If you are planning a RTW trip or some genuine escapes to the greatest travel destinations, you will need to save up a significant amount of money. But working out how to fund a long voyage can be tough. Not impossible, though. A lot of hard work is usually involved in saving up for the journey of a lifetime.
Here are some things you need to consider in order to start saving money for long-term travel.
# Work Out How Much Money You Need
This is the most important part of the process. Because you have to factor in how much you need to pay for flights, travel insurance, essential kit, and so forth. As soon as you know how much you need, you can work towards the magic number.
It’s important to recognize that it might be a lot more money than you imagined. This is where you have to start becoming a bit more creative. As far as earning money is concerned, you will need to get a job, but you can also figure out ways to earn passive income. This is where you can start to invest, but also think about alternative methods. Many people start using an exchange to trade cryptocurrency and this could be a great option, as long as you know how to work it properly. When we think about investing and trading, it is so important to understand that the returns are relevant to the amount of risk you are willing to put in.
There are many other ways you could earn passive income, from starting a travel blog with destinations you would like to cover, to starting a Yutube channel, renting your house while away or begin a publish-on-demand business.
Aside from passive income, you could consider volunteering for food and accommodation. In today’s post-pandemic world, globe trotting just got leveled-up and things are slightly more expensive than they used to be 5-10 years ago. Volunteering is a good way to save up big time while traveling the world.
# Plan Ahead and Book Ahead
If you book early, you will be able to guarantee a cheaper price, but you can also spread out the payments. If you start to put money to one side and gradually start purchasing tickets and insurance, you don’t need to purchase everything in one fell swoop. It also means you can reduce the risk of last-minute price increases. Whether you are opting for cheaper accommodation such as camping or hostels, or deals for more exclusive night stays (check out this discounts for Premier Inn for example), the idea is to find creative ways to save up.
# Set up a Separate Bank Account
One of the biggest problems in saving up is making sure you don’t spend the money you’ve been working hard to put aside. As you see the money add up in your bank account or even a PayPal account, this can keep you motivated.
# Work Out What You Don’t Need
One of the most important things that everybody can benefit from is learning how to get rid of the essentials in life. If you can learn to live off the basics, this is going to help you save up everything quicker. For example, if you have a takeaway coffee every single day, it soon adds up over the course of a month. And if you calculate how much you are paying purely for that venti macchiato every year, it might be a massive surprise. Learn to streamline your spending, and it will make a big difference.
# Keep Your Calm and Confidence
It’s a daunting prospect, but don’t let it put you off. When you start on your fundraising journey, you might wonder if you can save enough, but this is why you need to make a plan. Keep on target, and stick to your plan.