Seeing the world when you’re young is a great way to expand your horizons, gain fresh perspective and do something crazy before moving onto the more sedentary phases of your life. The trouble is, travel can be awfully expensive for a young person without a clear plan in place. It’s helpful to start saving as soon as you can by putting your money into a financial institution and take time to compare bank accounts so your travel plans actually take off because you’ve done your research. This kind of planning not only helps you travel but is a valuable skill set to have for later in life!
Here are a few tips for saving enough money to take the trip you’ve dreamed of. Whether it’s a backpacking adventure through Europe or a volunteer experience in Africa, prudent financial planning is key to making things happen.
Open a Bank Account
If you don’t already have a bank account, be sure to get one. There are many Lloyds TSB student bank accounts available that function as a travel dream fund and an everyday place to stash your money that is more secure than your sock drawer. In addition, once you are travelling you will find having access to your money anywhere you go much more handy and safe than bringing it all with you and converting it each time you change countries.
When there’s something you want bad enough you should be willing to work for it – and travel is no exception. Some people only work long enough to save up the money they need to take their vacation and as a student, you may be able to make this work. Grab some form of employment during the break, possibly even something you can continue through the school year as well, and learn not only what hard work it takes to save up for something big like travel, but the valuable lesson of life/work balance.
Defer Gifts to Your Trip Fund
We all get gifts given to us from relatives or friends for birthdays or holidays, but many of these things are just ‘things’ that could be done without. Ask instead for people to contribute to your trip fund and be prepared for the greatest gift of all!
Cut Out the Waste
This is easier said than done, but take stock of how you spend your money and see what you can do without in order to save more. Do you really need to go out to the bar 3 nights a week? Can your wardrobe last another season? Pack your lunch instead of eating out and watch your savings fill up much faster – you have the power!