Buzz
“Is it better to travel or to save money?” remains a question that sparks contemplation among many. Hold off on your answer and delve into the following article!
Is it better to travel or to save money?
To strike a balance in life, consider both traveling and saving money simultaneously
How to travel and save money at the same time?
Here are some ultra-budget travel tips we mentioned in a previous article. You can check it out here. With these travel hacks, you can save a considerable amount of money on your trip, ensuring that your travel budget doesn't devour your monthly paycheck. Now, let's dive into a sensible spending plan that allows you to save and travel at the same time.
Allocate your expenses wisely
The 50/20/20 budgeting rule is a game-changer in effective personal finance management
This is an incredibly effective method that many young travel enthusiasts are currently adopting. At the end of the month, after receiving your salary, divide it into several different parts. You can apply the 50/20/30 budgeting rule or allocate expenses as follows:
- Fixed monthly expenses: including rent, utilities, food, and transportation costs.
- Miscellaneous expenses: money set aside for birthdays, weddings, gatherings, medical emergencies, clothing, cosmetics, etc., should be kept separately for when needed.
- Savings: Depending on your salary and quality of life, you can allocate a certain amount of money each month to put into your savings. If you're young and don't need to spend on major expenses yet, you can save around 10% of your salary for this purpose.
- Travel fund: This is the money you need to save up if you want to fulfill your travel desires. Plan the destination you want to visit, estimate the expenses for the trip, and then plan to save.
Cut down on unnecessary expenses
Reducing unnecessary expenses will leave you with more money for travel
Uncontrolled unnecessary spending can quickly deplete your salary. Instead of eating out, learn to cook at home to save costs. Instead of taking a taxi, ride a motorbike yourself,…or curb your guilty shopping habits. Only buy essential items; avoid purchasing items that are unused or still in good condition. Even small amounts of money saved can help you achieve bigger goals.
To easily reduce unnecessary expenses, before intending to purchase an item, you need to carefully consider whether household items can still be used or you can opt to buy items on sale to limit these expenses.
Find extra work to increase income
Seek freelance opportunities to earn extra income outside of regular hours
Extra freelance work outside of regular office hours will provide you with additional income apart from your main salary. You can use this money to pursue hobbies or travel. You can choose freelance work within your field or unrelated fields, as long as you feel they are suitable and provide you with income.
If you're proficient in English, you can opt for tutoring, document translation,…Or if you have writing skills, you can seek jobs related to content creation. Accountants can take on additional tasks such as tax reporting,…There are opportunities to earn extra income in any job, as long as you truly need it.
Trade something
Online business also provides you with a fairly decent income
If you're entrepreneurial and have a knack for business, you can start your side hustle with online entrepreneurship. This is also one of the ways many people choose to increase their income nowadays. With the widespread use of technology, most products are being sold online. You can sell food, drinks, clothing, handmade items,…Depending on your interests and skills, you can choose a product that you believe will sell best.
Who knows, trading might just be your main source of income, so don't hesitate to try your hand at online business.
Travel through volunteer work
Volunteer-based travel is chosen by both Vietnamese and foreign youth
Another way for you to travel while saving money is to travel through volunteer work. When you join volunteer programs organized by travel agencies, you'll receive support for expenses such as food, accommodation,…while still having the opportunity to explore new areas. In Vietnam, volunteer-based travel is often organized in remote areas, so participating in these programs allows you to discover the culture, people, and natural beauty of these places.
Have you found your own answer here? Share it with Vntrip in the comments below. Thank you for reading the entire article! Wishing you the realization of your dream travel plans soon.
