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Tips on How to Save Money for Travel
- andrewsco3
- Jun 30
- 17 min read
Updated: Jul 11
When we made the decision that we were going to pull the kids out of school to embark on 100 days of travel around the world, it's fair to say we were pretty excited! But that thrill quickly gave way to a big question:
How are we going to pay for this?
We didn’t win the lottery.
We didn’t have a secret stash of money tucked away.
What we did have was a clear goal - and a plan to get there
Preparing for long-term travel takes more than wishful thinking. It means being intentional about how you spend, where you can save, and whether there are ways to bring in a little extra along the way.
We know it’s not always easy. That’s why we’ve pulled together these practical money-saving tips, based on our own experience of planning and saving for 3½ months of travel over the course of a year.
If you're wondering how to save money for a round the world trip, you're in the right place.
Jump ahead to the sections that interest you by clicking the links below:
Change Your Mindset
Set a Clear Goal
Everything came into place once we sat down and mapped out a rough budget. We looked at how much the trip might cost, how much we already had saved, and how much more we needed to get there.
That clarity gave us something to aim for, and it made all the little daily decisions feel purposeful.
Without a clear goal, saving can feel vague and endless. But when you know how to get there, every skipped coffee or secondhand purchase becomes a step closer to something bigger.
It doesn’t need to be perfect. Your plan will almost definitely change, but having a ballpark figure gives you direction. Write it down and check in regularly.
Remind yourself: this is why we’re saying no to things we don’t need - so we can say yes to something we really want.
Give Yourself Time to Plan
Planning a trip like this isn’t something that happens overnight. We gave ourselves 18 months to save, plan, and prepare, which made all the difference.
Having plenty of time took the pressure off and allowed us to make the right choices instead of rushed ones. It gave us space to really plan what we wanted to do in each country, and enough flexibility to adjust our plans when needed (which happened a few times).
Whether your timeline is a year, six months, or longer, building in extra time definitely makes the planning phase much less stressful.
Think in Travel Currency
One of the biggest shifts we made was thinking of every purchase in terms of travel.
A $75 pair of shoes? That’s a few nights of accommodation in Vietnam. A $10 lunch? That’s the cost of a meal in Thailand for the whole family.
Once we started comparing everyday spending to potential travel experiences, it became easier to say no to things we didn’t truly need. It turned out to be one of the more creative ways to save money for travel - a mindset shift that helped us stay focused on the bigger goal.
Old Gear Still Works
It’s easy to fall into the trap of thinking you need all the fancy new gear you see on Pinterest or Instagram.
We did buy the girls new backpacks since they didn’t have any, but as tempting as it was to upgrade everything, our own backpacks (the same ones we used to travel through Asia 20 years ago) are still perfectly fine.
Where we could, we took the approach of “use it until it breaks.”
That said, if you’re pulling old gear out of storage, make sure it’s still in good condition. The last thing you want is to discover mouldy backpacks or a broken zipper the day before you leave.
Choose Camping Over Hotels
If you’re looking for ways to stretch your travel budget, swapping hotel stays for camping can make a big difference.
Campgrounds are often a fraction of the price of even budget hotels, especially in popular destinations like the Canadian Rockies, where accommodation rates spike in peak season.
Whether you’re pitching a tent at a national park or booking a site at a family-friendly campground, you’ll still get access to incredible locations, without spending a fortune. Plus once you’re set up, there are usually plenty of free or low-cost activities right outside your tent flap - like hiking some of the area’s best trails
Plus, cooking your own meals at camp can help cut down on dining costs too.
Cut Your Monthly Expenses
Cancel Unused Subscriptions
Take a close look at your monthly statements or use a budgeting app to track recurring charges. Are you actually watching all five streaming services or using that fitness app you downloaded last year?
It’s easy to forget about these small, automatic deductions, but over time they add up.
We went through this ourselves and were shocked by how much we were spending. At one point, we had cable TV, TSN, DAZN, Disney+, Netflix, Crave, and Apple TV+, plus a few fitness apps like Strava.
We weren’t using most of them regularly, so we cut back to just Netflix and Prime Video. That simple change saved us about $140 a month ($1,680 a year), which went straight into our travel fund.
Lower Your Utility Bills
Reducing your monthly utility bills doesn’t require drastic changes. Swap in energy-efficient LED bulbs, turn off lights when you leave the room, and unplug chargers or electronics when they’re not in use.
Adjust your thermostat by just a couple of degrees when you’re out or asleep or use a programmable thermostat like Nest which has an eco mode to do it for you.
Also check what you are paying for your utilities, since sometimes there are fixed and floating rates and it is worth making sure you’re on the right plan.
These habits not only help the environment but can shave dollars off your monthly bill which adds up over the course of a year.
Cut Back on Food & Drink Expenses
Eating out or grabbing takeout may seem harmless in the moment, but the costs quickly add up.
Your daily Starbucks coffee alone could set you back around $1,500 a year.
Food delivery apps like Uber Eats and Door Dash might be convenient, but after service fees, tips, and inflated menu prices, they’re almost never good value.
If you still want to enjoy a meal out now and then, try limiting it to once a month and look for budget-friendly options like wing night or daily specials.
Cook at Home and Meal Plan
Building on cutting back on dining out and takeout... cooking at home is one of the most effective ways to save money.
Try planning your meals for the week and doing one large grocery run. This helps reduce impulse purchases, cuts down on food waste, and saves time during busy weekdays.
Buying in bulk from places like Costco can stretch your grocery budget even further, especially when paired with a solid meal plan and freezer space.
Stock up on staples, prep meals in batches, and freeze leftovers so you are less tempted to order that expensive takeout.
And don’t forget lunches! Packing a lunch for work instead of buying it every day can save hundreds of dollars a month.
Pause or Downgrade Memberships & Subscriptions
How many of us have a gym membership that barely gets used? I know I've been guilty of that one plenty of times over the years.
Take a long hard look at all of the memberships and subscriptions that you have and see which ones can be paused, downgraded, or canceled altogether. We cancelled a gym membership, Strava app and a magazine subscription, and saved over $100 a month.
Reevaluate what’s essential and put the rest on hold or cancel. You can always restart once your trip is paid for and you’re back home.
Shop Around for Insurance
When was the last time you compared insurance rates?
It might feel tedious, but getting quotes from multiple providers for your car, home, or even life insurance can result in significant savings.
Sometimes switching providers or bundling policies is all it takes to lower your premium.
Even saving just fifteen dollars a month adds up to enough to set you on your way to a flight or a few nights in a hotel.
Reduce Transportation Costs
Transportation is one of the biggest monthly costs for many households. If you can reduce the number of vehicles you own, switch to public transit, walk or bike more often, or start carpooling, the savings can be substantial.
Think fuel, insurance, maintenance, and parking. Even temporarily going down to one vehicle while you save can free up hundreds each month.
Rethink Shopping Habits
Use Cashback Apps and Browser Extensions
When we booked hotels and flights for our trip, using cashback tools like Rakuten and Great Canadian Rebates saved us lots of money. For hotel bookings in Asia, we usually used Expedia.ca or Booking.com, and just by clicking through these cashback sites first, we consistently earned back between 2% and 12% on hotel stays, which we were going to book anyway.
But cashback isn’t just for travel. You’d be surprised how many everyday stores are included too. Getting 1% back on a $50 Amazon order might not feel like much, but those small amounts add up quickly over the year.
It’s worth getting into the habit of checking a few cashback sites before making your next online purchase.
Even better, many cashback sites offer browser extensions so you don’t have to remember to log in.
Sign up for Rakuten here and join Great Canadian Rebates here to start earning cashback on purchases you’re already making.
Buy Secondhand or Borrow
Look for gently used items on Facebook Marketplace, Kijiji, Craigslist or at local thrift stores instead of buying new.
If you only need things once, ask friends or family if you can borrow what you need as it’s often more convenient and saves money.
Thrift shops aren’t quite as common in Canada, but back in the UK, almost every town had charity shops like Cancer Research UK and Oxfam, where you could easily find clothing, books, and toys for a fraction of the cost.
You won't want to buy everything used, but you can definitely buy most things secondhand. It’s not only budget-friendly - it also helps reduce waste by giving items a longer life instead of sending them to the landfill, which we're all for.
Cut Fuel Costs with Smart Apps & Rewards
Gas prices can vary a lot from one station to the next (especially in Canada), but a few simple tools can help you save.
Apps like GasBuddy, Waze, and even Google Maps can show you the cheapest nearby pump prices in real time.
In Canada, some of the top rewards programs include:
Journie Rewards – used at Pioneer, Fas Gas, and Chevron
Petro‑Points – available at Petro‑Canada
Shell’s Air Miles – earn Air Miles
PC Optimum – collect points at Esso and Mobil
Canadian Tire Triangle Rewards – earn Canadian Tire Money at Gas+ locations
Costco – low pump prices for members, no points program but consistent savings
RBC + Petro‑Points – link your RBC card to save an extra 2¢ per litre
Stacking these programs with a little planning and the right app can help you save money without having to think about it.
Give Yourself a Cooling-Off Period
Give yourself a 48-hour rule before buying anything you don’t truly need.
We’ve all been there, wandering around a store or scrolling online, making an impulse purchase that ends up sitting on the shelf at home. I’ve done it myself with camera gear I hadn’t researched properly ahead of time, that I ended up selling at a loss.
Try setting a rule: if you’re about to buy something, wait two days before clicking “buy”.
Really ask yourself if you need it, whether you already have something similar, and if it fits your budget to meet your current travel priorities. More often than not, the impulse will pass, and you’ll be glad you didn’t spend the money.
That said, there’s a difference between impulse buys and planned purchases. Waiting for sales like Black Friday and keeping a list of items you genuinely need lets you make smart, deliberate buys rather than rushed decisions.
Smart Banking and Budgeting
Keep Tabs on Your Spending
Keeping a close eye on every dollar you spend is one of the most effective ways to boost your travel savings.
When you track all your expenses (even the small everyday purchases), you gain a clearer picture of where your money is going. This awareness helps identify unnecessary spending so you can adjust your habits and free up more cash for your travel fund.
In Canada, popular budgeting and expense-tracking apps include KOHO, Mint, YNAB (You Need A Budget), and Wealthsimple Cash. These apps connect to your bank accounts to automatically categorize your spending and give you real-time insights.
For our family, we’ve used a shared Google Sheet since 2011 - and see no reason to change now. We set a monthly budget and manually track our spending against it.
Whether you use an app, a spreadsheet, or a combination of both, the key is consistency. Over time, tracking every dollar makes saving feel manageable and helps turn your travel dreams into reality.
Open a Separate Travel Fund
Set up a separate savings account just for your travel fund and don't dip into it. Automate weekly or biweekly transfers - even $20 a week adds up to over $1,000 a year.
The key is to pay yourself first. Setting up a direct debit means your savings happen automatically before you even have a chance to spend the money elsewhere.
When choosing your travel savings account, look for one that offers easy access to your funds when you need them, along with a competitive interest rate to help your money grow.
We like Wealthsimple for this - they offer a no-fee savings account where you can automate transfers and even earn some decent interest, which is rare in today’s low-rate environment.
At the time of writing, a checking account at RBC offers just 0.010% interest, whereas Wealthsimple pays 2.75%. If you shop around and take advantage of introductory offers, you can often do even better.
Transfer Investment Accounts for a Bonus
If you have investments with one financial institution, consider transferring them to another that offers incentives for new accounts. Many banks and brokerages provide cash bonuses or perks (like Apple AirPods with Wealthsimple), when you move investment accounts such as RRSPs or TFSAs.
Last year we moved several of our investment accounts over to TD and earned an extra 2% as a promotional bonus just for switching. That money went straight into our travel fund.
It’s worth noting that you usually have to keep the money in the account for a set period (usually a year), so factor that in before making the move.
Also, some institutions charge trading fees so depending on how active you are this strategy might not be the best fit. But for passive investors like us who usually buy a single ETF and take a set it and forget it approach, even with trading fees the bonus typically more than makes up for the cost.
Earn Rewards with a Travel Credit Card
Travel credit cards played a huge role in making our 100 days away trip a reality.
Over the course of our trip, we redeemed points for 54 hotel nights - a total value of over $17,000 based on the regular room rates.
Quite simply, it was the planning and saving of credit card points and welcome bonuses that made our trip possible.
Remember to join hotel programs like Marriott Bonvoy or Hilton Honors ahead of time, to unlock additional perks like free Wi-Fi, late check-out, or even free upgrades.
Airline loyalty programs also let you earn and redeem miles, especially valuable if you fly with the same carrier or alliance repeatedly.
We’ll be sharing more on our travel reward strategy in a future post as there’s a lot to cover!
Find Extra Income
Sell Things You Don’t Use
Selling items you no longer use is an easy way to boost your travel fund while decluttering your house!
I challenge you to walk into your garage, spare room, or wherever else you stash stuff... I guarantee you’ll find a bunch of things you could sell.
When we moved house, we discovered boxes tucked away that hadn’t been opened for two years. Things we completely forgot about. That’s plenty of hidden cash just waiting to be turned into travel funds.
Platforms like Facebook Marketplace, Kijiji, and eBay make it simple to connect with local buyers or ship items.
Not only does selling unwanted stuff free up physical space, but it also puts extra cash in your pocket that can go straight toward your next adventure.
Hold a Family Garage Sale
After you’ve gathered all those sellable items, a garage sale can be a perfect next step.
The great thing about a garage sale is that it’s a one-and-done event - no endless messaging to arrange pickup times, "is it still available" time wasters, or packaging items to ship. You get to clear out a lot in one go while bringing neighbors together and raising cash for your travel fund.
Our kids loved pitching in with a lemonade stand alongside the sale. It gave them a chance to earn their own spending money and learn a little about business.
Whether you do it solo or make it a family event, a garage sale is a simple, effective way to turn clutter into travel money.
Sell Everything!
Depending on how long you’re planning to travel, it might be worth thinking beyond just selling the small stuff.
Bigger-ticket items like your car, furniture, or even your home can free up a significant amount of money and might even simplify your life in the process.
Selling everything before a long trip does comes with its challenges, but it also means you won’t have anything back home to manage or worry about while you’re away.
Many families choose to sell their house before setting off on long-term adventures, using the proceeds to fund their travels and deciding to buy again when they return - if they return at all.
It’s not a decision to take lightly, but if long-term travel is your priority, letting go of the big stuff can be a powerful way to make it possible.
Rent Out a Room (or Your Home)
If selling your home isn’t on the cards, renting out a room can still be a great way to bring in extra income for your travel fund.
Whether it’s a spare bedroom, basement suite, or even a furnished space on Airbnb, putting unused space to work can help cover bills or save faster.
Some families even choose to rent out their entire home while they travel, especially for longer trips. Since your mortgage is likely one of your biggest monthly expenses, having it covered while you are away can make a huge difference.
In many parts of the world, especially places like Southeast Asia or Central America, the cost of living is low enough that with rent from your home coming in, your day to day expenses abroad may end up being next to nothing.
Rent Out Your Car
If your vehicle sits unused for long periods or you’re heading off on an extended trip, renting it out can be a smart way to bring in extra cash.
Platforms like Turo make it easy to list your car, and demand is especially high in cities or near airports. You could rent out a second car when it’s not in use, or even rent your main vehicle while you’re away to help.
If you’re not using it, why not let it earn something instead of just sitting in the driveway?
Start a Side Hustle
Bringing in a bit of extra income each month can go a long way toward building your travel fund.
Whether it’s something you do in your spare time or a skill you already have, a side hustle can help cover flights, accommodations, or even just fun extras along the way.
Some ideas to get started:
Offer freelance services (writing, design, photography)
Tutor students online or in person
Start a blog or YouTube channel and monetize it
Sell digital products or printables online
Sell handmade items on Etsy
Babysit (a good way for older kids to earn some spending money)
Dog walk or pet sit for neighbours or through apps like Rover
Help with yard work, grass cutting, or snow clearing
Deliver food or groceries through apps like Uber Eats or DoorDash
Drive for Uber or Lyft during evenings or weekends
Even a few hours a week can add up quickly, and put you that much closer to your next adventure.
Save While Planning Your Trip
Travel in the Shoulder Season
Avoiding peak times like summer holidays or spring break can make a big difference to your travel budget - especially if you're not tied to a school calendar. In Canada, there’s generally more flexibility when it comes to pulling kids out of school for travel, unlike countries like the UK where families can face fines for doing so.
Taking our kids out of school is something we try to avoid, but our 100 days away trip wouldn’t have been possible without doing so, so we made sure to communicate clearly with the school and ensure the kids continued learning along the way.
Taking advantage of shoulder season means lower prices and fewer crowds. Flights and accommodations are often significantly cheaper just before or after the busiest times.
For example, accommodation in Banff can jump from the low $200s per night in spring or fall to well over $500 during the summer.
You’ll still get great weather in many places without the chaos or inflated costs of high season.
Travel to Cheaper Destinations
When planning long-term travel, choosing more affordable destinations can make a big difference.
For example, the cost of travelling through Western Europe is generally far higher than in places like Southeast Asia, where your money stretches much further day to day.
On our own trip, we found that accommodation in Australia and New Zealand was often double or even triple the cost of comparable places in Asia, and food prices weren’t far off either.
That’s not to say you should skip the more expensive destinations - far from it - but it’s something to keep in mind when planning your budget.
Travel While the Kids are Young
It might seem counterintuitive, but travelling with younger kids can actually be more affordable.
Many attractions offer free or reduced admission for children under a certain age, and some airlines allow infants or toddlers to fly on your lap for little or no extra cost.
On top of that, we’ve found it easier to save on accommodation while our kids are still young as we can all fit in one hotel room. The kids are still young enough to share a bed, which meant we could take advantage of hotel redemptions and points.
It’s much harder to do that once you’re travelling with teenagers who need more space, so taking advantage of this window has made a big difference for us.
Embrace Slow travel
Instead of racing from one place to the next, consider spending more time in fewer destinations.
Slow travel often means booking longer stays, which can lead to better rates on accommodations and fewer transportation costs overall.
It also gives you time to settle in, explore local markets, cook some of your own meals, and travel more like a local, all of which can save money and deepen the experience.
Use Price Alert Tools
One of the easiest ways to save on flights, hotels, and even car rentals is by setting up price alerts.
Tools like Google Flights, Hopper, Skyscanner, and Kayak let you track specific routes or destinations and will notify you when prices drop.
For accommodation, websites like Booking.com and Expedia.ca offer similar features or flexible date searches to help you find the lowest rates.
Setting these up early, even if you’re not completely sure of your travel dates, can help you spot deals you might otherwise miss and give you a better sense of what a good price actually looks like. In some cases, a great deal might even shape where you decide to go.
Final Thoughts on How to Save Money for Travel
I hope you enjoyed reading our saving money for travel tips!
Remember: saving for travel doesn’t have to feel overwhelming. With a few small changes to your daily habits and spending, you can build a travel fund faster than you think.
Whether you’re planning a weekend getaway or trying to figure out how to save money for a RTW trip, every dollar you set aside brings you one step closer.
If you want to read more about us and our 100 day travel itinerary you can do so here.
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