Travel is wonderful, life-enriching, experience-enhancing… and pretty expensive. That’s an unavoidable fact. Even if you manage to travel on the smallest of budgets, it’s impossible to escape the fact that you still need a budget. You still need to have money available for that.
So let’s keep it simple; where can you find the money you need for your next travel adventure?
Option 1 – Save
It’s the most obvious answer and probably the one most of us try to do. You put a little bit of money aside every month, which you then use to fund the trip – and the requisite spending money – while you’re away.
Pros: You can travel without accruing debt.
Cons: It takes a long time, and means you might be short on cash the rest of the year, as you shuffle some aside every month to fund your travels.
Option 2 – A Secured Loan
If you’re looking at that and wondering “what are secured loans?”, then a simple explanation is: they are loans that are secured against your home, almost like an addition to your mortgage. They are far less risky for the lender, which means they often involve preferable interest rates to unsecured loans.
Pros: You can have the money you need and pay it off in monthly instalments as is convenient for you. It also means you don’t have to wait for your savings to build up; you can go as soon as the paperwork is complete.
Cons: While it’s a debt you can ensure you are able to pay, it is still a debt. You will also need to be a homeowner and to have a decent credit score to be able to take out such a loan.
Option 3 – Crowdfunding
Through sites like Kickstarter and other similar services, you might be able to persuade strangers to help fund your travel. To do this, you tend to need to have a specific reason you need the holiday, or intend to offer something to society at large. However, whatever the purpose for your trip, there’s no harm in asking.
Pros: You can ask friends and family to contribute in lieu of birthday and Christmas gifts, so you’re not just relying on the kindness of strangers.
Cons: People may judge you for it; some people believe that crowdfunding should be reserved for emergency situations, not holidays. This can be somewhat mitigated by primarily hoping people you know – rather than strangers – will contribute.
Option 4 – Work Around The World
If you don’t mind doing a bit of work while enjoying your travels, then this could be a good option for you. Every country in the world has a need for some form of seasonal labour, be it fruit picking or just helping out in the tourist industry. You could work for a week and then use your salary to fund an additional week’s stay.
Pros: It won’t cost you anything except for your flight, and even this is sometimes covered by the company you’re going to be working for.
Cons: It might not feel like much of a holiday if you’re going to be working!
So which of the above do you think is the best way of funding your travels?
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