“I always wanted to travel, but I don’t have enough money”
I’ve said this several times in the past and the only reason why I can’t make my dream into reality of course is the financial part of it.
I found out that the first step is to enforce savings and watching your budget…
Make savings a priority. I’ve proven that passion puts the biggest fraction in fulfilling your travel goals. If it’s the desire of your heart, you can make it happen.
What helped me is using a spread sheet plotting my income and especially expenses in a timeline. In this way, you can project your expenses in the next 1, 3 years or longer.
For travel expenses, you just need to save the money out of your monthly income, accumulate and commit to it.
You can add a line for Travel Savings which is deducted as an expense.
Here’s the formula to get your committed amount;
C = ETE / N
C – Committed Amount
ETE – Estimated Travel Expenses (Total)
N – The number of months before the travel date
For example, I need an amount of 10,000 in the next 6 months;
I simply take 10,000 / 6 = 1666.67
You have full control of the amount to commit as well as decide when to travel.
In addition to savings, it is essential to cancel/downgrade your bills (unnecessary memberships like expensive Gym, mobile data subscriptions, etc.)
Avoid eating outside and clubbing every weekend :p
A huge sacrifice, yes!
Saving could be hard at first but once you’ve started it, one by one, you’ll be able to fulfill your dreams you deemed seem impossible plus secure your future.
You can download our sample excel sheet as above to manage your finances.
Let us know if you need any help further! Goodluck!
Great tips and thank you for sharing this. Totally agree with you here.
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