4 Ways to Cut Spending to Increase Your Travel Budget

Traveling to new places and relaxing is an essential part of life. For many, it's considered a luxury because they can't find the extra money to go. However, you can change a few habits in your life to add to your budget.

We waste a lot of money on living a convenient life, but taking a few extra steps and making an effort to save for travel will get you to your next destination. We're going to go over some of the simplest ways to cut spending to increase your travel budget.

Reduce Your Insurance Premiums

Having insurance is a must in life. You need health, car, home, renter, or life coverage. There are ways to reduce the costs of these things without giving up quality.

One way is to ask to bundle a few coverages together with one company. You can save some money doing this and sometimes get an even better policy. Ask your insurance about this.

Another way to save is by doing some shopping around for other companies. If you're a young, healthy person or have an excellent driving record, new member policies could save you some cash. The cheapest insurance for your car trip will still have adequate coverage.

Drink Coffee at Home

When you're in a rush in the morning, it's easy to just grab a coffee from a fast food place or your local cafe. You might not think anything of the $3 to $5 you spend on your cup of joe, but these little expenses start to add up.

It was reported that making coffee at home can save you $1,200 in a year. That's enough money for your round trip plane ticket to your dream destination. Investing in a good coffee machine at home and waking up 15 minutes earlier can get you traveling within the next year.

Host a Cocktail Party

To be social, many people go out for drinks on the weekend. Your work friends want to get a happy hour, your girlfriends want to get life updates with wine, or your buddies want to grab a beer at the new brewery.

Although these are fun activities to do once in a while, if you're doing this every weekend, you should host a cocktail party at your house instead. You'll have to prepare to have people over, but it can save you some money.

Usually, at restaurants or bars, drinks are more expensive than if you buy the supplies at the liquor store. Everyone can take turns hosting and bringing supplies.

Ride Your Bike or Walk

Gas prices are always rising, and your weekly budget for this can be quite significant. To cut back on your spending, you can opt to ride your bike or walk to work. This will take more time, but it'll increase your travel budget.

CNBC reported that commuting to work with your bike can save you $1,000 a year. That's enough money for a week at an all-inclusive resort or backpacking for a few weeks.

A bonus to doing this is that you'll also be reducing your consumption of fossil fuels and staying fit. Then, when you're hiking through the Andes or the Himalayas, you'll be in shape and will have the funds to pay for the trek.

The Bottom Line

Life is expensive, and that's the truth. There are some things we have to pay to survive, but you can also cut your spending in certain areas. All of those $20 here and $5 there can really start to add up.

A few ways to increase your travel budget are to reduce your insurance premiums, make coffee at home, host cocktail parties instead of going out, and ride your bike or walk to work. Once you start making these small changes, you'll see your bank account increasing. Then, you can start planning your next trip.