1. Assess Your Existing Loans and Subscriptions
It’s best to start saving for your road trip long before you hit the road. A great starting point is to take a look at your existing loans and subscriptions.
Let’s talk about loans first. Do you have credit card debt? Do you have a home loan? Are these loans structured in a way that best benefits your financial well-being? If not, it’s worth looking into your options to adjust these accounts. For example, if you’re paying thousands of dollars in interest on your mortgage, consider refinancing your home loan. By switching to an alternate lender with more affordable rates, you’ll save a great deal of money that you can then put towards your road trip.
You should also create a list of your ongoing subscription services (e.g., Netflix, Spotify, FabFitFun, etc.) and critically examine which ones you really need. Establish which ones you don’t need anymore and cancel them right away to save some extra money.
2. Plan Ahead
To save money for your great Aussie road trip, organisation is key. You need to plan ahead in order to avoid unexpected costs and cut down on expenses wherever you can.
Well in advance of your travels, be sure to plan out your route. Decide which towns and cities you will stop in and where you will stay (e.g., whether you will camp or stay in, or hotel accommodation). Having these details mapped out ahead of time will keep you from having to shell out more cash at the last minute during your journey.
3. Use Technology to Your Advantage
Thanks to developing technology, you can save money without even having to think about it. Specifically, there are a number of apps you can download on your phone that will help you put away some coins before and during your road trip.
One example is Mint, which helps you stay on top of your recurring bill payments, so you pay everything on time. The app also helps you develop a budget, ensuring you allocate money for savings, an emergency fund, as well as other leisurely accounts, such as the one you’ll create for your road trip.
There is also Acorns, which rounds up every purchase made on your debit or credit card to the nearest dollar. The app then automatically invests the extra pennies into a diversified investment portfolio for you. That means you can grow your wealth without consciously doing anything yourself.
You can find a full list of money-saving apps here.
Saving money for a road trip can feel like a tall order. It can be tough to cut back on certain day-to-day luxuries and conveniences just to put money aside. With these helpful tips, saving money should now be a breeze. In no time at all, you’ll be hitting the road on your incredible Aussie adventure!
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