Travel Tips: Practical Steps To Financing Your Travel Goals

When asked what holds us back from traveling the world, most people mention a lack of money, time or both, as hindrances to their travel dreams. In truth, being able to travel the world requires investment; in funding or carving out time for it.

Thankfully, there are practical ways to navigating some of these impediments as long as travel is prioritized. 

In this post, I share six (6) practical hacks I use in cutting back on expenses/ saving up a bit more for my travels.

1. Set up a Travel Fund 

Having a travel fund allows you apportion a specific amount of your earnings to your travels. Research says setting aside 10% of your monthly income to your Travel Fund is an ideal way to fund your travel goals.

Pro-Tip: Your Travel Fund should be an interest bearing account.

2. Save in bits, overtime  

It is advisable to save in bits over a period of time towards your travel goals than taking out a lump sum from your earnings at a go. Pro-tip: Automate your savings.

This is the most effective way to save towards your travel goes without fail or intervention. 

Here are three easy steps on how to: 

• Decide on an amount to be saved towards your travels monthly

• Place an automated standing order on your account to sweep into your Travel Fund

• Get notified whenever the transfer is done (for accountability purposes).

3. Save in forex, where necessary

Saving in forex helps you hedge against foreign exchange fluctuations and possible losses therein, especially if your currency of earning is less valuable compared to currencies in your travel destinations (eg: the Ghanaian Cedi against the US Dollar).

Note: It is advisable to read on regulations first, as different jurisdictions may have different legislation on this

4. Get a forex denominated card (with reasonable charges)

Most financial institutions offer electronic products and cards tailor-made for travelers, with some great benefits to go with them. Some of these perks may include but not limited to: Travel Insurance, Lounge Key Access, Flight Upgrade and Point Earning. 

Inquire from your bankers today and save up some more $$$ for more travels! 

5. Set travel goals based on income in your Travel Fund

Having a goal helps you budget and plan ahead, while also ensuring that your travel expenditure remains within the confines of your fund’s limit. At the beginning of each year, decide a list of destinations/experiences you’d like to have and start saving towards them. Your mental health will thank you for it. 

6. Draw up a budget for each trip

Drawing up a budget for your trip enables you maintain a healthy spending habit while away from home. Occasional splurges are totally okay however, keeping to a budget ensures that you can book your next vacation without financial strain. 

Happy travels!

As always, if you find these tips useful in your travel planning, be sure to drop a comment or send an email me to info@shesuthman.com with your feedback/experience.

I love reading all of them!