“Travel is the only thing you buy that makes you richer.” Yes, it’s a cheesy meme, but it also rings true. Emily-Ann Elliott, 37, a journalist, agrees. Travel is her greatest passion in life, which makes saving easy. “Having a particular destination in mind really helps,” she says. “Every time I think about spending on a takeaway or a night out, I ask myself whether I want it as much as I want my next trip. The answer is usually no.”
Elliott’s parents taught her to save as a child, and she fell in love with travelling aged 19, after a summer working at Camp America. “I was totally bitten by the travel bug, but I wanted to be able to afford to see the world without having to worry about running out of money or getting into debt, so I immediately started saving for my next trip,” she says.
After travelling around Asia and South America, Elliott wrote a list of 30 things she wanted to do before she turned 30. Realising that they all involved travel – from diving in the Great Barrier Reef to dancing the tango in Argentina – she began planning an around-the-world trip using her savings. At the time Elliott was single and had worked in the same job for years: she was primed for the trip. “I knew that if I didn’t go, I would always regret it,” she says. “I felt like I had been working hard and saving for a long time. Over eight years I’d managed to put away around £8,000.”
She booked a round-the-world ticket, took out a travel insurance policy, and drew up a rough budget that would allow her to visit nine countries in nine months without running out of money. “I paid for everything before I went, and had all my spending money saved up, too,” she says. “I felt an incredible sense of achievement that I’d been able to pay for something I’d always wanted to do.”
Traversing the world alone isn’t everyone’s cup of tea, but Elliott embraced the adventure. “It’s really important to me to travel by myself,” she says. “You learn so many new skills travelling solo and become much more confident. Plus, you don’t fall into the trap of leaving the itinerary or the budgeting to someone else – it’s all on you. I love it.”
Now married, with a two-year-old daughter, Elliott’s love of travel, along with her commitment to saving, are undimmed. “Luckily, I married another saver, so I think I’ll always have the savings habit,” she says. They spent their honeymoon realising another lifelong dream – seeing the famous cherry blossoms in Japan – and saved for the trip before booking it. “Last year, we took a road trip around Spain as a family and we’re planning another trip with our daughter this year,” she says. “My saving pattern has changed with a mortgage and a child, but our travels are definitely the most exciting thing we save for.”
Elliott believes saving is easier than people think and recommends people put away an amount of money, no matter how small, on a regular basis. “I was a trainee journalist on a tiny salary when I graduated, so I could barely afford to put anything away at first, but I’ve always popped something into my savings as soon as my wages hit my account,” she says. “Even £20 or £50 a month soon adds up, and before you know it your money starts to grow.”
Jill Waters, retail director at NS&I, says: “Our recent research shows 49% of NS&I customers save for a rainy day, but just 5% save for something specific such as a holiday or wedding. Yet, we’ve also found that if you focus on a specific savings goal you are much more likely to be successful with hitting your target and forming a regular habit. You can then enjoy the thrill of going away for a trip like Elliott, knowing that everything is fully paid for while you are there, and have an even more relaxing time.”
“Everyone should have the chance to travel,” Elliott says. “Coming home after a big trip can be really difficult if you’re under financial pressure, which is why saving is so important.”
Elliott doesn’t feel saving leaves her out of pocket – quite the opposite. “There are always those moments, when you’re saving money, when you contemplate buying a dress or going out for dinner,” she says. “But travelling is so much more important to me than anything else I might be tempted to splash some cash on, so it’s usually an easy decision.”
Having something to save towards can make putting money aside easier. With the help of NS&I, you can reach your goal too. Visit nsandi.com for more information.
