For many of us, travel is one of life’s ultimate pleasures, whether it’s a week sunning yourself on a sandy beach, longer periods of travel or even living as a digital nomad, working on the move. While it’s nice to escape from reality once in a while, it’s important to keep a handle on your finances, especially if you are travelling a lot or for long periods of time.
In this article, we’ll look at some top tips both to help you plan your next travel adventure and to keep your savings and investments in check while you’re on the road.
Smart travel tips for the savvy explorer
When planning a trip, balancing enjoyment with financial prudence is key. Here are some tips to make the most of your travels without breaking the bank:
Set a realistic budget
This doesn’t mean you have to scrimp and save, it just means being realistic about how much you can afford to spend so that you’re not faced with any huge surprise bills. Before you book your flights or accommodations, determine a budget that covers all aspects of your trip, including transportation, lodging, food and activities.
Embrace budgeting technology
Once you’ve set a budget, use budgeting apps to track your expenses and avoid overspending. Try out a cost-splitting app like Splitwise.com if you’re travelling with friends and family – these track how much everyone spends in one place and work out how much is owed at the end of the trip.
Make the most of travel deals
Many travel websites and apps offer flash sales and special deals that can significantly lower your travel costs so sign up for updates and keep an eye out for deals.
Financial planning on the go
While your current focus might be on exploring new destinations, it’s important to think about how your travels can impact your long-term financial health. Here’s how integrating smart financial strategies can benefit you:
Consider property investment
Investing in property can be a great way to secure your financial future, especially if you’re looking to build long-term wealth. Renting out your current home either on a long-term let or as an Airbnb for shorter periods can be a great way to earn some extra money to fund your adventure too. For frequent travellers or expatriates, cash buyer property platforms like Sold.co.uk offer streamlined processes for buying and selling property, even from abroad.
Focussed savings
Create a dedicated savings fund for your travel goals. Worldpackers.com suggests paying into it regularly – even small amounts can add up quickly – and automating payments at the beginning of the month rather than waiting to see what you have left over at the end.
Keep up to date with financial news
Keeping up with financial news and market trends can help you make informed decisions about your investments and savings. Subscribing to financial news outlets or following industry blogs can provide valuable insights that impact your financial strategy.
As you pack your bags for your next journey, remember that smart financial management is the key to not only enjoying your travels but also ensuring that your future remains bright and secure. Safe travels!
