When you’re daydreaming of kicking the 9 to 5 daily grind in search of travel and adventure, your plans can quickly come to a screeching halt when you realise you’re bank balance isn’t going to cover the cost of a long weekend getaway, let alone an international adventure. Saving can be a struggle; it always seems to come slowly and go so quickly.
The Global Work & Travel Co. is an Australian-founded premium youth travel company who we’ve teamed up with and they have created a list of ways to help you manage your money and save up for the travel adventures you have always dreamed of.
1. SET YOUR SAVING GOALS
Just as you would when buying a house or car, decide how much you need for travel then set goals and periods to accomplish them. Map out how much your trip is going cost and then break up the amount into smaller instalments that are achievable to save each week, fortnight or month, depending on your pay cycle. Look for a savings account with high interest and add your money to this account as often as you can.
2. SET UP AUTOMATIC TRANSFERS
Once you have dedicated account set up, you have to fund it! Set up an automatic transfer at regular intervals, this is easy to set up and can really add up over time. A transfer of $50 week ($10 per workday) adds up to $2,600 by the end of a year.
3. APP SAVING HACKS
Apps do not just have to be time wasters…hello Instagram. They can also help you reach your financial goals. The Global Work & Travel Co. loves these budgeting apps:
Clarity Money helps you determine wise spending from wasteful spending. Using the target date you set it creates financial goals for you. It alerts you if you are spending more than your allotted budget and it can even cancel subscriptions you are not using! Aside from helping you control your spending habits, the app also enables you to lower your bills by finding lower credit cards. Pretty neat!
Qapital adds a learning component to the idea of saving money. Each purchase you make is typically an uneven amount. Qapital rounds that transaction up to the nearest dollar and then puts the spare change in an FDIC-insured account. You will just need to connect a checking account to the app. It also provides lessons on goal setting and the value of even small amounts going toward achieving a much larger goal!
Acorns – another great mirco-investing app that employs a team of experts to take your leftover change and puts it into an investment account, so your savings grow. If you are buying a cup of coffee for $3.40, the app will round that figure up to the nearest dollar, take that 60c, and put it into your choice of stocks.
4. SELL YOUR STUFF
Life is about experiences, not stuff. Especially when your stuff can put cold, hard cash into your travel fund! Jump on Facebook Marketplace, Gumtree or Ebay. Start emptying out your closets with the one-year rule – if you have not used/worn it in a year, sell it.
5. FUNDRAISE WITH FUND MY TRAVEL
Family, friends and even strangers can be so generous and every little bit helps towards your travel dream. Crowdfunding travel puts a new spin on an old concept (fundraising) and gives anyone who wants to travel with a purpose a new tool to garner support (financial and otherwise) from their community and social networks. The Global Work & Travel Co. partners with Fund My Travel, a platform to help send volunteers and students overseas to achieve their dreams and help those in need. Start a campaign, upload a video to introduce yourself and pitch your cause. You have a maximum of 120 days to share your campaign and raise funds.
6. REDUCE YOUR VICES
Do you smoke? Drink or have an addiction to coffee? Whatever your vice, make a conscious effort to cut back and watch your savings soar!
7. CONTROL YOUR URGES
Credit cards, ATMs and online shopping make it easier than ever to spend money. Especially on things we want rather than need; the extent to which we succumb to temptation typically boils down to our willpower. Studies have shown that self-control is a bit like a muscle that tires out with use. If you see something you want, wait at least a day before you buy it – 30 days if it’s a non-necessary big purchase. You might find the urge passes. Another way of short-circuiting your impulse to buy is to work out how many hours of work the purchase price represents; chances are you’ll think the item’s not worth it.