Asked on 10 Dec 2018
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? :)
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.
Personally, I have a spreadsheet that tracks a few things:
My main & side (if any) income for the month
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.
An amount I am setting aside for savings for the month.
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!
11 Dec 2018
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!
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.
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! :)
2 more comments
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.
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.
Set a country you wanna go
Estimate the expenses you will need and add abt 10% or 20% more.
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 😋 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 🤭🤭🤭 Link in the comment below