Effective and alternative ways to invest for your future travels
Have you been wanting to travel for some time, but you’re not quite sure how to save enough money to make this dream a reality? I’m going to lay out the top 3 ways to save money quickly for your travels. While there are more than 3 ways to save money, I think that a combination of the below options are simply the best ways to ensure you’ll be taking off on your adventure sooner than you might think.
Cut the debt
If you’re someone who has a lot of debt, you may not be aware that a large portion of potential travel money is paying the interest on this debt each month. Credit cards are notorious for this, and many people will get a credit card assuming that they’ll completely pay it off each month, only to find that they’re really only making the minimum payment- which takes care of the interest but not the balance.
The first thing you should do is look at your options. Many credit card companies and banks will offer a balance transfer and interest-free period if you switch to their bank. This means that you can hit that debt hard and know you’re paying off what you’ve spent- not just the interest each month.
It’s also a good idea to look at any other debt you have, such as hire purchase finance or personal loans. There are many banks and finance companies which will offer you the chance to consolidate this debt into one payment each month, often at a much lower interest rate- you may just need to do your homework and find the best option for you.
Every dollar counts
Many people live from month to month financially, and this often means that they have no money left over for savings. The first step is to spend a week tracking every single dollar you spend, so you can get serious about your habits. Many people spend a lot of money on things like coffee, meals out, gym memberships, magazines, and other items that are usually defined as “wants” and not “needs”. Begin cooking more at home, (which is also a great way to get trim and healthy if you’re planning to travel somewhere hot), and if you hardly ever go to the gym, ditch the membership and start walking and running outside.
Often many people fail to invest or trade because they find it intimidating and because there is often a large learning curve. But taking control and learning about all of your options is one of the best ways to get sorted financially, and you may just find that you have a talent for online trading that you would never have discovered.
As you can see, there are many different ways that you can invest for your future travels, but the number one solution is to quit procrastinating and immediately take control of your financial health.