Listen Up Travel Junkies: 5 Tips for Funding Your Next Vacation

Travel broadens the mind. It introduces us to those we would otherwise never meet and places and cultures we would never otherwise experience. It shows us that our way is not the only way. Perhaps that is why some inveterate travelers describe it as a spiritual experience.

Whatever your reasons for traveling, before you firm up those plans, you need to get the finance in place, and here are things to consider.

Set Up a Vacation Fund

Maybe when you are planning a luxury vacation you can open a new bank account solely to use as a vacation fund. Be strict about it, don’t dip into it for any other reason, and watch it grow. If it’s a savings account, it will do that automatically and all you have to do is resist the temptation to transfer some to your current account when times are tight. Make regular deposits without fail.

Set Up a Side Hustle to Fund Vacations

Maybe you have a talent you could put to good use in your free time. Whether it be giving extra tuition to schoolchildren, teaching English to immigrants, doing alterations to clothing, or cleaning windows, there is probably something you could do in the evening or at the weekend. Earmark that income for vacations, put it in that special account, and leave it there. This kind of extra activity can be fun, and even when you don’t really want to do it because you’ve had a full day at your real job, keep your eyes on the prize. That half hour you just spent might pay for a moussaka and a beer at a Greek taverna. 

Are you wondering how do personal loans work? Work out how much your next trip is going to cost, including expenses while you’re there, and borrow just enough. Shop around for the best deal you can find, with a good interest rate and comfortable repayment period. Personal loans can be used for a whole variety of things, from home improvements to hobbies, or for consolidating debt that’s been racked upon credit cards. If travel is your thing, that’s a perfectly valid reason too.

Check Out the Exchange Rate for Where You’re Going 

Even better, have a couple of destinations in mind and go for the one that’s looking likely to be most affordable nearer the time. Some make a career out of buying and selling currencies, according to how a particular country is doing and how strong its money is against the dollar. So, keep an eye on the international news or find a feed for the countries you’re interested in and make like a professional.

Go Retro with a Money Jar

This is an idea that has largely gone out of fashion because so many of us don’t use cash much anymore, but if you do, get yourself a big bottle or jar and put your spare change in it every night. Maybe you can include dollar bills and even five dollars, because the days when coins could quickly amount to something worthwhile are, unfortunately, long gone.

Make it a Joint Enterprise with a Friend or Family Member

If you always go on vacation with a friend or family member, include them in the pre-jaunt saving program. You might even make it a kind of competition, seeing who can save the most. Don’t forget, when everything is paid for and you’re out there, having a good time, drink a toast to your method of saving. It’s all been worthwhile in the end, so enjoy this one and start planning for the next. It’s amazing how day-to-day life and financial discipline can pave the way for good times.