How To Finance Your Travel Goals

by | Jul 18, 2019 | Travel

Financing your dream trip can seem like a daunting and insurmountable goal. Days spent dreaming of the mountains or the beach can end with ‘ I can never afford to do that!”. But travelling around the world and visiting your dream destinations don’t have to be a wild fantasy. Thousands of people leave their hometowns every day with the same dream as yours. Whether you just want to be a wanderer or dream of being a digital nomad, financing your goals doesn’t have to be scary. you’re guaranteed to be rewarded with fantastic unforgettable memories and a renewed positive outlook on life. Travelling on the road is cheaper than you think. Just change your mindset and become rich in amazing experiences and achieving lifelong goals.  Commit to the idea of travelling and prioritise the pros over the cons. Save as little or as much as you can and start making your dream trip a reality. Here are a few ideas to help you finance your world trip. 

 

Plan Your Budget

Actually finding the finances to fund your trip is not easy for many people. It is a lot of money for many of us to come up with at short notice. Setting a budget for your trip is a necessary first step when starting to plan. Working out how the money you’ll need to save or borrow is important as it’ll determine where you’ll stay and how long for as well as how much you can afford to eat and drink. Look at the destinations you are considering going to visit and work out the average daily allowance for each. Searching the Internet will reveal several sites to help you with this and resume your planning. Start a spreadsheet and make a list of everywhere you think you’ll be wanting to go. It will come as no surprise that spending time in Europe, Canada and North America will cost considerably more than Africa, Asia, and Central America. So if money is tight then consider balancing out your trips by spending more time in cheaper locations and shorter duration in places that are more on the expensive side with their cost of living. 

For example consider that you work out that you need $50 a day on your daily budget, that works out at just under $10,000 for 6 months. Which seems like an extortionate amount of money. But fear not! Keep on reading to find out more. 

 

Cutback on Excess

We are all guilty of buying things that we don’t need sometimes. Whether that’s our daily coffee from our favourite coffee shop to call for pizza on a Friday night or buying an item of clothing ‘just because’  If you sit down and make a detailed list of your ongoing and outgoings and pay attention to what is necessary and what is luxury you will soon find that you may be able live without many of the things in the luxury column. It may be a sacrifice but one that worth it when you’re living your own travel dream adventure.  Here are a few things that have helped other saves in the past – 

Entertainment – This is one of the easiest things to cut back on. Instead of meeting friends for dinner and drinks twice a week, meet to do things that are free, simple and most importantly cheap. If the weathers good consider a picnic outside in the park or even have everyone to cook and watch a movie. The money that you would spend on a night out with drinks and a taxi home could easily feed you for nearly two weeks in some Central American and Asian countries. 

Secondly cutting back on subscription television services like Netflix is also a great way to pinch the pennies. Even better still if you have cable television packages that you never watch or use consider switching them off to save you even more money. 

 

Mobile Phone 

We are all heavily dependant on our mobile phones and devices and it is many of us’ prime method of communication with our family and friends. However, lowering your data plan is a great way to almost cut your phone bill in half There is a plethora of free wireless internet in public places such as fast food restaurants and even train stations so you should never be completely cut off from connections. Also, consider asking a neighbour if you could connect to their wifi and pay them a small amount for the privilege. There could be a saving of at least $50 a month to be had.

 

Transportation 

Many of us feel that having a car or motorbike is an essential item for travel. However, with public transport services being better than ever before, it could turn out that having a personal mode of transport is just a huge waste of money. Selling your vehicle can save you the hassle of having to pay for fuel, car insurance, maintenance and ever-increasing parking costs.  Look after the environment and get healthy at the same time by walking, biking and taking public transport. Most major cities even offer car sharing programmes to help cut back on pollution and traffic. You may even make new friends! And of course, save a load of money in the meantime. 

 

Living Arrangements

Think about downsizing your current living arrangements or taking on a lodger or a roommate. Even consider letting your spare room out on Airbnb a few nights a week for a much-needed cash injection. The extra money will get you towards your travel goals 

 

Plan to Save

You may have options to save beyond cutting out fun night out with your friends and taking on a lodger. Check with your job to see if there are opportunities to take on a bigger workload or over time. Work out how long it’ll take you to achieve your goal and commit to it.  Commit to setting aside what you can to achieve that goal. Even if you are not planning to start travelling for the next few years or so its always a good idea to have the money saved sooner rather than later. Open a saving account and set aside what you can and be careful not to spend it unless it is a serious emergency and there is no other way. If you don’t think you have any way to get the money to consider a guarantor loan from Buddy loans, its a quick and easy way to get a small out of the capital to see you on your way. 

 

Also, speak to your workplace about any options there may be for unpaid leave and sabbaticals. You may not have to leave your job, as that is another thing that puts people off leaving to travel the world. Many companies are open to this and depending on what you do for work there may even be an opportunity for you to carry on your work and work remotely. So you’d really get the best of both worlds. 

Even better, taking a second job and committing all the income from it for your travel is a really great way to stack the cash quickly.  Working in retail or the restaurant industry evenings and weekends can be a great way to make extra cash. Even a couple shifts a week can help greatly to finance world travel and more.

Another option is to work while you travel. Teaching English as a second language is a popular option for those looking to make money while they sightsee. There are many agencies all across the globe that will help you with this and land you a placement. 

Taking temporary work in pubs, restaurants and hotels in your host country is also an easy way to make money while you’re on the road. Just make sure that your visa allows it, as otherwise, you can end up in serious trouble. 

Lastly, there is always the option of working digitally on things that you don’t need an office to di such as selling photographs, copywriting or even photo editing. These jobs are listed daily on popular freelancing sites and usually, have a quick turn around and aren’t too difficult. 

 

 Final Thoughts 

It’s never too late to start right now and make your dreams come true. As stated there are so many options you can choose from that can allow you to jet set and make adventures. 

 

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