By admin@thesilverpetticoatreview.com 
A few years ago, my wife and I decided we wanted to visit Singapore because she had a friend living there. We thought it’d be a great chance to see her friend and her friend’s husband while exploring a new part of the world. We also wanted to visit Hong Kong, a place I’d always wanted to see. However, we aimed to avoid going into debt for this trip, so we made a plan to travel debt-free.
Creating a Countdown Fund
Our plan involved setting up what I call a “countdown fund.” To do this, you determine how much money you need for your trip and divide that amount by the number of months until your trip. You then set aside that sum each month in a separate bank account or envelope, if you use the cash envelope system.
In our case, we needed about $7,200 for the trip and planned to travel in two years. So, we saved $300 a month for two years to reach our goal. This required planning and discipline, but after two years, we had the money we needed without incurring any debt.
When we traveled, we paid cash for everything – food, tourist attractions, and activities. Paying cash internationally can be expensive due to conversion and ATM fees, but I had a brokerage account with Schwab that reimbursed ATM fees. This allowed us to withdraw $300 to $400 in the local currency every few days, benefiting from favorable conversion rates. Look for accounts like these to help you save on international travel expenses.
How We Saved the Money
Saving for trips like this requires extra money each month. We found our savings in two primary ways. First, we kept our monthly expenses low by canceling cable TV, limiting entertainment spending, and eating out less. However, it was our side hustles that really made a difference.
I took a second job delivering pizzas and did freelance writing. My wife, Kim, sold items we no longer needed on eBay and Craigslist. All the money from these side jobs went straight into our countdown fund.
Another crucial step was paying off our consumer debt. Before saving for the trip, we had $52,000 in consumer debt. Newly married, we were shocked by how much we owed and decided we didn’t want to live with debt hanging over us. We made a plan and, using the same principles we applied to our vacation savings, managed to pay off all $52k in 18 months. We made significant sacrifices, like selling our newer cars and buying quality used cars. These tough decisions paid off, freeing up more money for our vacation fund. We remain consumer debt-free and are close to paying off our mortgage, which will allow for even more savings for future travels.
A Trip Worth the Effort
While in Singapore, we also visited Indonesia, which is known for its stunning forests and wildlife. We enjoyed a river excursion, seeing monkeys and snakes in their natural habitat, a far cry from our daily life.
This trip was worth every bit of effort, from the extra hours we worked to the expenses we cut and the items we sold. If you dream of traveling more, I hope this inspires you to start planning now so you can experience the joys of exploring the world sooner rather than later.