So on the first instalment of Smart Planning for Long Term Travelling, I gave you an overview on the financial aspect of my travel plan specifically on choosing the cards that I’ll be taking when I leave. This time around I’ll be helping you generate ideas on how to save and earn money for your upcoming trip.
Since I have decided to travel on March 25 onwards, I technically have 68 days to generate additional funds. And the best way to generate your travel fund is to cut spending.
Set a Budget and Stick With It
There’s no sense in setting a budget if you’re not gonna stick with it. It’s like writing a plan and throwing it to the trash bin afterwards. I started with listing the things that I need and trimmed it down to the basics.
a. Rent: I’m sharing my flat with a friend so I wouldn’t have to pay for the whole rent. If you’re renting a flat by yourself, I suggest you move to a cheaper one or share your flat with another person. This is the best way in immediately cutting the cost by half.
b. Bills: I cut my phone line last year so that’s already a big savings. I’m minimizing my prepaid consumption nowadays to make sure that I stick with P300 ($6)/month. If there’s a need to send a message, I simply send an FB message instead or use Chikka (free text messaging services online)
c. Food: I have started to plan my meals ahead so I can just buy everything in the grocery and cook it myself. I also stopped eating outside and it gave me a huge savings. A meal in a nice restaurant would easily cost you P500-1K ($12-$20). I cut my consumption on yoghurt, cream cheese, and meat. I switched to vegetables, milk, fish and tofu. Why? It’s cheaper and technically healthier. And the biggest savings of all, say goodbye to a $3 Starbucks Frappe.
Stop Buying Stuff
Stop buying stuff and other things that you don’t need. You wouldn’t be able to afford even the cheapest holiday abroad if you keep on spending your hard earned money on things that you know will just end up in the closet.
For me, since I know that I’ll be travelling for soon, I don’t spend a dime on anything anymore aside from my basic needs (and a pack of ciggies-which I know I should quit soon). I won’t even buy any travel gears like quick dry shirt, micro fiber towel or other stuff.
I’ll just utilize whatever I have. It wouldn’t make you less as a traveller if your shirt is not quick dry or if your bag is not Northface. I’d rather spend the money on accommodation and food once I’m on the road.
If you really think you need those items, find other ways to get them without spending a dime.
Stop Paying for Things that you Don’t Need/Use
I know this topic overlaps a bit with what I’ve mentioned above but I just want to elaborate more on this.
a. Unsubscribe: Do you have a magazine or newspaper subscription? Now is the time to unsubscribe, almost every information is now free online. If you really feel the need to buy them, buy back issues, it’s cheaper than the newly published editions. Or just borrow from a friend who’s also a subscriber.
b. Check your Phone Plan: If you’re just using call and text and paying for a data plan that you’re not using, switch or downgrade to just a call and text plan. Or better yet, switch to prepaid, you won’t be using it after a few weeks anyway.
c. Cut your Credit Cards: Do you have multiple credit cards? Choose the best cards to bring with you and terminate your other credit cards. You don’t want to pay the annual fee for something that you’re not using, do you?
Do you have any other ideas on how to save money for a long backpacking trip?