Getting the funds together for world travel

Photo by Ketut Subiyanto from Pexels

2020 hasn’t been a great year for travel. Many of our trips and holidays have been cancelled as a result of the coronavirus pandemic. But that’s not to say travel is off the cards forever. Instead, you may want to take this travel free period as an opportunity to plan a longer stint of world travel. This could give you the escape you deserve once this pandemic has come under control. World travel, of course, doesn’t come particularly cheap on the whole. So you are going to have to organise your finances before heading away. Here are a few things you should do in this process!

Gather savings

If you’re planning a trip, it’s time to start saving. This will help you to gather the funds you need for everything from flights to accommodation to access to attractions and more. The best way to save is to open a savings account. Contribute a portion of your disposable income each month into this travel savings account. Where possible, find a high interest account that will contribute to your savings too! To save as quickly as possible, you may want to cut spending in other areas in order to have more to add to your travel fund. Reduce non essential spending. Switch your bills to cheaper providers. Don’t go to every single social plan you’re invited to – stick with just a few.

Have a backup plan for while you’re away

Of course, booking your flight and accommodation in various locations around the world, and preparing your money for food, drink, transport and everything else you need while you’re away isn’t where your financial planning ends. You need to remember that you can never know for certain what will happen while you’re away. You can’t assume that everything will definitely go to plan. If you head away with the exact amount you need for your trip, you could find yourself in trouble if something doesn’t go to plan. What if something happens and you miss your flight? You need some spare money available to book another. What if your accommodation isn’t up to standard and you need to stay somewhere else? You need to have money available to secure somewhere else to stay. So, make sure you have extra cash saved just in case. If you really do find yourself in a sticky situation, you may need to use a credit card or take out something like Payday loans to get you by.

Make sure you have something to come back to

You should make sure that you don’t spend everything you have while you’re away. Otherwise you’ll return home to nothing. If you rent, make sure you have sufficient money put aside for a rental deposit and first month’s rent payment so you have somewhere to live when you get back!

World travel is exciting. So, why not start planning now? It’ll give you something you can look forward to and will give your plans the best chances of genuinely coming to fruition!

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