How to Finance Your Next Trip Abroad

travel abroad

Taking a trip abroad is a great way to experience new cultures, taste new food, and meet new people. However, it’s no secret that all that travel fun can be pricey!

In fact, the New York Times reports how airfare and hotel rates are more expensive than ever due to the pandemic. For example, international airfare is up by 17% and is only continuing to rise.

If you’re preparing for a trip abroad today, here are some ways to make sure you have the money for it:

Set Small Goals

save to travel aboard

Travel is expensive. Once you’ve computed the potential costs of it, you might find yourself overwhelmed.

AskMoney states the most important part of budgeting is to set goals — both short-term and long-term. For example, if your intended travel budget is $5000 aim to save up at least $500 every month.

Dividing your goals into smaller tasks makes them more achievable and less intimidating. Just remember to set realistic goals. Don’t put too much pressure on yourself to save money that you neglect your other needs.

Start A Travel Abroad Fund

travel abroad fund

One of the most common ways to save up for a goal is by allocating a part of your salary.

Depending on the amount you need, dedicate a percentage of it towards travel expenses. You can divide your paycheck using the 20-30-50 rule.

This budgeting guideline mandates that you put 20% of your monthly paycheck into savings, 30% for wants, and 50% for essentials. Travel can be plucked from part of the 30%.

You can even open a savings account that is dedicated to travel, which you can put money into or auto-debit every month.

Want to kick-start your travel fund? The Super-Charged Travel Fund Challenge might be just what you’re looking for!

Avoid Unnecessary Expenses

save for travel

If you’re fond of eating out or owning the latest piece of technology, you should cut down on these expenses if you are planning a trip abroad in the near future.

Cook meals at home, so if your current phone works fine, skip the upgrade. You can also re-evaluate your daily choices and review your bank statements to figure out which expenses to cut out, such as subscriptions you’re no longer using and the frequent cup of Starbucks.

If all of this is too overwhelming for you, a budgeting app like Mint will show you where the money goes and how much you can save.

Sell Unneeded Belongings

online sales

Posting your items up for sale on the internet will provide you with an extra source of income — perfect for saving up for travel expenses!

Besides, reselling used items is easier nowadays since online shopping has become the norm. According to Chain Store Age, 74.9% of Americans bought at least one secondhand item in 2021.

Check to see if there may be items in your house that are no longer useful and, consequently, can be sold. Some examples are old books and clothing.

Use Public Transportation

public transportation

Gas expenses, car maintenance, and parking fees take away a lot from your income.

To lessen this, start using public transportation as suggested in our post on ‘How To Save Money For Travel’. Spend some time to see which modes of transportation in your area will best suit your needs.

If a place is within walking distance, walk or cycle to it. Another option is to carpool if public transportation is not available.

Get A Part-time Job

travel fund tips

Another source of income is a sure way to reach your travel budget goal faster.

A part-time job can range from being a dog walker to a front desk receptionist. There are also online jobs you can do from home such as transcribing, data entry, and tutoring.

Keep in mind that the job doesn’t need to be too formal or demanding of your time. Simple tasks you can do for extra cash are more than enough.

For every trip, especially expensive ones abroad, start saving up as early as possible. The sooner you start, the sooner you’ll have the money to book that flight.

The question now is: which travel destination are you saving up for?

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