No matter where you want to go, travelling is an incredible adventure. Unfortunately, it can also be quite expensive, with costs quickly building the longer your trip becomes. That’s why our team of experts have compiled this list of smart ways to help you fund your next adventure. With these tips in your pocket, you can maximise your budget and make your holiday even more memorable.
Creating a realistic travel budget
Of course, the very first thing you should do is create a realistic travel budget. This can involve calculating various costs before you leave, such as food and accommodation. You should also look at the conversion rate, to see how much it would cost in your home currency.
It’s important to have a rough idea of how much you intend to spend per day, plus some additional spending money. This can help keep you within budget, even if you spot incredible activities or mementoes that you have to buy.
Maximising credit card rewards and benefits
Various credit companies offer rewards for using their cards, however, these rewards can vary wildly. We recommend looking into companies that offer specific benefits for travelling or use abroad, as this can maximise the return value.
Exploring personal loan options for travel financing
To ensure you have enough spending money, without digging into your savings, you might want to consider getting a personal loan. This can give you quick access to the funds you need, although there are some drawbacks. Since the money needs to be returned with interest, you need to ensure that you can meet the minimum repayments.
If you already have several loans, taking out a debt consolidation loan might be your best option. Combining your debts into one, potentially with a lower interest rate, can help free up travel funds. You should always assess your financial standing before making any significant expenses.
Saving through home swapping and alternative accommodations
Accommodation is one of the biggest expenses when it comes to travelling, but there are ways to get around this large cost. For example, certain websites like Workaway.info connect travellers with hosts, allowing you to work in exchange for lodging.
Programs like this are incredible, as not only do they let you learn about another culture from an entirely different viewpoint, but it also helps you save money. Effective use can dramatically improve your budget, allowing you to enjoy new countries for longer.
Planning for financial responsibilities while travelling
While travelling, the responsibilities at home will continue to need your attention. If you have a mortgage or other bills, these will still need to be paid whilst you’re away. Setting up Direct Debits and making sure you have enough in savings to account for the months you’ll be away is essential.