Over the past month, I’ve managed to save $400 extra for travel just by eliminating unnecessary expenses. The “small” things we spend money on like going out to lunch, morning lattes and commuting add up to significant costs fairly quickly. I took a step back evaluated my expenses and was able to make minor adjustments to my lifestyle to allocate more money towards my love of travel. After all, I’d much rather take an extra trip to Europe than eating a Chipotle burrito every day!
Cut back on the $5 lattes - $100/month
I’ll admit it, I have a weakness for Starbuck’s Vanilla Lattes but I love to travel more. I realized that my morning indulgence was costing me some serious money ($25/week). Now I drink caffeinated tea which only sets me back a few dollars per month.
Bring your lunch - $100/month
In my current job, I spend 2-3 hours per day commuting to work and the last thing I want to do when I get home is to make lunch for the next day. Eating out typically costs me $10 per day. I realized that I was wasting a lot of unnecessary money. Now I try to make my lunch for the week on Sundays and pre-portion out my meals. This makes bringing lunch way easier and I can save money for future trips.
Work from home two days a week -$120/ month
If sitting in traffic for hours is not horrible enough the cost of commuting is worse. I spend about $15/day on gas and tolls for my commute. By working from home two days a week I’m able to save about $30 per week.
Reduce your monthly subscriptions - $30/month
It’s so easy to sign up for something and forget about it. When I realized I was spending close to $40 per month between Amazon Prime, the Wall Street Journal, and Netflix I knew it was time to consolidate. I decided to cut out Prime and the Wall Street journal and have been able to save $30 a month. Look at what automated payments you're making and consolidate. After all, the $360 extra a year you are spending on subscriptions could be better spent on travel!
Go to Free Happy Hours with Friends - $50/month
Who doesn’t love free drinks and free food? If you live in a city take full advantage of all the great free happy hours going on. I love attending these with friends because there are usually great guest speakers and these events are awesome places to meet new people. A couple of resources I use to find free events are WeWork’s website and Eventbrite. Best of all you can save money on dinner by attending one of these 1-2 times per week.
What are your favorite cost saving tips?