How to save for a year of travel

How to save for a year of travel

“What are your New Year’s resolutions?” I ask Peter. “Um… I don’t have one,” he replies. “Slapdash,” I say, referring to the nickname I gave him at the beginning of our relationship: Slapdash Watson.

Unlike him, I'm the kind of person who makes lists (sometimes lists of lists) and does everything I can to check everything off. I've even formalized failure: I allow myself to leave one thing unfinished every year. Worse, I've been known to lobby the list-making app Evernote to make their strikethrough thicker. Yes, I am that person (it worked, okay, so whatever).

The point is, I had to take responsibility when saving for our trips to ensure we reached our £20,000 target. I should say that it is possible for two people to travel for much less than that, but since our trip includes some of the world's most remote countries scattered across the planet's largest ocean, we had to save a little more.

We planned to set aside 25% for transportation (boats, buses, planes, trains) and big ticket excursions (diving, whale watching, trekking Macchu Picchu - none of these are cheap). This left us with a budget of £40 per day for accommodation, food and day-to-day activities. In most places this was sufficient, but in others (Rarotonga!) we had to stick to free activities (not that we'd complain about lying on Muri Beach or hiking The Needle).

We started saving a year before we planned to leave, which meant we had to be pretty diligent if we wanted to reach our goal. Here's how to save for travel for a year—and how you could, too.

Ask for a raise

If you're exceptionally good at what you do (I am, of course), then be bold and ask for a raise. Qualified employees are harder to come by than you think, and most companies will do as much as possible to hold on to their best employees. If you have consistently performed well, are not afraid to take on additional responsibility, and are taking an active role in your teammates' success, then ask for a raise. I got a 16% raise in the middle of a merger because I believed in my own worth.

Pull together

Gasp! Move together! What? Now!?

That was pretty much the reaction Peter and I had when we first discussed this possibility. We were both very used to our own space, so the prospect of moving into my one-bedroom apartment in Newbury Park was unnerving. Then we thought that if we were going to travel together for a year, it would probably be best to make sure we could live in close quarters. If you're traveling with someone who doesn't already live together, consider doing so. It will likely have the biggest impact on your overall budget.

Give up your vices

Luckily, my biggest vice is cheap: chocolate. Peter’s, on the other hand, were a little more tax-challenging, shall we say. There was the morning coffee habit, his fondness for Scotch whiskey and his smoking of various types. I can't stand smoking and I don't drink (yes, I'm square - we know that), so it was much easier for Peter to quit. We're still working on the coffee habit.

Set limits when eating out

alt=“Kia hugs a Nando’s restaurant sign, how to save for travel”>Like any good Taurus, I have an epicurean relationship with food (yes, even Nandos)

One of my greatest joys is eating out, from cheap places like The Kati Roll Company in Oxford Circus (if you haven't been, go!) to mid-range restaurants like Bangalore Express in Waterloo (if you haven't been, go!) to slightly more expensive places like Apsleys in Hyde Park (if you haven't been, put the money in your travel budget).

In our year of saving, we vowed not to eat out more than twice a month, including takeout. Sure, we broke the rules every now and then, but generally it worked because it gave us something to look forward to and let us enjoy the occasion. Having a quota can go a long way in strengthening your resolve. We were also more diligent about preparing our lunches at home. It got boring after a while, but it saved a hell of a lot of money.

Cancel your subscriptions

I canceled my Spotify, Sky+ and Lovefilm subscriptions. Peter has canceled his subscriptions to National Geographic and Sight and Sound. Sure, it was a small error in the budget, but every little bit helped. Ask yourself if you really need your subscriptions (especially the gym!), and if not, cancel them!

Find free entertainment

This ties into the point above. Use playlists on YouTube instead of Spotify. Instead of buying books, use Project Gutenberg, which offers thousands of classics for free. Instead of going to the gym, get a running app and get going. At every opportunity, ask yourself, “Is this worth a day on the road?” Most of the time the answer will be no.

Rent out your free space

If you have a spare room, rent it out. If you don't have a free room, rent it out! During our year of saving, Peter and I lived in my aforementioned one-bedroom apartment. That didn't stop us from setting up my living room on Airbnb as a "shared room" where guests have the room to themselves between 9 p.m. and 9 a.m. We doubted we would attract any interest, but we ended up having a steady stream of guests and meeting lots of interesting people along the way.

This isn't for everyone, but if you really need to squeeze every last penny, this is a great way to do it. I also rented out my parking space for a pretty penny, so if you have a spare, put it up on Gumtree.

If you want to try hosting yourself, you can earn$50 after you host your first trip using this link.

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Buy an annual pass

If you live in a city like London, you may be able to get a hefty discount on your travel price by purchasing a Travelcard for a longer period of time. For example, I saved just under £300 by purchasing a 12-month pass instead of a monthly pass.

If your company doesn't offer a season ticket loan, consider dipping into your savings to do so. The money you save will likely exceed any interest you earn on the amount.

Sell ​​your things

We have a whole host of (mainly fitness-based) articles posted on Gumtree. There was my treadmill, Peter's rowing machine, his dumbbells and also an old 4-lane machine from his student days. This had the added benefit of saving storage space. If you don't need it, put it on Gumtree or Craigslist. Just try it.

Try to get free storage

Luckily for us, Peter's parents offered (okay, agreed) to store our belongings during our year-long absence. Ask around to see if your friends and family have free space to store your belongings. As I said, every little bit helps.

Get a good travel credit card

At 31, I had never had a credit card. My Asian upbringing instilled in me that we don't get into debt. I applied for a Halifax Clarity Card for fee-free transactions abroad, but there are quite a few options. I recommend Money Saving Expert to find the right one for you.

In conclusion, I would like to say that this was all much easier than we expected. Unless your situation is very different from ours (children! grandchildren! credit card debt! your name on the international wanted list!), there is no reason why you can't travel if you really want to. 2015 can be your saving year and 2016 your travel year. You just have to decide.

Good luck!
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