We often get the question of do we actually get to save money with all the traveling we do, and the short answer is yes.
In this article, we'll share some of our favorite saving habits, which have helped us cover plane tickets, accommodations, down payments, and more.
Growing up in southern Germany, saving money was ingrained in me from a young age. I started working in my parents' office when I was seven and loved the independence of having my own spending money. Saving quickly became one of my top priorities—and one of my favorite things to do! Anytime I had extra cash from work, I'd transfer it straight into my savings account. Watching that balance grow felt incredibly rewarding. By the time I was a teen, I could pay for my own flights when traveling, while my friends relied on their parents to cover the costs.
1. Start a Side Hustle - Sell old Clothes and Electronics
Consider starting a side hustle by selling your old clothes or electronics online. Platforms like eBay, Vinted, and Facebook Marketplace make it easy to turn unwanted items into extra cash. You might think selling a pair of old jean shorts for 7 euros doesn't make much of a difference, but selling several items can quickly add up.
Right now, I've been selling a lot through my Vinted account, where I've accumulated 1,111 euros worth of items. In just one week, I sold four items, making 119 euros. If you have old electronics like a camera or an iPad, list them on eBay. Selling things you no longer need can easily cover a flight to Bali.
The saying, "one person's trash is another person's treasure," is true. What you consider useless might hold value for someone else. Using online marketplaces helps you declutter and can significantly boost your travel fund. Embrace the digital marketplace and turn unused belongings into financial gains.
Note: Based on my experiences, people in the U.S. don't pay as much for used items, so I usually try to sell my items on European platforms.
2. Separate Savings Bank Account
The easiest and most effective way to start saving is by opening a separate savings account and setting up automatic monthly transfers. Begin with a small amount, like $50, and schedule the transfer for payday. As you find room in your budget, gradually increase this amount.
For instance, saving $200 a month adds up to $2,400 annually and $7,200 in three years. This method makes saving effortless—it requires just the initial setup and occasional adjustments. Trust me, you'll thank yourself later.
When I began my first real job at 18 in a real estate firm, I set up an automatic payment of 50 euros to a separate savings account. At the time, I didn't make a lot of money, and I had barely any money left at the end of the month, but saving has always been one of my top priorities. To this day, the account is still active, and I continue saving 50 euros each month.
3. Passive Income - ETFs
Another effective way to grow your money over time is by investing in ETFs through platforms like Acorns. Acorns is a micro-investing app that simplifies saving by rounding up your everyday purchases and investing the spare change into a diversified portfolio of ETFs (exchange-traded funds).
Beyond round-ups, Acorns offers features like recurring investments, retirement accounts (Acorns Later), and checking accounts (Acorns Spend). It's a user-friendly option for those looking to start investing with minimal effort. It provides expert-curated portfolios based on your risk tolerance and charges a small monthly fee for its services.
4. Resist Impulsive Online Purchases and Subscriptions
E-commerce giants like Amazon make online shopping incredibly tempting with their one-click purchase feature. While convenient, this ease often leads to accumulating long-term debt. Resisting the urge for short-term gratification and focusing on long-term financial goals is key. Be especially mindful of subscriptions—only commit if the service or product truly adds value. One great tip is to review all your subscriptions, add up the monthly costs, and then calculate the yearly amount you’re paying. Ask yourself: do you really need this subscription?
To avoid unnecessary spending, review your subscriptions and ask yourself if they're truly essential or just draining your bank account without adding real value. Calculate how much you could save by canceling them, and consider if that money would be better off growing in your savings account.
4. Daily Spending Habits - Avoid Unnecessary Expenses
Small, consistent savings can make a big difference over time. Take a look at your daily expenses—things like coffee, snacks, or lunches out can really add up. For example, spending $5 on coffee on a daily work day (5 days a week) amounts to $25 a week, nearly $90 a month, and over $1,000 a year. Instead, try making your coffee at home and bringing it in a reusable cup—it's a simple switch that saves money and benefits the environment.
The same goes for meals. Preparing your own breakfast and lunch at home instead of eating out can lead to significant savings. Plus, it gives you more control over what you're spending and eating.
Another great tip is to go through your bank statement and take note of what you're spending on a daily basis. Try to keep those daily expenses as low as possible. Seeing extra money in your account at the end of the month is a fantastic feeling, and instead of spending it, consider putting it in your savings account or investing it for your future!
5. Mindful Spending - Curb Boredom Shopping
Being mindful of your spending can help prevent impulsive purchases that often lose their charm over time. Think back on items you bought for instant gratification, only to forget about them shortly after. Instead of giving in to fast fashion or trends, take a moment to review forgotten pieces in your wardrobe before buying something new. Challenge yourself to consider the necessity and longevity of any item you desire, prioritizing meaningful, lasting purchases over momentary satisfaction.
Tip: To further reduce unnecessary spending, go through your belongings and gather everything you've purchased in the last 60 days. Were these items truly necessary, or were they bought out of boredom? Add up the total and ask yourself if that money would've been better saved or invested. If you find a lot of clothes that have been forgotten in your wardrobe, start selling them on Vinted to make some extra cash. By being more intentional with your spending and decluttering, you'll find it easier to build savings and avoid regretful purchases.
Summary
These five tips have been game-changers in helping us save money while we continue traveling. Simple strategies like selling your clothes on Vinted or electronics on eBay not only bring in extra cash but also help tidy up your space and give unwanted items a second life—contributing to the environment. Meanwhile, tips like setting up a savings or investment account can lead to more significant savings that will benefit you in the long run.
What are your thoughts? Let us know in the comments below!
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