How to save for travel is a topic that comes up quite a bit. Think about it, have you ever met anyone who doesn’t want to vacation more? I know I have not.
According to the U.S. Travel association, in 2017 $718.4 billion was spent on leisure travel. That’s a ton of money!
I don’t want to think how much more that number would increase if people were traveling like they wanted to.
In this episode I share my view on how to save for travel (and make it a normal part of your life)- because dang it you deserve it!
What you’ll learn about in today’s episode:
The average vacation cost per person so you can see where you stand
How to shift into a deserving and I can travel more often mindset
One thing you can do right now making travel a part of your normal life and budget
My step-by-step method making travel a normal part of your life (and budget)
Pregunta of the Week:
🤔 Up to this point what has been your process in planning your travels? 🤔
Use your free account in the Her Dinero Matters Hub to submit your answer and be one step closer to this month’s freebie!
Have your free account? Click here to get taken directly to this week’s question.
Don’t have a free account, yet? No worries click here to get started (and submit your answer).
Resources From This Episode:
Nominate a mujer (woman) for Reina of the Week here: www.jenhemphill.com/reinaoftheweek
[00:00:02.530] - Jen Hemphill
Hola que tal? How is it going Reina I am so glad you're here.
[00:00:53.660] - Jen Hemphill
It is a new month which means a new theme. In this month we're going to be focusing on all things travel.
[00:01:01.280] - Jen Hemphill
If you are here chances are you love to travel but maybe you aren't traveling as often due to time and money.
[00:01:10.250] - Jen Hemphill
And in this episode we are going to learn the average vacation costs per person so you can see where you stand. You're also going to learn how to shift into a deserving and I can travel more often mindset as well as one thing you can do right now that will make travel a part of your normal life and budget. As well as my step by step method for making travel a normal part of your life. So here's the reality. I'm going to go over some stats here just to just share with you some fun numbers or what I think are fun numbers.
[00:01:54.200] - Jen Hemphill
Back in 2017, based on the U.S. Travel Association leisure travel accounted for 718.4 billion dollars and Americans spent about $101.1 billion on summer vacations. On average Americans will spend almost two thousand dollars on summer vacations and that is per person based on another stat that I saw that an average vacation costs eleven hundred dollars per person and or forty five hundred dollars for a family of four. So that's just to give you an idea of how much money is being spent and it would be interesting...
[00:02:38.780] - Jen Hemphill
I wasn't able to find. I only found a little bit of data in terms of how much of that is being put on a credit card right. So which was fortunate from what I found. And this is who knows in terms of how many people they polled or what not. But the data I found was that only 15 percent said they were going to put their vacations on credit cards. So think about 15 percent of that $718.4 billion that's still you know a good bit of money.
[00:03:14.480] - Jen Hemphill
And another stat said that there was one in five vacationers that will go into debt about that's about 21 percent. So this is data from different agencies or organizations that did these surveys and polls. But it gives us a good gauge of how much money is being spent in total vacations how much money is being spent per person on average and how much money is being spent or how much of those people are putting that on their credit cards right. So that was very interesting. So I wanted to give you a gauge of what that was and and see where you stand.
[00:03:56.000] - Jen Hemphill
Because if you're not traveling a lot maybe you don't compare to that $1,100 dollars per person or if you are traveling you a lot of maybe you do you're able to compare and see if you're at that number or a more or less or who knows, right?
[00:04:14.570] - Jen Hemphill
So it was just to give you some phone numbers and just to see where you stand in comparison to other Americans. So now that we've talked about some numbers and just some fun data I want to tell you about how to shift into a deserving and I can travel more often mindset because sometimes we think we don't deserve it or we automatically think we don't have the money.
[00:04:39.860] - Jen Hemphill
So you wanna get rid of that thinking that you can't afford it or that maybe next year you'll go on more trips or that next time you won't go into debt doing so or that you know what you'll figure things out later. You don't need to do anything now. What you really need to know is and it's just simple or simple and hard because it's simple is more simple to say it that you do it and it's harder to implement. So you just want to know that and believe and trust and be confident in yourself that it is possible for you and dang it that you do deserve it.
[00:05:18.620] - Jen Hemphill
So you want to just work on that belief. You want to work on that confidence and in really that you do deserve it right. That it is possible you want to change that in your mind. And how do you do that. By you can write things you know different statements downs over the things of I do deserve to be vacationing more those type of things. And I'm not going to going to all sorts of phrases because you can come up with fun ones that really suits you. Instead of writing me regurgitating some phrases that you may think well this doesn't sound like me right.
[00:05:57.100] - Jen Hemphill
So just create phrases around positivity and that travel and more travel is possible for you that you deserve it. You shouldn't have guilt around it you shouldn't. You don't need to be going into debt right. So that's how to shift. Again it's simple but yet at the same time it can be hard to implement. But just know that you can do it. It just takes time it takes. It's the mental work right. So that's how you shift. Then the other thing is the one thing that you can do right now to just make travel a part of your normal life and budget is to create a separate account for it doesn't mean you have to put a bunch of money in it right now.
[00:06:41.460] - Jen Hemphill
Just create a separate account open up a separate account. That's your you're creating an intention right. And again you don't have to put a bunch of money in it right now. We'll talk about what you can do next but really it's simple.
[00:06:57.420] - Jen Hemphill
Open up an account that sets the intention of I have this account, I'm going to be putting some money in it so I can travel more and I'm going to share with you my step by step method. Next just to make travel a normal part of your life and this is what I would do.
[00:07:13.320] - Jen Hemphill
I would have three sheets of paper and I would make three lists of places you want to travel. So one of the lists is the dreaming list. The one that you feel like oh my goodness this is far reaching it's not attainable. Then the second list is the maybe doable but yet uncomfortable right that you feel more comfortable but still uncomfortable and then the third list is the definitely doable, good enough but it just doesn't get you as excited as the other two lists. So again there's three lists that you want to make.
[00:07:49.380] - Jen Hemphill
One that is dreamy and you feel like it's not attainable but it does excite you. The second list is maybe doable but definitely uncomfortable. And then the third list that you would make is definitely doable, good enough but it just doesn't get you excited right. So you want to make those three lists of three different sheets of paper on each list just start putting three to five places you can have more but at least start putting three to five places on each of those lists and then what you're going to do next...
[00:08:23.220] - Jen Hemphill
After that so you created the list you on each list you're going to put three to five places and the next step is you're going to have some fun and you going to start researching on Google for the average cost of transportation. You don't have to do all the three to five places for each list just pick one. So from each list pick one from each list. Do the research. How much is it cost for transportation air car train or even just look if you have enough credit card points how much would it.
[00:08:55.800] - Jen Hemphill
How many points will you need to obtain a free airline ticket. How much is lodging going to cost the stuff that there is to do the costs for that approximate costs for food and you can go TripAdvisor is a great place to get ideas of things to do and I would definitely search on that as well as you want to believe some room in for spending money, ok? So again first you want to make those three lists in each of those three lists you're going to put three to five places. So that's the second step.
[00:09:30.510] - Jen Hemphill
The third step is you're going to research on Google so pick one place for each list and you're going to research the costs of transportation whether Air airplane car train however you're going to get there, lodging, stuff to do, cost of food, spending money- those type of things. All right, then once you do that right you want to add all the numbers up in each list. Ok so you're going to add all that up and you're going to divide by 12. And that's going to be a monthly number that you're going to plug into your budget.
[00:10:07.080] - Jen Hemphill
So essentially going to have three numbers- one for the dreaming list one for the may be doable but yet uncomfortable list. And then one for the definitely doable but doesn't get you too excited. It's good enough but doesn't get you as excited. So you're going to have three different monthly numbers right. So then you're going to go ahead. The next step is you're going to go and plug each of these numbers from each of the lists to your budget. So when you do that one or two things is going to happen when you plug this in.
[00:10:42.120] - Jen Hemphill
You're going to have enough or you're not going to have enough, right? But the idea is to know what an exact number is what that looks like. So let's say you plug in the numbers and for let's say you plug in the number for the dream you list one and it goes into the negative. At least you will know by how much. And just the sheer fact of knowing how much it gives you an idea of how much you're going to need to work towards going to that place on that dreamy list.
[00:11:17.150] - Jen Hemphill
Ok? So it's knowing those tangible numbers. So you're going to either when you plug it in I want you to plug it in for those three lists all you're doing is plug it in and so you can see where you stand, right. So you know with plugging the set and how much you're needing to work on. Are you going to need to minimize some spending. Are you going to need to increase the income that you're making. Or are you going to have to do a combination of the both and you want to figure that out.
[00:11:51.500] - Jen Hemphill
I would come up with a plan for each of them. Just brainstorm a plan for each of those three lists, what can you do to come up with this money. What would you do, ok? So let's say if you have enough let's say you definitely have enough for the definitely good you know the doable but good enough you know instinctively that you have enough. I would start setting that number or that monthly number aside in that travel account that I said you could open right now and treat it like a bill.
[00:12:25.420] - Jen Hemphill
And even better automate it, ok. And then if you don't have enough as I told you you're gonna want to be one or two options you're going to have enough. Right there's gonna be enough money or you won't have enough It's gonna be in the negative. So if you don't have enough you need to come up with the plan. What will it take to get you there. How much are you lacking on a monthly basis. Brainstorm some possibilities of what you can do. It doesn't mean you have to start implementing this right away.
[00:12:55.250] - Jen Hemphill
But if you brainstorm you already have a plan where you can take action from. So those are really essentially the steps that you can take. So it's really simple. Let me just do a recap so to shift into a more deserving and I can travel more often mindset is just believing. Being confident that it is possible for you and that you deserve it.
[00:13:21.110] - Jen Hemphill
Then the one thing that you can do right now to make travel a part of your normal life is to open up the account open up a separate account. And then I also shared with you my step by step method to making travel a normal part of your life which is making three lists right then putting three to five places in those lists and then from each list you're going to pick one place and you start doing some research come up with the dollar amounts. From there you're going to create a monthly number and then that means you're going to have three dollar amount three dollar figures that you're going to plug into your budget and then from there you're going to brainstorm how you're going to be able to achieve those three lists.
[00:14:09.950] - Jen Hemphill
That doesn't mean you have to implement them all. You can start with a definitely doable one, right? I want you to start thinking bigger. I want you to stop limiting yourself and the way to do that is at least on paper to start creating a plan. Whether you feel is not doable at least you have a plan which means you can do it. It may take some time and that's ok, but you know what you need to do. So I hope that you've found that helpful.
[00:14:44.990] - Jen Hemphill
Now let's move on and let's recognize the Reina of the Week. This week it is a Alexis and I wanted to recognize her for honoring her do not touch savings and seeing it grow because that is huge. Sometimes we put money away we put it in the savings we set it aside and then something happens and we just just are able to just grab it so easily and take it back out and deplete the savings. And you've heard me tell this time and time again that I've been there and I've been guilty more times than I can count.
[00:15:19.670] - Jen Hemphill
If you want to nominate someone who you should feel you should be recognized submit your nomination over at jenhemphill.com/reinaoftheweek. You can also find that in the show notes.
[00:15:33.650] - Jen Hemphill
Now this mujer can be anybody it doesn't have to be someone who is currently listening to this podcast it just can be someone that has inspired you that you see working really hard to put their finances a better position or to improve their finances. So it's awesome to be recognized so definitely I encourage you to submit your nomination for someone. Now up next is the Pregunta of the Week. As you know, if you've been listening for the past month you know that each week we ask a new question which by answering it you get opportunity to unlock a bonus freebie after answering the four questions to that month's theme- which this month's theme is all about travel.
[00:16:19.870] - Jen Hemphill
Today's question is up to this point what has been your process and planning your travels? And if it's I haven't had one that's completely OK. I want to know and to answer the Pregunta of the Week all you need to do is you need a free account in the Her Dinero Matters HUB formerly known as the Her Money Matters Academy. Please note you already have a free account if you receive my weekly emails or you have grabbed the My Daily Money Ritual or you have made any purchase you can just go to her herdineromattershub.com.
[00:16:56.770] - Jen Hemphill
I'll have that in the show notes to log in or to reset your password or to start your free account if you don't get my weekly emails just by grabbing the My Daily Money Ritual that you'll see on the herdineromattershub.com site. The Pregunta of the Week is announced each week for each episode and again after you answer the four questions for that month it'll unlock a fabulous freebie for you.
[00:17:23.050] - Jen Hemphill
Which this month it is a video training that goes into more detail of my method that I talked about earlier plus a free Trello board template to help you put that into action and to help you make travel a more normal part of your life and budget.
[00:17:40.450] - Jen Hemphill
Again you can access this freebie just by answering those four questions and if you're listening to this at a later time and not when it recently comes out you can also have access to this freebie if you answer those four questions for that month's theme.
[00:17:57.790] - Jen Hemphill
Next week on the podcast we are chatting with Christina Igaraividez- an actress, comedian and storyteller who shares with us her journey of being raised by a single mom. The wakeup call she had when applying for college and the one thing that is so interesting that she learned about her husband when looking for a house.
[00:18:20.740] - Jen Hemphill
That is a wrap for today thank you so much for taking time out your busy schedule to hang out with me. Be sure to check out the show notes over at jenhemphill.com/177.
[00:18:31.600] - Jen Hemphill
Also, don't forget if you love this episode or if you love this podcast it would mean the world to me if you share with a friend, family member, co-worker or even a stranger. Nunca se sabe, you never know when someone is in pain in their financial life. Just the sheer sharing of this podcast or episode maybe the push or inspiration they need to move forward. Until then stay consistent on those many actions and habits so you can not only be the reina of your money (the queen of your money) but love your dinero more.
[00:19:07.960] - Jen Hemphill
You've got this, tu puedes. Nos hablaremos el proximo jueves. I'll talk to you next Thursday. Chao!
I want to hear from you! What was your favorite takeaway from this episode? Please come on over to our community and share with us there.
Abrazos + Much Love,
P.S. ¡GRACIAS por escuchar! THANKS for listening!
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The post, How to Save for Travel (And Make It a Normal Part of Your Life)| HDM 177 appeared first on the Her Dinero Matters Podcast