There is a common misconception that traveling is a very pricey pastime. Never fear; I see your point of view. That's how I felt in the past. Since I grew up in the United States and had never heard of a gap year or a hostel, I always assumed that only the well-to-do could afford to go abroad.

But as someone who has done substantial travel over the world over the past decade, I can assure you that it is doable for the rest of us as well.

Choose A Reasonable Objective

Your savings goals should be reasonable in light of your income and outgoings. After all, you're more likely to quit saving altogether but feel like you're hardly making a difference in your savings goal.

Creator of You Need a Budget, "so often, individuals will create their trip and then put dollars to it." But it's better to start with a decent number and cut back from there as you plan the trip.

Get Your Bills Paid

After paying all your monthly expenses, you are putting aside money for a vacation fund cannot be easy. Set up direct deposits to your savings account every time you get paid to keep the money out of your grasp.

She also mentioned that you would less likely use the funds for other expenses if they were kept in a separate account from your regular savings. It's essential to watch your investments closely.

Although interest rates on savings accounts are low across the board, those offered by internet banks are marginally higher than those offered by traditional banks.

Make a Back-Up of Your Smartphone

Thanks to various apps, smartphones might be a person's best ally when saving for a significant life event. The savings software Dunn uses is called Digit. It automatically transfers a small amount from the user's checking account into a savings account daily based on the user's predetermined savings objectives.

"It sends you a text message every morning reporting your progress toward your goal," one user said. "I forget about the money until I need to use it." There are a lot of other apps that provide similarly ingenious ways to save money without even trying.

Examples of such apps are Acorns and Qapital, which round up your purchases to the next dollar and deposit the difference into a savings account. It's not much, but it adds up over a year.

Avoid Making Impulsive Purchases

Inevitably, at some point throughout the workday, at least one of us has sneaked off to check out a killer sale at Amazon or eBay. You have no intention of buying that purse, but the constant reminders of the fantastic price make it hard to say no.

For example, Lapin may have advised his client to "go to your browser and delete your cookies" to avoid the temptation of making an impulsive purchase. That way, you won't leave a paper trail for stores and won't be tempted to buy things you don't need.

Instead of rewarding yourself with the money, you would have spent on an unnecessary item, invest that money toward your vacation. Treat it as an added perk that will make your trip more memorable.

Demand Reductions

When was the last time you requested a price cut on your monthly cell phone or auto insurance premiums? It's probably time to give those businesses a ring if it's been more than a couple of years since you last dealt with them.

According to Mecham, if you inform your current provider that you're considering leaving, they'll likely lower your rates to keep you. On a six-monthly basis, this strategy proves effective. Are you dealing with customer service representatives? Be polite but forceful.

In addition, if you aren't satisfied with the present offer. Spending just 20 minutes a month on the phone may net you an extra $20 for your vacation money.

Organize A Home Trade

A hotel bill often accounts for the bulk of a vacation's total cost. Housing swaps can help you save money on travel expenses by eliminating the need to pay for a hotel room while your own home remains empty.

I know people who have done it, including friends and coworkers, who all had a good time, adds Mecham. Finding reliable exchange partners requires only a little bit of effort. Another option is to use a service like Airbnb to rent your home. Ensure you abide by the lease's guidelines and applicable regulations.