip savings" instead. This prevents you from overspending.

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Daniel Lee
Daniel Lee

on 11 Dec 2018

Hey Tat Tian! Thanks for answering! Right, that's a good idea. I really need to get my emergency fund up again first too! And you're right about having a separate pot of "trip savings". Thanks for the tips!
HC Tang
HC Tang, Financial Enthusiast, Budgeting at The Society
Level 8. Wizard
Updated on 07 Jun 2019

I really have no fix frequency but at most twice a year.

1) Have a target trip the total cost then save monthly until you reach the total amount requires for the trip. or

2) Just save for a general budget for travelling. Google blogs where others would have shared the total cost requires, add in 10% more just in case.

I think the key is to save monthly such that it doesn't derail your yearly plan / long term and one won't just waste all bonus or AWS or savings into a trip :)

  • Best way to save $ = DIY instead of tour/package :)
  • Self drive so can decide where you go when you wanna go.
  • Share with at least 4 friends and use AirBnB.
  • If is only 2 then go for Hotel / Motel.

Have a good holiday! :)

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Daniel Lee
Daniel Lee

on 11 Dec 2018

Whoa these are really good tips man, haha thanks! I haven't heard of the 46 days in advance one before too, will try them out! Hope to be able to hit Japan again in 2019, haha!
HC Tang
HC Tang

on 11 Dec 2018

You're most welcome. https://www.skyscanner.com/tips-and-inspiration/best-time-to-book-usa Google more :)
Kenneth Chan
Kenneth Chan
Level 4. Prodigy
Updated on 29 Jul 2019

Bring US$100 and withdraw the rest at the local ATM from youtrip. When you pay everything with cash you are unlikely to overspend and yet have the USD as cushion for emergencies.

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Kenneth Chan
Kenneth Chan

on 29 Jul 2019

My bad I misread the question. The best way to save up for a trip is to Budget how much you need, with airfare and hotel included, and set aside a comfortable amount you can save a month for it. Very much like saving for an emergency fund but fun-ner. šŸ˜‚
Jasmine Chye Fong Yee
Jasmine Chye Fong Yee
Level 3. Wonderkid
Answered on 29 Jul 2019

I travel on average twice a year - once at the beginning of the year and another some time after the June holidays.

I don't save up for a trip but I do save in general. Depending on my budget and how much I feel I want to spend, I'll set a budget for the trip.

While booking a trip, I'll definitely research the heck out of it :) using different websites, cards/ShopBack cashbacks, etc. Hotel/resort websites usually gives quite a good rate+add ons so do check them out as well. Another tip is to try to book your holidays early for an even lower rate - the best would be 6 months ahead. Also, try and avoid the long weekends even though you may have to apply for leaves but you'll definitely save some $$ by avoiding the long weekends.

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Sherry Joanna Lee
Sherry Joanna Lee
Level 2. Rookie
Updated on 29 Jul 2019
  1. Set a country you wanna go
  2. Estimate the expenses you will need and add abt 10% or 20% more.
  3. Set a goal by when you need to reach so you work backward how much you will need to save monthly

can make use of POSB SAYE/mySavings account to do the monthly savings with slightly better interest rate or do a standing instructions to transfer to higher interest account like Multiplier, 360, UOBOne, etc...

I always love to travel to places where I have friends or know anyone when I am on a super budget trip. They will bring you to places that has cheaper and šŸ˜‹ food. And also coz they are local, they know where to shop!! Not forgetting to use ShopBack too whenever you shop online or to book for your travel. I will also use YouTrip Card as there is no transaction fees šŸ¤­šŸ¤­šŸ¤­ Link in the comment below

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Sherry Joanna Lee
Sherry Joanna Lee

on 29 Jul 2019

Sign up, link a card, and pay with it to get Cashback at 600+ restaurants. Here's a $5 bonus to get you started! https://app.shopback.com/68CRJJbHIY
Sherry Joanna Lee
Sherry Joanna Lee

on 29 Jul 2019

Youtrip: Get the app and accept the invitation with this special link: https://youtrip.app.link/HUI%20BIN%20SHERRY22900