A Nomad's Diary - travel tales

Travel Guilt-free! How to Establish a Balance between Your Travel Goals & Finances?

Wanderlust: (n.) A strong desire for or impulse to wander or travel and explore the world”. Last year, I read about Vijayan and Mohana, a 70-year-old couple from Southern India who run a coffee house and have travelled 23+ countries. Their dream to travel & see the world started with planning & saving a meagre Rs. 300 on a daily basis.

How to drastically cut expenses for vacation?
How to drastically cut expenses for vacation?

In the last decade gone by, a positive trend of people inclined towards travelling was noteworthy. Another interesting fact observed was that more and more number of people travelled internationally. Obviously, for such outbound trips or for that matter even domestic ones; an extensive charting of plans is needed. The travel may be solo, as a couple or as a family but preparation is imperative. Financials need to be balanced out between travel costs & other day-to-day activities.

Here are some ways to do so:

Introspecting Your Travel Plans:

Before starting to cut down expenses on a daily front for travel, it is advisable to answer a few questions like the following:

  • Where on Earth are you planning to head?
  • What activities you would be indulging in there?
  •  For how long will you be travelling?

The above introspection is helpful in giving an idea about an approximate travel cost on a per head basis. This forms the base of bringing those intelligent routine changes for how to drastically cut expenses for vacation.

The next steps to follow for establishing a balance between your travel plans and finances will be analyzing expenditure.

  • For this, the first and foremost thing is to take a note of an average monthly outflow. You can jot down outgoings on a daily basis. It is two-minutes job trust me on this!
  • Next would be to evaluate the gap between your travel cost and the savings kept aside for this purpose. Set up an action plan to accumulate the difference amount.
  • Once you are ready with an action plan then start implementing the same. Lastly, make sure you are following it consistently.
A balance between Finances & Travel is important: How to drastically cut expenses for vacation
A balance between Finances & Travel is important: How to drastically cut expenses for vacation

The subtle lifestyle changes, in my opinion, are more sustainable in the long term and are easy to adapt. Here are some of my personally practised lifestyle changes for cutting down on expenses for the sake of travel.

  • Watch Those Grocery Bills: Keep a watch on these bills and circle out non-essential things. Taking a call of buying these items should be your choice.
  • To Party Or Not To Party: This is a big question. Cutting down on outside food, not hanging out with friends over weekends and more can save you some amazing amount of bucks every month.
  • Choose between Asset Accumulation or Travelling: Only a few rich people can afford both the above. However, for commoners, deciding between asset accumulation or travelling needs to be a conscious choice. For me travelling to new destinations is significant than having a luxury car or a brand new smartphone. For that matter, using public transports like buses, metro train etc. can cut down a lot of overheads on a daily basis.
  • Take up a Second Job: If you have some spare time in hand then you can perhaps think of an additional job.
  • Quit Unhealthy Habits & Save Big: I am referring here smoking and drinking habits.
  • Be watchful of utility consumption as it can save you some more money.

Read about planning your first Europe trip – Click Here!

It is highly recommended to have a long term life plan in terms of money to be in place before starting to travel anywhere. A consistent analysis around it is also essential for maintaining the steadiness. Travelling as a backpacker with insufficient money in the pocket is not recommended. Begging on the streets in a foreign land is highly irresponsible behaviour. Remember, “We travel not to escape life but for life not to escape us.”

Happy Responsible Travelling!

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(21) Comments

  1. Jyoti Jha says:

    Very insightful and informative post. Awesome!

  2. Very informational post. You can save great deal of money with those simple tips.

  3. When it comes to travel and if you are really passionate about it, you are sure to find ways and means. Incorporating a travel budget and maintaining it separaely is really helpful.

  4. shubhada bhide says:

    Very informative! In this Corona season, I have put all my travel plans on the back-burner. Will refer to it for my next travel when it happens.

  5. I liked yr idea of writing an article on travel and expenses. Right its important to keep a track of the same.

  6. It’s a great article dear. I always plan everything before we plan the trip. And yes, cutting down the extra expenses like spending less for outside food or buying assets is really a good concept. Will keep these in mind from now.

  7. Well, this is an amazing post for sure! We all want to travel but the finance becomes an issue! Your tips will definitely help!

  8. Dr Bushra says:

    Agree most of quit our idea of traveling because we consider it extra expenses. But these tips helps to manage the finance for travelling

  9. Maintaing a strict plan for expenses is necessary to travel and not regret later. We always plan in advance to save money.

  10. Richard Peter says:

    Beautiful way of expressing.

  11. Most people believe that traveling is very expensive. It can be, but it also can be economical, if planned right. You’ve shared some great tips to plan it well.

  12. Great tips Judy ! I was also so inspired by the story of Vijayan And Mohana travelling so many countries in limited resources and with the lockdown sooner or later lifting , it would be tough to beat the urge to wander even on a small budget !

    1. We both think so much alike.. I am also travelling soon after COVID is over.

  13. Surely cutting down on few things , one can a dream travel plan. Though I am not spendthrift , taking notes from your pointers to save more for travelling.

  14. This undoubtedly is some sane advice for wanderlusts like us who need to plan there finances better to take more trips

  15. There are many people who love to travel but few know the hard work financially planning vacations can be. Controlling other expenditure for it is quite practical.

  16. Pinal Shah says:

    A very informative tips. We never did such advance and meticulous planning for travelling. It was always an abrupt decision which resulted in extra expenses. But checking your tips and points now can plan the travels in advance. Also small savings tips given in your post in daily life will surely help build financial savings.

    1. Glad that you found this post helpful.

  17. We are travel freaks and yes managing finance for travel is the most important thing if you really want fo enjoy your travel and cover all the destination

  18. this is such a helpful post for everyone who wants to save up for travels. asset accumulation is also important i feel.

  19. Main point comes is to plan the expenses well because most of the time we tend to spend more than expected while traveling.

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