5 Ways To Get Your Finances In Order for a Travel Adventure
If you are tempted to scratch a wanderlust itch, the chances are that you are hungry for travel. You may be a seasoned nomad, venturing from continent to continent whenever you have saved enough cash and you can get the extended leave from work.
As a traveller, you probably adore immersing yourself in new cultures, trying new cuisine and seeing new vistas. You love nothing more than experiencing novel and exciting things, and seeing how other people on the planet live.
Solo travel may be a way of life for you and you only ever come home to find a job, get a bit more cash in your pocket and say your hellos to family and friends before you find yourself on your next flight overseas.
Travel can be trickier when your finances catch up with you. You may have taken out a credit card a few years ago, you might have run out of savings and you might not have a home to call your own, so you have no equity built up in bricks and mortar.
While you’re not destitute, it can be a challenge to find the money to fund your next trip. However, for you, travel is the essence of your very existence and you need to get your wanderlust kicks, come what may.
This doesn’t mean venturing overseas when you’re in the red, overdrawn and with no cash in your pocket. Instead, you have to take some time out from your travel adventures to get your financial ducks in a row, so you can then embark on stress-free solo travel once more.
Read on to discover how you can get your finances in order before your next travel adventure.
Clear Your Debt
Easier said than done, but you must shift as much debt as humanly possible. This doesn’t mean becoming totally debt-free but it means getting your debt to a more manageable state. If you have three credit cards that are all maxed out, there’s no way you can venture to Peru to trek the Inca Trail. Instead, stay at home and get a job. Why not apply for a loan, bad credit or good, and consolidate your credit card debts. This way, you can pay them off and have just one monthly payment coming out of your bank account each month.
Alternatively, you could consider investigating the best credit cards on the market with zero per cent interest to pay on balance transfers. This means that you can shift all of your balances to a new card, and any payment you make to clear the balance will be going solely towards the capital. This means that you will pay your debt off much quicker meaning that you can hotfoot it overseas so much quicker.
If you have any store cards because you can’t help yourself to the latest new top or latest fashion trend, you need to go cold turkey. Pay off what you owe and forget about buying any more designer clobber.
Sell Some Stuff
If you are thinking of going away to pastures new for a spot of travel, think about selling some of your stuff. If you haven’t used an item for twelve months or more, it might be time to find it a new owner. This could be some items of clothing, computer games or bits of tech that you no longer have a use for.
If you are keen to sell and make a little bit of extra cash for your travel fund, think about listing your stuff on eBay. Here, you will have a global reach. You can sign up to eBay’s global shipping programme and let them worry about the international postage. Ensure that you take photos of your items from every angle, show them in use if you can and point out any flaws if needed.
It pays to be honest and transparent when you list your items. If not, you risk poor reviews and less chance of selling future gear. If you are honest, your item will find its price, you’ll receive positive feedback and you will develop a good selling reputation. Ensure that you write detailed descriptions and check your writing for spelling and grammar mistakes.
With any luck, you’ll earn a tidy amount and have a decent clear out at the same time. Just remember to check the exchange rates when you’re changing your money into foreign currencies; finding the best place to change Euro to PKR can make a massive difference and actually save you money.
Shop Frugally
Eat well but cheaply. This doesn’t mean buying shed loads of convenience foods. This will end up being more expensive. Instead, buy loads of vegetables and leaner, cheaper meats like chicken and turkey. Steak, beef and lamb can be way more expensive. If you enjoy eating out, consider swapping the Michelin starred eateries for cheaper chain restaurants. You don’t need to live like a pauper but you do need to cut your expenditure.
Think about setting up a spreadsheet detailing your income and outgoings. Think about any expenditure that you can cut from your new budget. Do you really need that blueberry muffin on the way to work every Friday morning? Shop more practically and forego the luxuries. This won’t be forever, but it’s vital that you commit to frugal spending so that you can build up a travel fund as fast as you can.
Get Rid Of Your Car
If you have a swanky sporty little number on your driveway, think about selling it. This big-ticket item could help you pay off debts, clear your credit and top up your savings. Instead, you could swap it in for a cheaper and older model.
While it might not give you the kudos of your current motor, it will do its job in getting you from A to B. You won’t need to pay as much for your insurance and you may find that it is more economical. Buying a smaller car with a smaller fuel tank may help you to focus on how you drive to increase how many miles you can do to the gallon.
You never know, you might not actually need a car, and you could choose to use public transport instead. If you have good transport links around you, this could save you a fortune. If you are planning on going on a travel adventure soon, you won’t need your set of wheels anyway.
Public transport is not always the best or most convenient way of travelling, but you will be able to manage. Or you could offer to sign up for a car-sharing scheme or carpool. This means you share the fuel costs with others, and you don’t have to worry about the maintenance and upkeep of a car.
Recycle
While you might be excellent at recycling your plastic, newspapers and bottles, you might not have thought about reusing items yourself. If you need to get some new clothes for your trip, consider heading to thrift shops instead of high-end designer stores.
This way you can get cool, vintage wear at a fraction of the cost of more modern attire. Recycling doesn’t have to just stop with clothes. You might find a cool second-hand front-loading backpack locally, or you might know someone who is selling a near new digital SLR camera to help you document your travels around the globe.
Travel is addictive, for those people with a nomadic disposition, who can rarely stay in any one place for very long. If this sounds like you, heed the advice of this guide and get your finances in order before you next hot foot it away on a travel adventure.
