6 Doable Ways to Finance your Next Travel

13th January 2020

For most people, traveling is one escape from the daily hustles, a chance to chill out, discover new places. However, traveling, especially overseas, with your current financial status, can be daunting. You might feel like it’s impossible to do. 

You’ve heard of “save up for your next travel” or “set up a budget for your next travel” as finance tips for traveling. But realistically speaking, these tips are easier said than done. Still, there are some that are doable. Take your cue from the following.

1 – Set up a budget and commit to it

This tip is the most cliche’ yet the most important tip to finance your next travel. Having a number in mind will help you know how much money you need to set aside for your trip.

Do your research to understand how expenses you’re going to cover in the country you want to visit. These expenses should include transportation, accommodation, food, and miscellaneous, like entrance fees to parks and museums. Take note that Asian countries have cheaper daily expenses than other countries.

Also, commit to setting aside a portion of your income for your trip budget. Think of other ways to rake in some income, such as selling the stuff you no longer use, be an online contributor, or look for a part-time job.

2 – Cut back on unnecessary expenses before your trip

Believe it or not, everyone has unnecessary expenses. Your money goes more into luxuries than on necessities. But cutting back on luxuries will help you get on track with your travel budget.

One sacrifice you can make is to avoid eating out for lunch or dinner and cook your meals at home. Another one is cutting back on night outs with friends. One night out can cost you more or less $30. If you lessen your time going out with friends from being weekly to only once or twice a month, the money that is supposed to go to your drinks will go straight to your travel budget.

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You might think that using your car as transportation is a necessity. But maintaining a car can be costly because you have to think of fuel and sometimes repairs. Instead of using your car, make use of public transportation, or use a bike going to work. Only drive during weekends if possible. The amount you will save will amaze you.

These are just small inconveniences you have to make for a short period to fulfill your travel budget needs. You know what they say, “suffer now and enjoy later.” Sacrifice a little bit, and the reward will be priceless.

3 – Be a digital nomad

Opt to be a digital nomad. Quit your job and travel the world. Travel blogging and vlogging is a rising trend in making money while traveling. You can also sell your photos to websites and publications. But before doing so, be prepared to live the lifestyle.

Becoming a digital nomad means being away from your home for an extended period. And this is where the tips above will be helpful. Clear out your debt before traveling because there may be some debts that you have to pay locally.

4 – Travel for work

If saving is not enough, look for jobs abroad. Teaching English abroad is one of the most common ways to work and travel at the same time. Most companies offer free accommodation and transportation. Companies in Korea even provide free lunch for their English teachers.

5 – Do volunteer work to travel

Another way to travel for free is to do volunteer work. Find an organization that sends volunteers abroad, with free food and accommodation. There are thousands of organizations and charities that give free travel for volunteers.

There are also many options to volunteer abroad like saving the turtles, conserving nature, teach English to impoverished countries, volunteering for the United Nations, serving for healthcare, working construction to build houses in poverty-stricken countries, and many more. However, remember that you are not only traveling for yourself but also to help other people as well.

6 – Borrow money

You also have to have sufficient funds in your bank account. There’s nothing more embarrassing than your accounts being insufficient to finance your expenses and checks. Having insufficient funds can be subject to fees. To avoid this, keep track of your balance and read the instruction on how to avoid them.

If your bank account is in a desperate situation, you can borrow money or apply for a personal loan.

This way might not be the smartest way to finance your travel, but this is a doable option. Ask for your relatives and friends to lend you some money or take out a personal loan. A personal loan is borrowing money from banks and lending companies, usually unsecured, for your personal expenses and emergencies.

Find a loan that has low-interest rates but has no surprise charges. Only take out a loan when your savings are not enough to cover your travel budget. Thus, only borrow an amount sufficient to cover what is lacking for your budget. Do not borrow to set all the amounts as budget.

Takeaway

Traveling is a luxury that most people dream of but have difficulty in financing. With the right amount of work and perseverance, your dream travel will become a reality. In addition to the above, if you own your property you could consider renting it out while you are away on websites such as AirBnB. There are plenty of vacation rental management software options out there to make things easy for you and even companies who’ll manage guest check in and cleaning!

By reading the tips above, you are now ready to think of your ways to finance your next trip. 

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