Tips on saving for your dream trip

An aerial view of Dubai from Burj Khalifa, the tallest building in the world, in Dubai, November 19, 2014. [Reuters]

No one is short of dream destinations they would love to travel to.

The problem is the money. But that does not mean that it is impossible. All you have to do is master the art of saving religiously. 

If you really want to travel you have to make it a priority and be intentional about making it come true. 

Pick a travel destination: Before you can figure out how much you will spend you need to know where you are going first. How you will get there, for how many days, and where will you put up for the duration. This will determine how much more or less you will spend.

Create a budget: Now that you have a rough idea of where you would want to go, create a rough budget. You can get rough estimates online or from travel companies. Compare your financial situation and travel cost then make a decision. 

Create a savings plan: If it means opening a travel account in a financial institution, do it. Setting money aside requires a high level of discipline and commitment. This may not come easy for spenders who hardly save for rainy days, thus the need for a dedicated travel fund.

Once you know where the money will come from, say your salary, business, or investment, determine how much you can set aside and for how long you can sustain your financial goal. 

Travel in groups: Besides the companionship travelling in a group offers, you will end up spending less due to group packages. Whether it is the hotel, museum, or an airline company, you will spend way less than you would have if you were travelling alone. 

Take advantage of off-peak seasons: What better way to save than travel during off-peak seasons? Flights are cheaper and in the hopes of luring vacationers, many hotels drop their rates meaning your budget can stretch further. 

Cut down: If you are already cash strapped, you have to cut down on your spending and change your lifestyle. If you really want that holiday you have to take it easy on the purse. To have something to put aside for the holiday, consider some money-saving tips. For instance, shop in bulk, leave out some subscriptions, no more eating out and no more impulse shopping.