Is extended travel throughout the world on your bucket list? Here are 8 ways to save and manage your money to make that dream come true.
1. Set a Realistic Budget
Estimate the weekly and monthly costs of accommodations, food, transportation, activities, etc., at each of your destinations by outlining them in a spreadsheet, budget app or the SESLOC Budget Template.
2. Prioritize Savings
Considering that you may have limited income while traveling for an extended period, it is important to build up your savings. If you have not already, open a savings account specifically for your travel fund, automate your savings, and frequently review your expenses to cut back on unnecessary spending that could instead be allocated to your travel fund. This will help you track your progress and ensure consistent savings.
3. Ensure Income Flow
If possible, look for opportunities to freelance or work remotely to bring in some income while traveling. Another option is to rent out your room, apartment or home while you are away.
4. Consider Travel Alternatives
There are ways to experience the world without breaking the bank. Consider traveling to less touristy locations that are more affordable, travel during off seasons when tickets and bookings are more reasonably priced, or think about staying at more budget-friendly accommodations like hostels or vacation rentals. Who knows? Maybe choosing these alternatives will provide you with a more authentic and peaceful experience.
5. Wisely Manage Your Money
When traveling, it is important to track your expenses and create a daily spending limit. This will help you avoid overspending and assist in identify spending patterns that you may need to adjust. Also, familiarize yourself with the local currency and identify ahead of time an ATM or location with the best exchange rates. Typically, airports and highly trafficked tourist attractions have unfavorable rates.
6. Prepare for Emergencies
When budgeting for your travels, make sure to allocate income to an emergency fund for unexpected expenses. Aim to have at least 3-6 months’ worth of living expenses saved up. Also, consider getting travel insurance to cover unexpected medical expenses, cancellations or lost luggage. Not only can the coverage help you save money in the long run but can offer you peace of mind.
7. Be Flexible
Sometimes, flexibility can lead to savings. Be open to adjusting your itinerary to take advantage of last-minute deals or local advice. Embrace the adventure!
8. Take Advantage of Your SESLOC Visa Signature credit card travel benefits
Have our Visa Signature Rewards card? Utilize the perks and handy travel benefits 1 it comes with when planning your travels.
