Traveling frequently can be quite an expensive habit, even if you run on a shoestring budget most of the time. That said, the expenses that come with traveling can be a burden on your shoulders if you don’t go through proper planning. And you definitely don’t want to compromise other aspects of your life because of your numerous trips, much less have to sacrifice the travel lifestyle that you have now.
Most seasoned travelers already have their own polished way of funding trips. But if you’re still struggling to keep your travel funds and the rest of your finances in good shape, then you came to the right place. Here are some of the best ways to fund your travel lifestyle without sacrificing your other priorities.
Look for money everywhere
We don’t mean literally looking for money everywhere you go; what we’re trying to say is look for opportunities to make money to generate more funds for your travels. This can be anything from selling off your old vehicle to making a capital allowance asset claim for your business. If there is an opportunity to make money (as long as it is legal and ethical), grab it, and then put that cash into your travel fund.
Save money first
When you get paid, treat your savings as a bill rather than an afterthought. Don’t save whatever you have left after paying the bills and buying groceries; set a specific amount each month and make it a point to put that amount of money away in your travel fund. Not only will this mindset help you fund your travels, but it’s also a great way to develop a good saving habit for a secure financial future.
Sell major assets
Selling major assets like your car or house is a big step, but if you think about it, ridding yourself of these assets can be extremely beneficial for your finances and your travel lifestyle.
For one, you won’t be using your car or living in your house as much if you’re frequently traveling. However, that doesn’t mean you can stop paying for maintenance, and why would you pay for something that you don’t even use that often? You can save more money and travel more by using public transportation when you’re back home and renting an apartment for short bursts of time, unless, of course, if you want to make travel a full-blown lifestyle.
Pay down your debts
Unless you have a lot of disposable income for travel, paying down your debts is an essential step before becoming a frequent globetrotter. You wouldn’t want debts to keep weighing your finances down, much less cause you anxiety when you’re supposed to be enjoying your trips. That said, it’s a good idea to make significant reductions to any debt you may have before traveling frequently.
Find a remote job
Even if you have a good amount of money saved in your travel fund, it won’t last forever. If you don’t want to go through a cycle of working, saving up, and then traveling, get a remote job that you can do anywhere in the world. Consider your current job first and ask your company if you can work remotely. If they don’t agree or if your job is not something that can be done remotely, it may be time for a career shift.
Freelancing is another good option for earning income remotely and will also grant you more freedom. However, keep in mind that freelancing is not a stable job, which means that you have to be financially prepared in case of a drought.
Funding a life of travel can be tricky, but getting started is usually the hardest part. Once you learn how to manage your priorities and live with a constant budget, you can travel the world without worrying as much about money.