How To Travel On A Budget
Wanting to finally travel but don't feel like you have the funds to do it? This is a common feeling especially among Millennials who are in the workforce. The demanding, long hours of the hustle combined with expensive rent make it difficult to wander the world and learn about people, cultures, and food.
It's hard to save and invest in your future when you're trying to make the present work. So how then can one travel while in the midst of an early career? Take these 5 steps to your dream destination.
1. Set A Budget
Budgeting for a trip can give you peace of mind, especially if you’re going on a long trip. You want to make sure that you won’t run out of money halfway through the trip but still be able to enjoy all the things you want to do. It only takes a few simple steps to save yourself from spending the whole trip stressing about cash flow.
To set a budget, first look at your monthly expenses versus your monthly income. How much money do you have leftover each month after all bills all paid and accounted for? Out of that, how much spending money do you have? Take 10-20% of your leftover spending money, multiply it by 12, 24, or 36 months and that's your travel budget.
2. Choose the Right Country
Deciding which country to travel to is arguably the most important decision to make when setting your travel plans. Not only will it determine the sites you see, the landmarks you visit, and the food you eat, but it will also calculate your conversion rate on your money! In some countries, the US Dollar is worth more than others. But in others, the US Dollar is worth even less! This is what you want to do your research on. Understand how much your money will convert into so that you can factor that into your budget.
3. Use Apps to Start Saving
Now that you know where you're headed and what you plan to do while on your trip, it's time to start saving. This is the fun part because you can use technology to help you save. There are free apps that you can download to your phone where you can set a financial goal, connect your bank accounts, and automatically save toward that goal with your leftover change from each transaction. It's literally effortless and out-of-sight, out-of-mind so that you can save without worrying about it. The best part of all is that some of these apps will actually invest your money into the stock market on your behalf so that you can grow your savings faster than a normal savings account.
4. Book Flights In Advance
Flights are one of the most expensive parts of any trip. The problem is that for most trips, you'll need to fly. So the best thing to do is to use a flight search engine to alert you of the best deals for your journey. All you have to do is schedule a trip, set the alert, and make sure to take advantage of the deal when it hits your inbox!
5. Book Hotels Last Minute
Flights should be booked in advanced but hotels are the opposite. You can find the best deals on hotels when you wait until the last minute. Use apps that specialize in finding you top last-minute hotel rooms that are often 4 and 5 stars for a phenomenal price. If you can handle the stress of not booking your room until the last-minute, then this is definitely the strategy for you.
And there you have it! Now you're ready to formulate your own travel plan on a budget. And remember, Gold West Financial is your source for debt resolution solutions -- bad credit OK. Ask us how we can help by giving us a call at (855) 200-0586 or apply online today!