Dreaming of exploring exotic destinations and experiencing different cultures? Traveling is amazing, but it can also be expensive. Many people worry about racking up debt while pursuing their wanderlust. However, with careful planning and discipline, you can save money for travel without going into debt. Here's how I do it!

Yes, I'm going to share some practical elements that you can implement if they fit your vision, but first, I'm going to share some of the foundational principles that my habits are built on.

I'm all about economics when I travel. I want to the highest return for the investment I'm making. The investment to travel is much more than money to me, it's time, energy, and all the opportunity costs incurred. My guiding question is "will this entire investment going to yield the highest return for the resources I'm spending?"

What "returns" am I looking for when I travel? 

When I embark on a journey, the returns I seek are not just the acquisition of souvenirs or passport stamps.

Travel, for me, is a profound investment in personal growth and connection with others both of which make life meaningful. When I travel, I get this feeling that I'm learning so much.

I love to discover the diverse tapestry of cultures, to expand my worldview, and to develop a deeper understanding of the world's complexities. The returns I seek are the invaluable lessons learned through interactions with people from different backgrounds, the broadening of my horizons, and the enrichment of my life's narrative with unforgettable stories and experiences.

Travel is an investment that pays dividends in the form of cherished memories, newfound perspectives, and an enduring sense of wanderlust that continually inspires me to explore the boundless beauty and diversity our world has to offer.

When saving money for travel, it's important to recognize the opportunity costs involved. Every dollar you allocate to your travel fund represents a choice not to spend it on something else. These opportunity costs can manifest in various ways, from postponing other financial goals like buying a home or saving for retirement to passing up on immediate experiences or purchases.

While travel can be incredibly enriching and fulfilling, it's essential to weigh the trade-offs carefully.

Consider how your travel savings might affect your long-term financial plans and be prepared to make choices that align with your priorities and values. Managing opportunity costs wisely is crucial to striking a balance between pursuing your wanderlust and maintaining overall financial well-being.

I can't tell you exactly how you should budget, but I can share with you one principle with 5 bullet points that guide my decision making and behaviors and allow me to travel.

Financial Discipline

Yep. You guessed it - it's discipline.

Saving money consistently is paramount. Cultivate daily habits that contribute to your travel fund, such as setting aside a percentage of your income, cutting unnecessary expenses, and finding additional sources of income. Stay mindful of your spending, prioritize your travel goals, and make informed financial decisions to ensure you have the resources to explore the world.

1. Never travel on debt

I have my dad to thank for this one. It's ingrained in me to live below my means.

2. Work! 

This one seems really obvious. Work. If you're blessed to have a job, go do it. Do it 100%. I don't call out of work. I show up for my teams. I work weekends and evenings.

If you get PTO, plan ahead and be strategic on when you take your vacation days.

3. Spend money on the right things

Whatever your income level, it is quite common for all of us to spend money on things that we just really don't need and that don't serve our vision and mission in life.

Once you get really clear on why you're here, saying no to the things that cost you money and time that are not in alignment with the goals that God has placed on your heart becomes really easy. In fact, the more clear you get on your purpose and focus on staying in the will of God, it seems to become harder to actually waste money.

Identify areas where you can cut unnecessary expenses to increase your savings rate.

This might involve reducing your dining out budget, canceling unused subscriptions, or finding more affordable alternatives for your daily expenses. Redirect the money saved from these cutbacks into your travel fund. Remember, every dollar counts when you're saving for a memorable trip.

4. Create a Travel Fund

Establishing a dedicated travel fund is crucial to saving money effectively. Open a separate savings account or use a trusted budgeting app to create this fund. Set up automatic transfers to this account on each payday, making it easier to stick to your savings plan. Keeping your travel money separate from your regular spending account will help prevent impulsive spending and keep you on track to reach your goal.

You can even automate savings to make reaching your goal easier and something you don't have to think about repeatedly. Set it up once, and you're good to go!

These are just a few of my thoughts. I'm still learning so much about how to incorporate better financial discipline into my life. Please share with me your habits if you are so inclined! :)