Do you dream of travelling the world, immersing yourself in foreign cultures and exploring exotic landscapes? For most people, the idea of world travel stirs the imagination and fires the soul. Unfortunately, for most it is also extremely difficult to manage on a tight budget.
If you have been putting off your dreams of world exploration because of a low bank account balance, maybe it is time to refresh your financial perspective and start taking a proactive approach. There are a number of steps you can take right now to potentially amass enough money for a budget excursion to a distant land. Here are a few ideas!
Start Budgeting Your Life so You Can Save and Earning Money for Travel
First of all, if you do not actually have a budget, you need to start here. An astounding number of people skip out on this because it takes a lot of time—but you might be surprised at the payoff.
You should sit down at least once at the same time every month to take a long, hard look at your finances, including both the income you have earned and the expenses you have made.
If you are not earning a lot of profit each month after expenses, it is time to start figuring out areas where you might be overspending. Can you reduce your cable bill by switching to another company? If you start preparing food a different way, could you cut grocery expenses down?
Any money you are able to save up through this process can be set aside in an envelope labelled “vacation!”
Let Go Of Your Vices
Unless you are living on next to nothing (and perhaps even then), you probably have some regular expenses which are not strictly necessary, and which do not necessarily add a lot to your life.
Most people for example spend a substantial amount of money on alcohol and many do the same with cigarettes. Vices can take other forms as well. Perhaps you eat out more often than you need to, or maybe you hit the shopping mall a little too often.
Next time you are tempted to spend money on something which you do not really need, ask yourself what would make you happier—another bottle of wine, or money in your trip fund? Over the course of a year, you may be amazed what you can save. Prepare for your holidays, and you will find a way.
Consider Investing To Grow Your Nest Egg
Another thing you can do to boost your overall income is start investing your money. You may have to start small, but that is easy to do now with online brokerages which allow you to trade stocks, currencies and other financial instruments even with a low minimum deposit of just a few hundred dollars.
It does take time to grow your investments, but once you do, you will have far more funds available for travel—and a lot more financial security overall.
Think About Getting a Travel Credit Card
Another excellent way to save money on travel is to get a travel credit card. This is a type of rewards card which allows you to earn points that are redeemable for accommodations, airfare and other travel-related expenses. Some cards also provide you with bonuses on sign-up. Just keep in mind that not all travel credit cards are equal, and some of them do have a lot of strings attached in the form of interest and fees—including foreign exchange fees.
For that reason, if you are thinking about getting one, you should definitely start out by doing your research. This will help you to find a card with the friendly terms you need to maximize your savings.
Find Ways to Make Extra Money
If you have cut down your expenses as far as possible and you still do not have enough money to travel, it is time to look at your income and see what you might be able to do there to improve your situation.
It is quite challenging to boost your income since it’s not always as easy as just asking your boss for a pay raise (though sometimes it is). But you will find that there are surprisingly many opportunities to earn some extras cash cash on the side. In fact, here is a list of more than 60 ways you can potentially supplement your income right now.
Remember, even though a lot of side jobs may only pay you sporadically, you do not necessarily need a lot to finance a short trip now and again—just a few hundred or thousand extra dollars over the course of a year. Keep in mind even just $20 a week adds up to over a thousand dollars within a year.
Look Into Cheap Travel Opportunities
For example, you can fly with a budget airline which does not allow more than minimal baggage and which potentially could save you hundreds of dollars. At your destination, instead of renting a car and staying in expensive hotels, you can instead rent a motorhome and combine your accommodations and transportation costs.
One way you can save money toward future travel is to think carefully about where you will go on your next trip.
The thought of travelling halfway around the world may be exciting, but what would you rather do—one international trip every few years, or perhaps several vacations per year within a close geographic area?
If you travel near where you live, you can save a lot of money, potentially allowing you to hit the road more often. And you can enjoy some of the incredible experiences you will find in your own area.
Travelling on a Tight Budget is Challenging, But Not Impossible
When you have big dreams of travel but no way to achieve them with your current income and expenses, it is easy to feel frustrated. It is way too tempting to give up.
But there is no need to give up, because travel may be possible for you even with a low income. Look for ways to earn extra money, cut expenses, and check into cheap travel opportunities. Think about saving, investing, and getting a travel credit card. Another option is to look into what’s the best bank to avoid ATM fees while traveling so you can avoid unnecessary fees while traveling as well. All of these methods combined could give you what you need to start travelling the world sooner than you think!