After the year we’ve had, it’s likely that many of us have been dreaming of travelling to far-flung shores. As we slowly come out of the third lockdown and with international travel potentially back on the cards, now could be the ideal time to start looking into your travel plans.
As part of the planning process, it’s important that you can cover the costs of your journey. To do this, you’ll need to look at certain factors and devise ways of making money, both before you set off and while you’re in the country you’re staying in.
To help you, here’s a look at some travel funding ideas that are designed to set you up for your big adventure.
If you’ve been thinking of travelling for a while, you may already have savings in place. With many of us working from home since the start of the pandemic, money usually spent on the commute to the office and on lunchtime treats has probably been building up in your account.
If not, it’s worth setting aside some time to save up enough to cover you while you’re away. Try selling items that you no longer need or use any skills you have to make extra money. For instance, you might do freelance photography in addition to the day job, and this could help you to raise extra cash.
Ideally, you’ll need to plan on having enough savings for plane tickets and costs for at least your first month away. The more you save, the more prepared you’ll be.
Decide where to go
The cost of living varies from country to country. If you plan on visiting Australia, you’ll find the price of everyday essentials varies wildly compared with nearby New Zealand. So, if you’re thinking of travelling to more than one place, you’ll need to be aware of these expenses before you commit.
Knowing the cost of living in the places you’re visiting before you set off will put you in a good position when you land. Think about what you’ll need to pay for and make sure you have enough money to keep you going.
Money making ideas
Savings are likely to run out pretty quickly, so you’ll need to have an idea of how you’ll pay your way while you’re travelling.
There are plenty of ways to make money while you’re abroad, however, and popular traveller spots are prepared for the influx of visitors. Australia, for example, has a large fruit picking operation that’s populated by travellers working to fund themselves.
Trading is also a great option as it can be done on the go. If you’re already familiar with the markets, you might want to try your hand at investing futures, and if you’re new to trading, there are tools and demo accounts where you can learn the ropes.
Alternatively, you might want to look into teaching English abroad. This can be a hugely beneficial way to raise money and it’s a great addition to your CV for when you return.
Weigh up the budget
You’ll need to budget before you go, but this isn’t set in stone. When you reach the country you’re travelling in, you might find that you can adjust how much you need day-to-day, depending on how much you can make wile you’re out there and how much your living costs are.
For instance, you might have planned to rent somewhere for $500 a month, but you’ve met someone while over there and you’re only spending half that on rent. Any savings you can make like this should be factored in so that you know how much you have to live off each day and month.
By planning ahead, you could find that your travels extend beyond the few months you originally saved up for.