If traveling is something that’s important to you, you’ve got to find a way to set aside money for this purpose. But because people often plan trips so far in advance, it can sometimes be hard to put money aside now when there are seemingly more pressing needs in your monthly budget. Luckily, by taking a look at your income and expenses, you may be able to find a little room in your budget so you can save more money for future adventures.
To help you in doing this, here are three ways to free up more money in your monthly budget to devote to travel.
Switch Up Your Monthly Service Providers
While you likely have a few monthly bills that you’re paying at a fixed rate, many of these aren’t actually as fixed as you might initially think.
If you’re willing to do a little research and legwork, you may be able to find many less expensive versions to the monthly service providers you’re currently using. For example, Miriam Caldwell, a contributor to The Balance, shares that you may be able to find cheaper options for things like TV providers, cell phone service, and more. To get started here, take a look at what services you’re paying for each month. Then, see if there’s any other options available to you to get the same or similar services for a cheaper rate.
Refinance Your Loans
Most people have at least some amount of debt that they have to work toward paying off each month. If this is the case for you, you may be able to reduce your monthly payments by refinancing your loans.
According to Trent Hamm, a contributor to The Simple Dollar, refinancing a home or auto loan will often give you a reduced interest rate as well as require you to pay less money on a monthly basis. Just make sure that, before you refinance a loan, you know how much money you’ll be paying to do it. Otherwise, you might have better luck just putting that money toward your travel fund.
Buy Everything Generic
For many people, food and other groceries take up a big part of their monthly expenses. But in many situations, there are simple ways to reduce how much you’re spending each month so you can contribute that money to travel expenses.
One of the easiest ways to cut back on your grocery bill, according to DaveRamsey.com, is to buy everything generic. By saving just this small amount on every item that you used to buy as a name brand, you can save quite a big with each trip to the grocery store, which can really add up on a monthly basis.
If you’re trying to find a way to save more money each month so that you can afford to do the traveling you’ve always wanted, consider using the tips mentioned above to help you find more wiggle room in your budget.
