A wise man once said, “Travel is the only thing you purchase that makes you richer.” But, one thing he forgot to add here was that you need money to make this purchase.

It’s no secret that you need to have enough money in your pockets to enjoy a trip. However, saving that money with regular expenses piling on your shoulders becomes a hassle. So, if you are having trouble saving money for a trip to your dream destination, worry not!

In this article, we have jotted down five money-saving tips that will help you jet off to your dream destination in no time.

Make a List

It is essential to make a list of all your monthly expenses including your house rent, utility bills, groceries, music concerts, movie tickets, impulsive shopping and others. Now divide that list into necessary and unnecessary expenses.

While cutting down on the necessary expense like utility bills, groceries and rent is impossible, you will find that you can save a lot of money if you cut down on your unnecessary expenses. If you plan it out smartly, then it will be easier for you to finance your travel plans. For instance, if you spend Rs. 3000/month on shopping for unnecessary things, you can save up to Rs. 36,000/ year by refraining from it.

Commute Using Public Transport or Pooling

If you don’t own a vehicle, you can use public transport or pool cabs to save money. Moreover, if you commute in a personal car, you can pool it with your colleagues or other known friends to save money on fuel.

By taking these steps, you will not only save money for your travel plans but also do your bit for mother nature.

Cook for Yourself

Food is one of the basic necessities so you cannot compromise on your eating expenses. However, in order to save money, you can start cooking your own meals.

It will be beneficial for you in two ways; first, you will eat homemade healthy food and second, you will save money on your meals.

How about a Roomie?

Having a roommate might not be the best for your privacy, but it will save you a lot of money. Basically, with a roommate, you can save almost 50 percent of your rent and use that amount for your travel plans.

And if your personal space really matters to you, you can move to a smaller place where the rent is low. 

Open a Savings Account

While saving money from these activities, you can also grow your money by putting it in a savings account. Opening separate savings account for your travel plans will help you earn some extra cash. How? Majority of financial institutions in India offer an interest rate of 6 percent on their savings accounts.

Moreover, it will also stop you from spending impulsively and help develop a habit of regular savings in you.

Remember, by cutting down on some daily luxuries, you can save enough money to fulfil your travel dreams. So, what are you waiting for, sort your expenses, save enough money and start making your dreams come true!

In addition, if you also wish to save money during your travels, it is imperative that you purchase a travel insurance policy. We at Bharti AXA GI offer a comprehensive travel insurance policy that provides cover against medical emergencies, loss of baggage and personal accident during your travel.

Our insurance plan also covers emergency accommodation costs, trip cancellation costs, hospitalisation costs and emergency medical evacuation costs.