Five Fun Ways to Save Up for That Next Big Trip!
Adulting comes with a lot of financial responsibilities which are far from fun. On top of daily expenses, there are bills to pay, mortgage to take care of and investments to make. With all these obligations, saving up additionally for holiday can seem daunting and too much to ask for.
Fret not. With the following tips, you can plan ahead and save up for your next big adventure, all while still enjoying the process!
1. Sell your unwanted clothes for travel cash!
There's more we can do than just relying on what we can set aside from our monthly salary. Why not try selling unused or unwanted items lying around your house on an online marketplace like Carousell to earn extra keep for travel? The extra cash will give you an additional allowance for shopping on your next vacation.
When liquidating your material assets, don't forget to maximise your greatest assets - your skills and talents! Taking up side gigs will not only let you earn a second income, it's also a good chance to hone your craft professionally. A useful website to look for freelance jobs is Upwork.
2. Compete with your friends in money saving challenges
Science has shown that the best motivation for working out is not social support but competition. The same probably applies to saving money. Try engaging in friendly contests with your travel buddies that will help all of you save up.
For instance, with a budget that is lower than what you would normally spend, see who can make the best home-made lunch for a week. Or, take up a no-spend challenge and the one who can go the longest without spending a cent, wins.
Without sacrificing on the element of fun, you now have more financial leeway and won't be the penny-pinching friend on your next getaway together!
3. Open a travel savings account
One of the easiest ways to save up for your next big vacation is by creating a dedicated savings account solely for travel purpose. Opening a bank account that is separate from the one you use for your day-to-day transactions and general savings will help you better keep track of what you set aside for upcoming holidays. Take one step further and automate your savings into the account. This will ensure that a portion of your salary always goes into your travel fund.
Alternatively, consider opening an account that allows you to save by categories. This will allow you to earn more bonus interest on top of your savings account when you meet the minimum spend in each category. One such account is OCBC's FRANK Account. Watch your savings grow in the bank and be inspired to save even more!
4. Keep an inspirational money jar
Consider cultivating the habit of emptying the coins in your wallet every day and watch it grow in a clear jar. As they always say, a little goes a long way. Simply by saving all the coins you have, at the end of one year, you will end up with a substantial amount in the travel jar. You won't feel the pinch of saving this money, but it eventually adds up to a good amount that you can use as a treat when you travel. This is a good savings habit to teach young children as well.
To push yourself further, try putting aside a monetary denomination of choice too. For example, all five dollar notes in your wallet have to go directly into the money jar along with the coins. This will hasten your savings and you will be well on your way to your next travel destination in no time!
5. Cut down on coffee spend (Because travel is so much better than coffee)
If you, like many other millennials, are guilty of spending more on upscale coffee than for retirement savings, this one's for you. Many of us can't survive the day without caffeine, but your daily store-bought cup of joe actually adds up to a significant amount of money. Assuming a cup of iced black coffee costs $5, in a month with 22 work days, you can potentially spare up to $110 - that's a round trip flight to Phuket from Singapore!
Instead of buying coffee from fancy cafes, try getting your morning fix through more prudent ways. For one, you can consider brewing coffee from home instead. Making your own coffee doesn't only mean that you can channel your savings into travelling, it also means you get to customise your own drink just the way you like it.
Saving money is not all dull. With these tips, it can be fun and easy! Guess what, even while you spend on your vacation, there are ways to save up. Sign up for ShopBack to earn cashback when you purchase tickets from travel sites like Expedia and Klook. Also, don't forget to purchase travel insurance to ensure you are adequate covered in the event of unforeseen circumstances, such as baggage loss or flight delays! The last thing to happen is to spend your hard earned savings on unexpected expenses.
This article is meant purely for informational purposes and should not be relied upon as financial advice. The precise terms, conditions and exclusions of any Income products mentioned are specified in their respective policy contracts. For customised advice to suit your specific needs, consult an Income insurance advisor.
This advertisement has not been reviewed by the Monetary Authority of Singapore.