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What are some of the best ways to fund your travels?

Travelling can be an expensive pursuit, depending on where you’re going and how you intend on getting there. If you’re not extraordinarily wealthy, then you’ll need to become a proficient saver and earner before you become a seasoned traveller. There’s no one secret to becoming an effective saver – but if you manage to build a few dozen saving habits, then their effect will stack up. It’s a little bit like compound interest: savings pile upon savings and before you know it, you have enough for a weekend in Tuscany.

Take Stock of your Spending

The first step here is to work out exactly how much you’re spending each month, and on what. You’re not trying to identify areas of waste at this point; you’re just trying to get an idea of where everything is. Your bank statements should help here, but don’t forget about any subscriptions you’re paying for annually. 

Divide your spending into categories. The stuff you absolutely need, the luxuries you can do without but would rather keep, and the extravagances you can’t justify. You’ll then have an idea of how much you can save, and how long it will take you to meet your target.

Make Saving Satisfying

Your problem here is that travelling is delayed gratification. You’ll get immediate pleasure from ordering expensive food; not so much from putting the money aside. Therefore, it’s worth giving yourself a psychological reward for being a good saver. Put the money that you would have spent in a separate fund for your travels. That way you’ll get a little hit of satisfaction from knowing that you’re spending money on yourself (even if you aren’t experiencing the benefits right away).

Sell your Stuff

It might be that you have a lot of valuables lying around that could be easily turned into cash. Your car, your laptop, your electric guitar – they’ll all help. If you’re going travelling for a long period, it might be that your car would just be sitting on your drive, anyway.

Get a Side-hustle

If you’re serious about saving money to travel, then you should have a job. But one job might not be quite enough – especially if it’s not as inherently satisfying as you might like. Here’s where the magic of the internet can provide quite an impressive source of income. You could make money trading forex, start a blog or offer your hobbies e.g. photography/languages as a service, and in doing so, you’re sure to pick up a bit of useful information for your travels!

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