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OK people, this is the thing about travel: Big shocking news… it costs money! You probably didn’t have to read this article to understand this, but this article will help you realize that traveling on a budget is not only about watching your wallet during your trip. Your budget and actual travel costs can be significantly influenced by your money saving and planning efforts prior to your departure. This article will provide you with some great tips on how to be frugal and save money for traveling. Here we go: 

Money Saving tip nr 1: Make a plan

Instead of randomly saving up cash, it will make it a lot easier if you make an actual travel plan and make an estimated total amount of cash that you will need for this trip. Of course the amount of money that you need depends on a couple of things:

-              Destination(s)
-              Your travel style
-              Desired comfort level
-              Speed of travel
-              Your ability to manage fixed costs back home while you’re on the road
-              Your willingness to work during your trip or other incomes during your trip
-              Make a packing list

Read all about travel planning in our travel tips section

Money Saving tip nr 2: Make a budget

 Based on these try to make an estimate of total costs and possible incomes that you will have.

1. Calculate the total costs of your transportation (e.g. flights, car rental, gas, etc)
2. Add preparation costs : Costs for travel gear like backpack,  travel clothing, vaccinations and all other stuff in the packing list, but also travel insurance and possibly any medicine that you need to buy in advance. You will soon see that all this will actually take quite a bite out of your budget. 
3. Depending on the cost of living/traveling for the countries that you want to visit and how much time you will spend there make an estimation of costs while on the road. This can differ quite a lot. See money saving tip nr 3 (below)
4. Add any fixed costs at home that you continue to have
5. Add a buffer for unforeseen costs (what if you miss a flight, what if your camera breaks or if you become victim of theft)
6. If you plan to work, estimate how much you will make and how long you plan to work for

Money Saving tip nr 3: Travel to cheap countries

Especially if time is not a restriction, but money is you may want to consider to travel to cheap countries. The cost of living while abroad is one of the most important factors determining your total travel budget.

For example, traveling in Europe is a lot more costly than traveling in South-East Asia. Traveling on a budget you may need around €75,- per day in Europe whereas you could comfortably live on 30,- Euros a day in countries like Thailand or China. Obviously your travel style and desired comfort  level will determine your daily budget. If you would want to you could spend €100,- per day in Thailand or China as well.

Money Saving tip nr 4: Save Save Save

Now that you know how much money you will need here comes the hard part. Save save save.

1. Use your savings
2. Try to be frugal and avoid luxury/unnecessary  expenses like fancy dinners, expensive parties, you need that cash
3. Be suspiciously nice to your parents for a while and then ask them for a loan
4. If you’re a student crank up that cheap student loan (but be aware that there will be a day where you have to pay back this loan)
5. If above doesn’t work Work over hours or get a second job, but don’t exaggerate

Money Saving tip nr 5: Shop around for your travel needs

Here’s a ‘big’ eye opener… it pays to shop around for travel tickets, accommodations (if you book them in advance), but also travel gear, travel insurance, etc. A few hours of research can quickly add up to hundreds of Euros of savings.

For more money saving tips check out our article with tips on how to save money for travel (part 2)

This article on how to save money for traveling was written by Eric Bobek, founder at www.travelspecs.com.
If you have any additional tips on how to be frugal and save money for traveling, please contribute by leaving a comment below.

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