Budgeting for Adventure: How to Save Money For Travelling

For most people, travelling is like an exciting adventure. Going on a journey, exploring new cultures, and enjoying unique experiences is undoubtedly thrilling. However, to fully appreciate this adventure, it is essential to strike a balance between enjoyment and financial responsibility, especially if you are on a budget. Just as a reliable travel insurance plan provides financial protection while travelling, adopting money-saving strategies ensures your vacation doesn't strain your finances.* Claims are subject to terms and conditions set forth under travel insurance policy.

How to Save Money for Travel

Here are some tips to start implementing if you want to save money for travel:

Create the right mindset

If you are passionate about travelling but are falling short of finances, know that it is possible to have exciting travel experiences even within a small budget. It is about creating the right mindset. Take a notebook and set down your main goal first - that you wish to travel extensively, and for that purpose, you shall be saving up approximately ‘x’ amount of money. Everything else - destinations, tools to save, accommodation options, and so on - can be sorted out once you have created the right mindset.

Create a goal amount 

Now that you know what to do, start making steps towards it. Begin with a savings goal - the ‘x’ amount mentioned earlier. Research your chosen destination's costs. Set a realistic goal based on your mode of transport, trip duration, accommodation preferences, and so on. For instance, if you plan to reside in a high-end hotel, the costs may be higher, which means you need to save more.

Work towards the savings goal

Take a look at current expenses. Create a realistic monthly budget and track your spending diligently. Identify areas where you can cut back. Imagine what you could do on your trip with the money you save now, and cutting down present expenses may become easier.

Have a dedicated travel fund

Consider creating a special account just for your travel savings. This makes saving easier, helps you track your progress, and reduces the chances of accidentally spending your travel money. Additionally, you can rely on this account while travelling, so that your other accounts stay untouched.

Have an automated savings plan 

You can also set up a recurring deposit plan, which automatically deducts a portion of your income at regular intervals and deposits it into the travel fund. This way, you can save consistently without having to actively manage it. While saving money before you travel is an effective way to stay within budget, there are strategies to save money while travelling as well.

How to Save Money While Traveling

Here’s how you can save money while travelling without compromising on your comfort:

Opt for budget-friendly accommodation

Nowadays, there are accommodation options for every budget, from hostels to guesthouses to farm stays and more. Select accommodations that align with your needs. If all you need accommodation for is to store luggage and bunk in for the night, then check in to a hostel.

Save on food costs

Choose local cuisine, try out food stalls, and stay at places such as hostels and homestays, where you may be allowed to use the kitchen facilities. Packing non-perishable snacks to keep yourself satisfied between meals is also a good idea.

Take advantage of public transport facilities

Opting for public transport can help you save a considerable amount of money which you may have otherwise spent on rental vehicles, petrol, and other related costs. Most domestic and international cities are equipped with a strong public transport network which you can research before you leave for the trip.

Choose off-season months

Consider choosing off-season travel for various benefits. With fewer tourists, you can enjoy lower prices on flights, accommodation, and activities. Look for discounts from hotels, airlines, and popular attractions during off-peak periods.

Opt for travel insurance

If you are on a budget, international or domestic travel insurance might seem like an added expense. However, imagine if you and your travel companions were to get stuck in an unfortunate situation, such as a medical emergency, you may end up spending more than your budget allowed. With the right travel insurance plan, such situations are taken care of. It safeguards your hard-earned savings from unforeseen circumstances. There are multiple types of plans to choose from. If you are travelling within India, then you can buy domestic travel insurance.* For solo travellers, there is individual travel insurance, and for those travelling with their loved ones, family travel insurance options are available. Most plans cover medical expenses, trip delays, flight-related adversities, loss of passport and checked-in luggage, and so on.* Claims are subject to terms and conditions set forth under travel insurance policy. By implementing these money-saving tips, you can embark on your adventure with confidence, knowing that you have prepared both for the journey and your financial well-being.   *Standard T&C apply. Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making any related decisions. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.