Updated: Sep 24, 2020
Financial strategies that can help you.
Like most of us, you may have been nurturing the dream to travel. Your dream could be to pack your bags and travel the world, one country after another, or you could be like me, needing to be able to take vacations and go to new places, from time to time. Our common denomination however, is inadequate travel funds.
Recently, I traveled to Africa with my final destination being Accra, Ghana for the #yearofreturn. This vacation was an exciting and fulfilling experience for me. The vacation proved to be more captivating than I expected. Prior to traveling, and the planning that gave birth to it, I didn’t believe I could pull it off so successfully, but I did. And if I could, then you can too.
Let me share with you, some of the financial tricks that helped me realize my dream of traveling.
Plan ahead of time.
To cure your wanderlust, you need to start planning on time. The longer you plan to spend on your vacation, the more time you need to plan a successful trip. Know where you want to go, how to get there, how long you intend to stay and what you need for the journey. Travel groups like Urban Events Global Group help with reducing the burden of finding safe accommodations and planning an itinerary.
When you have decided where you want to go, you can determine the economy of the place, cost of living, cost of accommodation and all that. Knowing these facts will help you have an idea of what is involved and how much it would cost. Besides, you can save some costs on accommodation and flights by booking earlier. I made a mistake by waiting to book a flight in November for December travels. Not the best decision financially but definitely worth it.
That’s one of the hardest things to do despite our best intentions. But there are various ways to make it easier. The first step is to change your spending habits. If that wanderlust itch is strong enough, then you can cut down on those trivial expenses.
Try eating out less, if you have to, eat at cheaper restaurants.
Cut down on the subscriptions
Buy only basic necessities
Set up automatic savings into your investment account with your bank and so much more.
Create an investment account.
Invest and travel is a viable means of creating your travel dreams. I use an investment account for my travel fund. You can have long term or short term travel investment goals depending on your travel plans. A taxable investment account allows you to grow your money at a faster rate. You can transfer money from your savings into your investment account and watch the money grow. You can keep up with recurring investments monthly or even increase the frequency if you wish. That way, your travel finance grows even faster.
I use Fidelity as an investment platform since there are no trading fees and there’s access to different investment options like mutual funds, stocks, bonds, mutual funds, ETFs, REITS, etc. There are many investment platforms available on the internet to choose from such as – Robinhood, eTrade, Ally Invest, Charles Schwab, etc.
Most of these platforms provide you with investment opportunities but be sure to research which is best for you and offer the most suitable investments for your financial goals. You want to focus on choosing investments that have conservative to medium risk objectives since you will need the money within a short period of time. I use a 65/35 stock/mutual fund split for a little more stability in my portfolio.
Improve your travel finances and fulfill your dreams. You just need to plan, save, invest, and TRAVEL!
“I can always make more money. I cannot make more time.”