How to raise money for your dream trip in 2020 – ultimate insider tips.
Danny from whatsdannydoing.com is our expert today, sharing his valuable insights on how YOU can get the best bang for your buck.
Danny Newman is currently writing and traveling his way around the world in a bid to figure out exactly what he’s doing with his life.
He’d love you to follow along with his journey over at What’s Danny Doing.
Travel can seem off-limits when finances are low. I’ve been there before and know how infuriating it can be.
You’re tired of your daily routine and just want to get on the first plane out of town. Alas, though, your dwindling bank balance has other ideas.
With no money to your name, those epic travel plans get forced to one side. Now, it’s worth mentioning that you probably don’t need as much money as you think you do.
Ask any budget traveler!
There are all sorts of ways to travel on the cheap and still have an amazing experience. But the fact remains: you definitely need some money behind you to get going.
Heck, how else would you pay for the first flight, bus ticket, or tank of gas?! Thankfully, getting the money together doesn’t have to be difficult.
There are all sorts of ways to do it. With a bit of planning, some hard work, and a dose of patience, you can get the funds together in no time.
Looking for some inspiration for a life of travel? Keep reading for a selection of top ways to raise money for a trip overseas.
The Benefit of Raising Money for a Trip
It’s easy to bemoan a lack of funds. It just feels unfair. You go all stroppy toddler on life: you want to travel! And you want to travel NOW!
I get it.
Whenever I’m in one place for too long I find myself feeling this way. Allow me to play devil’s advocate though. There’s a hell of a lot to be said for earning your travels.
You probably know someone (or multiple people) who’ve been given a bunch of money from their parents to go traveling.
They don’t have to wait or to work; they’re simply given the means to do it. You look at them with envy in your eyes and curse your lack of funds!
You think they’re so incredibly lucky. I disagree.
What’s on the other side of hard work? Reward! It’s about delayed gratification.
Sure, starting off with a huge bank balance means you get what you want faster. But working for something and earning it over time is by far a better approach.
Those guys who start with money will take their experience for granted. You, on the other hand, will love your travels even more.
You know what went into the trip. All those hours toiling away and saving up.
It’s always the same: you value literally every outcome more when you put effort into achieving it.
Why do you think IKEA furniture is so popular? Because you have to make it yourself! If it was premade, you’d be far less likely to rate it as highly.
It’s a known psychological phenomenon (literally called the IKEA effect!): people just have an innate tendency to value something they’ve worked for.
Take that knowledge into the process of travel saving. Sure, it might suck now.
But you’ll sure as hell appreciate the experience on the road when you get there (and miss home far less as well!).
How to save money for a trip
The ways to raise money are coming up, I promise.
First, though, I thought it’d be helpful to list a few tips for straight-forward saving.
Create a Savings Account
Chances are you already have a current account with your bank (if you don’t, be sure to open one!). Not everyone has a savings account though.
Set one up! It’ll come in super handy when you’re getting the money to travel together.
Why? Because suddenly you have a designated ‘piggy bank’ in which to watch your money grow.
One primary advantage of this is that it’s harder to spend that money. You won’t have a debit card with which to access it! That removes the temptation of spending your savings!
Try and siphon money (via direct debit) from your current account into the savings account every month/whenever you get more cash to save.
Set a Budget
Budgets are boring. Everyone knows it. If there’s one tip you probably won’t take into account on this list, then it’s probably this one.
I know, budgeting can seem tedious and time-consuming. But it doesn’t have to be! Think of your budget as a plan of action.
This is how you’re going to actually get the money you need together. Get an accurate idea of how much money you’ll need and how much money you currently have.
Having a financial goal can be a huge help. Defining anything always makes it more tangible and manageable.
Suddenly, you have something clearly-defined to work towards. Think of it as the finish line; next up you just need to work out how to get there.
This is where knowing your current financial situation comes in handy.
How much money do you have? How much money do you spend each month? How much do you earn? Answers to these questions are pivotal to getting the funds together.
This tip won’t be right for everyone.
However, one easy way to get traveling quickly is to save enough for just your outbound ticket and the first couple of weeks in the country. This will dramatically cut your savings goal.
Of course, you’re no longer saving for the entire trip. The trick is to travel somewhere you know you’ll be able to get a job.
Places like New Zealand and Australia have working holiday visas. With one of these to your name, you can set about applying for jobs when you get there. Sure, it can feel a little risky!
But you get to hit the road sooner and earn extra money in the country. Be Ruthless Saving money requires sacrifice.
It requires changing your current ways and living an altogether more frugal life. It requires hard work and effort.
And it’s totally worth it!
Remember: eyes on the prize! First up, decide to save.
Then, cut your spending mercilessly in that endeavor (more on how to do this in the next section).
Treat it as a game! How Spartan can you go? How much can you cut back on to gather the money in record time?
Try enlisting the help of a friend. Doing it together will help you stay motivated and on course to meet your goals. You don’t have to go overboard.
Treat yourself now and again in order to toe the line. But the more you do to save money now, the quicker you’ll be able to travel and the longer you’ll be able to travel for!
Top Tips to Help Raise Money for Travel
Okay, savings tips are covered. Now let’s turn to some ideas for actually raising the money you need.
Ask for Financial Gifts
The easiest way to get money for travel is to have other people give you theirs!
Obviously, this isn’t the best way to go about saving for travel.
However, I don’t see anything wrong with asking for money (in place of items) as gifts.
Know for sure that your friends and family want to give you a gift for your birthday/Christmas/etcetera?
Well, why not ask them for a contribution to your travel fund instead?(Don’t just expect this! Only ever ask if you know your loved ones are looking for gift ideas!)
Likewise, is there anything you know you’ll want to take with you on the road? Consider asking to receive them as gifts throughout the year before your trip.
This means you won’t have to spend your own hard-earned travel cash.
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Get A Job (or Two!)
Working your way to your savings goal is arguably the best way to do it. You’ll get a guaranteed paycheque each month to feed into your savings accounts.
Sure, you’ll swap time for money. But it’ll be worth it. It doesn’t have to be anything fancy.
I worked two hospitality jobs (one behind a bar and another in a bagel shop) when I was first saving up to go to New Zealand a few years ago!
Work enough hours and you’d be surprised how quickly the money can stack up.
Already working? Then get a second job. Let’s face it, there’s only so much cutting down on spending possible.
Still not enough? Earning more money is you’re only other option.
Sell Your Stuff
Last summer I sold and/or chucked out all of my things. My main goal was simply to get all of my possessions down to a backpack in readiness for travel.
However, I also raised a decent amount of money in the process! I recommend the same approach if you’re trying to earn some extra cash.
After all, most people have more than they need. From clothes and shoes to jewelry and technology.
We just have so much stuff! Have a look around you. Chances are, there are reams of possessions you no longer use. Consider selling them.
Ask your friends and family if they want to buy anything. Hold a yard sale. Sell your things online.
See if there are local markets you can set up at. Put in the effort and you can easily earn some good money.
Become a Dog Walker
I guess this could count as a job. However, it’s not something you really need to apply for.
Simply get out into your neighborhood and see if anyone needs help walking their dogs. People live busy lives.
They don’t have time or a chance to walk their dogs enough during the day.
You can solve the problem and start your own little business in the process. You spend time with new furry friends and earn money too.
It’s a win-win!
Cut Current Expenditure
This should be your very first step towards saving. Cut down your current monthly outgoings. Remember: be merciless.
Most people spend far more than they really need to. Again, this is where having a budget helps. You’ll have monitored your spending and know where you money goes.
Eating out. Paying for lunches. Nights on the town. New clothes. Phone bills. Gym memberships. Various monthly subscriptions. Car repayments. Rent. Miscellaneous expenses…The list goes on.
There are a huge number of areas you can easily save money. Cook your own meals, cancel unused subscriptions, downgrade your phone, use public transport, and buy second-hand clothes…and so on.
Check for Tax Rebates
This idea won’t be available for everyone. However, be sure to claim back any overpaid tax. This can be a quick and relatively painless way to receive a quick cash injection.
In the U.K. (where I’m from), tax is processed and repaid automatically each year.
Last I checked, though, you could complete a form in advance to get it early. I’m afraid I don’t know how this works in other countries.
But I’d say it’s definitely worth looking into.
Hold a Fundraising Event
Why not set up an event designed to raise money for your travels?
Invest some time, money and effort into throwing an awesome event (e.g. a gala, mini-festival or comedy night).
Invite all your friends, family and so on. Ask them to pay a certain amount of money for a ticket.
They get an awesome evening of entertainment, and you get the proceeds toward your travel fund! Everyone wins.
Do a Sponsored …
Set yourself up to do something awful! Then ask people to sponsor you.
It could be anything. From running a marathon, doing something you’re terrified of, cutting off all of your hair, to climbing a mountain…it doesn’t matter.
Just make sure it’s something altogether unenjoyable and somehow effortful. That way, people will feel better about sponsoring you!
The task should be something monumental and remarkable.
This will encourage others to sponsor your efforts. Sure, you suffer in some way, but you also end up with a fair amount of extra cash in your pocket!
Time to Wrap Up
There you have it: a selection of tips and methods to raise money for a trip.
Money often feels like a stumbling block along the road to travel. Because it is! You need some cash behind you in order to have an adventure.
The more you have, the longer you can travel for and the more you can do on the road.
I know what it’s like: raising the money can feel like a struggle. In reality, though, it will work in your favor!
In waiting and working for the reward, you’ll end up valuing the experience to a much greater extent.
Hopefully, this post has provided some food for thought on how to gather your travel funds as quickly as possible. Good luck!