The real cost of bucket list travel

Seeing the Northern Lights is at the top of 47% of people’s travel bucket lists, with holidaying in the Maldives, experiencing an African safari, and visiting the Great Wall of China also ranking highly. But what is the true cost of ticking things off your travel bucket list? And realistically, how long does it take to save up to jet away?

Through surveying 1,000 UK adults, we found that with the rising cost of living, saving for bucket list travel is becoming much trickier. People are now having to reassess their savings priorities, redirecting their funds to cover everyday expenses.

So, how much are Brits realistically able to put away nowadays? And do things vary by age and location? Let’s dive into our survey results to find out.

The true cost of travel

More than half of those we surveyed (53%) said that they’ve looked into how much their dream trip would set them back. Around 66% discovered it would cost over £3,000, with 33% realising they’d need £5,000 to make their dream travel experience a reality.

Looking at different regions, those in Belfast are the most proactive, with 66% researching costs. Meanwhile in Norwich, 68% have never looked into them. In cities like Edinburgh, nearly half of respondents believe that their dream experience would cost over £5,000.

When we broke down the data by age group, we found that millennials were the most likely to research their dream trip, with 73% having already looked into costs. On the other hand, those aged 55–64 were much less likely to check (with 67% revealing they’ve never investigated pricing). When it comes to younger generations like Gen Z, 45% estimate they’ll need between

£3,000–£5,000 to tick something off their list.

What’s stopping people from booking?

While there’s clearly no shortage of interest in travel, affordability remains a huge barrier for many. 36% of those we surveyed are not currently in a position to book their dream trip, with 38% highlighting the rising cost of living as the main issue.

This sentiment is echoed across the country, with 67% of those in Cardiff saying they would currently struggle to afford a trip, and 47% of those in Bristol citing the rising cost of living as a problem too.

What’s more, over half (53%) of 33 to 44-year-olds say that the rising cost of living makes them worry they’ll never be able to afford their dream trip.

Saving for bucket list experiences

Despite these ongoing challenges, some participants are still trying to put money aside. Around 23% of respondents are managing to save between £100–£200 a month, with 29% estimating that it will take them around 1–2 years to hit their goals. 24% expect it to take even longer (three to five years on average).

London residents are saving the most each month, with 19% managing to put away over £300. In Newcastle, 40% of those we surveyed estimated they’ll need 1–2 years to reach their goals.

Age also impacts savings habits. Those aged 33–44 are currently saving the most each month, whereas 45 to 55-year-olds are saving the least. Finally, respondents in the 55–64 age bracket say that it will take them the longest amount of time to save.

Top tips on how to save for your bucket list experience

With the rising cost of living stretching household budgets, we’ve pulled together some top tips on how you can free up some funds to pay into your travel pot:

1. Clearly define your goals

First, start by setting goals that are clear, realistic, and achievable. For instance, rather than vaguely deciding to ‘save for travel’, give your goals a specific purpose and timeline. This might be to save £300 in a year to put towards your trip to Norway.

If you’re wondering where to begin, check out our guide: How much can I save in a year? This is filled with actionable strategies to help you kickstart your savings, such as putting away £1 a day to hit £365 by the end of the year.

2. Practice effective monthly budgeting

Once your goal is set, it’s time to focus on effective monthly budgeting to help you hit it. This is key, as a well-defined budget can give you more control over your money.

Start by listing your regular monthly expenses, then subtract your outgoings from your income. This will help you identify areas where you might be able to cut back, for instance finding and cancelling subscriptions you don't use.

A popular budgeting method is the 50/30/20 rule; this is where you’ll dedicate 50% of your income towards needs, 30% towards wants, and 20% towards savings. This can be adjusted to fit your unique situation, but it’s a handy framework to utilise.

3. Start a side hustle

If you’re struggling to free up funds even with a solid budget, it might be time to consider ways of bringing in extra income. If you have a few spare hours each week, starting a side hustle is a great way to earn additional cash.

Whether it’s selling things you no longer need, freelancing, or dog sitting, there are plenty of easy ways to make money from home.

4. Open a dedicated savings account

Next, we’d recommend opening a specific savings account for your travel funds. Then, set up automatic payments into this account to ensure you stay on track.

And remember, there’s no need to stash away huge amounts of money, as just saving a few pounds here and there can really add up over time.

5. Take advantage of deals and discounts

Finally, be strategic about how you book your travel. We’d recommend signing up for newsletters from airlines and booking sites so that you’re the first to hear about deals.

You can also save by booking during off-peak times, when flights and accommodation tend to be cheaper.

Find out more

So, there you have it, our insights on the real cost of bucket list travel. It’s clear that while the dream of travel is alive and well, for many Brits, the reality of booking a trip isn’t quite within reach.

Still, with clearly defined goals, effective budgeting, and strategies to boost your income, it’s possible to make a start on saving.

Looking for more money-saving insights? Just head over to the Moneyboat blog where you’ll find plenty more!