Do you want to travel but don’t have enough money for it? So, what shall you do? Well, you can take a loan in a bank or save a needed sum and not go into debts, which is way better. Below you will find how you can save money quickly and efficiently without putting many efforts and without refusing having /doing favourite things.
3 major rules of money accumulation
– In order to accumulate money, it is important to understand clearly how you spend earned funds. Think what expenses you can lower and which ones you can’t. Make a list of compulsory expenses, the rest try to minimise as much as it is possible;
– It is important to put money aside. One can easily save up 10%-15% of the main income. Hence, if you want to accumulate money quickly, then you will have to save up 20%-30%. If the main income doesn’t let you do this, then consider finding a side job. For instance, it can be remote work from home through the internet: slot machine online that brings not only profit but also pleasure;
– Do never touch the money you are saving for travel or any other purpose. You can also keep the money in a bank and get them back only when the time is over (if you don’t want to lose the percentage);
How to control expenses?
If you are trying to save extra money for travel, then you should also take into account all the expenses you have on a daily/ monthly basis. Try to follow this simple, yet effective system:
- Accumulation – minimum 10% of the salary. This money should be immediately put aside or on a bank account;
- The Internet, phone, rental payment, etc – whether you want it or not, these bills should be paid. Consequently, save up money for this expenses too;
- Food – spending on food should be saved up immediately and controlled weekly. For instance, if you are planning to spend about $400 for food a month, then you can’t spend more than $100 per week. Because if you do, there might be a risk of spending too much in the first 1-2 weeks and then surviving for the rest of the money;
- Clothes – it is recommended to make a list of things, one should have in a wardrobe. Then define the average price as well as durability. Based on these two factors it will be easy to calculate how much money is needed to renew wardrobe;
- Transport – expenses may vary depending on whether you travel using public transport or a car;
- Unexpected expenses – one should always think of unbudgeted expenses and foresee them by saving up 3%-5% of the salary. You never know what might happen tomorrow;
As you can see, it is not so hard to save extra money for travel, especially if you are taking into account all the expenses you have and include them into a system. All you have to do is to just follow these simple hints and you will definitely save even more than expected.