Millennials value experiences over financial freedom, and there have been plenty of studies showing that people my age are choosing to spend their money on travel instead of investing in property or saving for their retirement.
I can relate to this, as I’ve been travelling for a long time, and while I don’t have much debt, I also don’t own any property or have much in the way of savings.
While I would rather travel than almost anything else, I’m also getting to the stage where I’m beginning to value financial freedom. I would like to quit living from month to month, and instead be able to travel while still moving towards my goals. So how do I make this happen?
This year, I’ve decided to cut back on some things, in order to make way for others. Since travel is my priority, there are some things that will need to go.
While I don’t see myself cutting down on coffees from cafes (I often work in cafes to get out of the house), I definitely don’t need to be buying food at restaurants every day. So I’m planning to buy a bunch of containers and a slow cooker and start making more meals at home. This will probably involve giving up a few hours on a Saturday or Sunday to do some meal prep for the week, but this will be a healthy way to save a lot of money.
There’s no reason why I can’t eat out occasionally, but the $10-$20 I continually spend on lunches and dinners can easily go into my travel fund.
I also plan to spend more time at home. I quite like to go clubbing or to casinos, but I’ve decided that this year I’m going to focus on doing as much work as I can and saving money for both travel and to pad my savings account. That means ditching the clubs and casinos, and instead spending more time with my Netflix account.
Did you know that you can play pokies online for free? If you’re like me, and you like the adrenaline rush that comes with playing in a casino, but you’re also hoping to save some serious money, this is a great option.
I’m also going to focus on working out at home. I’ve found that the amount I spend on going to the gym is just too much when I look at how often I actually go. Instead, I’m going to try a variety of free workouts from YouTube, and may even try Insanity for the fourth time (if you haven’t tried this, it is ridiculously hard but will get you super fit). I’ve been considering training for a marathon, and running is a low-cost way to get fit while getting outside and enjoying the city.
How do you plan to save money for travel this year?
