5 Top Tips To Increase Your Travel Fund

5 Top Tips to Increase Your Travel Fund

Here are the 5 ways I will be increasing my travel fund throughout 2013.

1. Stop Buying Useless Crap You Dont Need

It’s probably the most obvious way of helping to build up your travel funds but one of the hardest to implement. Instead of buying that ridiculously overpriced coffee every morning, try to skip it. Instead of buying your own lunch every day at work, try making your own lunch and take it in. It may seem like a pain to begin with but after a while you will enjoy cooking and preparing your own lunch and you will definitely it enjoy it more when your travel funds start building up. Just think to yourself do you really need a new 3D TV, a new pair of jeans or a new microwave. If you can’t take it away with you when you go then do you really need it now.

2. Have Some Patience

For the things you still really want to buy if you have a little patience and buy them around a month after their release or wait for a sale you can save a considerable amount towards your travels. I wrote more about virtue of patience here.

3. Alternative Sources of Income

Any extra income you are able to generate on top of your regular pay cheque can go directly into your travel fund. Start by looking around your home for any items that can be sold on ebay or another website such as Music Magpie. For any other items that do not sell on the web you can try taking them to a boot sale (yard sale for all you Americans) and off load them there. Another great idea is when on nights out with friends nominate yourself to be the dedicated driver and charge your mates a fiver for a lift into town. They will be happy as its cheaper and more convenient than a taxi and you will be happy as you get some extra income and also save some money by not buying overpriced drinks all night.

The internet can also be a great source of alternative income. You can try starting a blog and running advertisements such as Google Adsense, like I am doing on my site here. You could also offer some services on Fiverr or even be paid to take online surveys.

4. High Interest Savings Account

Set up a direct transfer to go into a high interest savings account from your bank each month, preferably just after payday and that way you will not be able to spend it on useless crap (See item 1). Work out exactly what you need to get by each month and then whatever is the remainder, transfer that into a high interest account. I am by no means a financial expert so to find the best accounts I would go to Money Saving Expert. You could also try investing in premium bonds if you live here in the UK. Although you won’t earn any interest on your savings, for every £1 invested you are entered into a prize draw with the chance of winning anything from £25 to £100,000.

5. Air Miles Credit Card

For all the bills you need to pay and things you want to buy if you use an air miles credit card when it finally comes to book your first flight, you may even get it for free. I recently applied for a Virgin Credit Card where you receive 3000 miles on your first purchase and an air mile for every £1 you spend. I already have about 3000 virgin flight miles and with the extra I plan to build up throughout the year, getting my first flight free would be the perfect start to my travels.

If you have any more great tips on how to increase you travel fund I would love to hear them in the comments below.

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  1. Peter Johnny

    Very useful tips indeed! Thanks a lot for giving out. I’ve intention to make good amount of travel fun and hopefully these tips will help me to make that process successful throughout 2013.

  2. Andy

    Number 1 is crucial. If you cannot stop your outflow you will never save up anything. People buy so many things that they don’t need.

  3. The Guy

    Some good tips here. I might suggest a cashback credit card if you have time to collect the cash when it redeems. There are some good offers out there like the Amex cashback card (which I use in supermarkets likes Sainsburys/Morrisons etc). The return may well be better and more useful than air miles. You’d have to assess each one though.

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