How to Finance the Trip of a Lifetime
One of the best ways to de-stress and unwind is through traveling. Traveling gets rid of bulked-up emotional and psychological stress. Experiencing new adventures and fresh views can help in boosting your self-confidence, problem-solving skills, creativity, and your overall mood.
However, as much as you want to go on trips, one thing that may hold you back is lacking the necessary finances.
Finding money to finance travel isn’t easy, especially when such trips can end up costing a lot when you include accommodation, transportation, food and sightseeing.
Having a normal 9-5 job may not be enough to cover the cost of travelling more often and savings might also not cut it, especially when you still have daily expenses to provide for.
However, money shouldn't hinder you from taking that much-needed breaks more often. Below are some financing tips that you can help you to achieve your dream of travelling more often.
1. Choose Cheap Destinations
Why not try to travel closer to home, or to a destination which is less expensive? For example, you can travel in Asia or South America for around 3 months for the price of 1 month in Australia, Europe and North America. Choose your destinations carefully and you will get much better value for money.
Also be sure to book everything well in advance, or last minute and you will get much better value for money. Try to avoid peak times of year too like summer and Christmas where prices skyrocket. Here are some other tips how to travel on a budget.
2. Avoid Unnecessary Expenses
If you really want to go on a trip, discipline yourself by not wasting money on things that you do not need. If you have a bad habit of impulsive buying, bring only cash for transportation and other daily expenses. Do you really need that gym membership, new phone or clothing? Cut down on your extra expenses and don't spend on unnecessary things and you will soon find extra money building up.
3. Get Multiple Income Sources
Having just one financial source might not be enough to finance your trip, especially if you want to travel longhaul or visit expensive destinations. What you may want to do is to find other financial sources that are reliable and profiting. Especially when you only have days or weeks to go before your trip, you may want to earn fast extra cash.
If you have the necessary skills, you can do freelancing. There are many freelancing jobs available online such as writing jobs, editing jobs, and customer service jobs. If you have entrepreneurship skills, you can build a small temporary business, so you can earn as much before you leave for the trip.
4. Sell Things You Don’t Need
Make a garage sale. It may sound desperate, but it will help you financially. Surely, there are things that you don’t need that to take up spaces in your home. What you may want to do is to bring them out, clean them, and sell them in your neighborhood. Not only does it clear up your home, but it also provides for your financial need.
5. Make a Budget
It is necessary for you to come up with a financial plan before going on a trip and proposed budget needed. This should include things like transport, plane tickets and bus/train fares. For accommodation, expenses like hotels/hostels need to be considered. Lastly, a significant amount of budget should also be present for sightseeing and entertainment.
6. Take a Personal Loan
If you really want to travel you could consider taking out a loan to provide the funds for your trip, it might be wise to take a personal loan which are flexible. This means that they can be applied to multiple purposes, depending on your financial need. For trips, banks and lenders may offer an unsecured type of personal loan.
However, you might have to check your credit score first, as such a score determines whether you’ll get a personal loan or not. Check on how credit score is calculated before loaning. If you have a good credit score, applying for a loan is quite easier than when you have a poor credit score.
7. Pay Your Debts Upfront
What really hurts your saving habit is having to pay your debts. This disables you from focusing on saving from the trip. If you have more than enough money, it is better that you completely pay off your debt as early as possible. This might reduce the amount you can travel in the short term, but it will help reduce your outgoings in the long haul allowing you to travel more.
8. Find Travel Sponsors
When you want to travel, you may want to try grabbing opportunities for sponsored travels. Some companies sometimes offer all-expense-paid trips if you offer them publicity in return. You could start a blog, or your own YouTube page. If it gets popular you could be getting free or even paid trips abroad.
Lots of travel companies offer competitions to win trips around the world, enter, you never know you might get lucky and win!
10. Work Whilst Travelling
You could find a career which allows you to work freelance, or apply to work abroad. There are lots of options, a popular route includes taking a TEFL certification program and then teaching English abroad.
Everyone loves to travel and although. We may not have the necessary finances at the moment, but this should not hinder us from going on trips. With the tips mentioned, you can reach for that dream trip and be a smart traveler.