Personal Finance. Money. Investing.

5 Ways to Save for Next Year’s Road Trip

Planning a road trip can quickly get overwhelming, especially if you get caught up in too many details - so make sure you relax, pick out some great destinations and use these as your stops to create a clear plan to follow. And before you start cutting back on Christmas shopping, there are other ways to save money.

Posted: 12th December 2018 by Finance Monthly
Share this article

Although the UK can be an expensive place to travel, there are many ways you can reduce costs and save money on your road trip. If you want to avoid overspending, consider all the expenses, set up a budget and get yourselves clued up beforehand with our top tips for saving.

  1. Create a budget

Total the number of days and miles of your trip and then create your budget for fuel, vehicle costings, food, drinks and sightseeing.

If your budget is tight, you need to prioritise. Figure out what’s more important for you: the best food or staying in a nice hotel? Maybe you want to visit numerous attractions and don’t care if you’re camping and cooking out of the back of your car for a week. Do what works best for you.

Share out your money accordingly, applying the bulk of it towards those prioritised activities. This way you won’t overspend or have to limit yourself from doing things you want to.

  1. Automatically transfer to savings

If you’re serious about your efforts to fund your travels, once you’ve worked out how much you can realistically save, set up a standing order to automatically transfer certain amounts of money to your savings every month or two weeks. Try to avoid using this money in the run up to your road trip.

  1. Your car

Having your own car is a huge advantage when it comes to road trips because this enables you to reach idyllic spots that are impossible to get to via public transport.

If you’re a young driver or have recently passed your test, you're probably now on the hunt for a car. There are many options for you online, from eBay to Auto trader as well as local car garages close to home. But don’t panic if you’re worried about affording your trip and car insurance at once. Insurance with a black box could help you save a lot of money. Black box insurance works when your car is fitted with a black box device which records speed and the time of day or night that you are on the road. The device will also assess your driving style by monitoring braking and accelerating to build up a comprehensive profile of you as a driver. This could stop you facing an eye-watering insurance quote and allow you to put more money towards your road trip.

  1. Track your spending

Money doesn’t have to be stressful and neither does effective money management. The stress begins when you’re too afraid to check your balance and have lost track of what your money is doing.

Tracking your expenses is important and is vital towards helping you save for your trip. Put aside a day on the weekend and go through your accounts, find out what your finances look like and see what you can cut back on each month. Write down everything from how much you spend on food a week, to entertainment and so on.

Money doesn’t have to be stressful and neither does effective money management. The stress begins when you’re too afraid to check your balance and have lost track of what your money is doing.

  1. Set up shop

Do you have a house full of stuff you don’t use? Clothes you’ve never worn, old CDs and DVDs? Sell them. You’ll be surprised at how nice a declutter too. Even if you don’t make a fortune from what you sell, you will still be able to add some extra money to your road trip fund.

We hope you manage to get your trip together! For now, enjoy the holidays and have a Merry Christmas.

About Finance Monthly

Universal Media logo
Finance Monthly is a comprehensive website tailored for individuals seeking insights into the world of consumer finance and money management. It offers news, commentary, and in-depth analysis on topics crucial to personal financial management and decision-making. Whether you're interested in budgeting, investing, or understanding market trends, Finance Monthly provides valuable information to help you navigate the financial aspects of everyday life.
© 2024 Finance Monthly - All Rights Reserved.
News Illustration

Get our free monthly FM email

Subscribe to Finance Monthly and Get the Latest Finance News, Opinion and Insight Direct to you every month.
chevron-right-circle linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram