You might be pumped about exploring the world, but unless you have a stack of cash, you’re going to find yourself in trouble. While there are a few globetrotters who manage to wriggle through on insanely low budgets, they tend to be few and far between. Usually, the only way they make it work is by sharing their experiences with other people on social media (and you might not want to do that).
When it comes to paying for your travel obsession, there are right and wrong ways of doing it. The right way is to choose sustainable financial arrangements that protect you both now and in the future. The wrong way is to go into debt and wreck the rest of your life, just because you want to sit on a beach in Malibu, sipping on a cocktail. It’s not worth the pain.
Should You Set Up A Vacation Savings Account?
Absolutely, you should. Having a travel-only account focuses the mind and shows you precisely how much you are spending on the activity. Setting up a savings account puts a price on how much your travels are actually costing you. Let’s say, for instance, that you have $500 left over at the end of the month (more than most people). That means that if you want a travel budget of $5,000, you’ll need to consistently save every month for a whopping ten months. That’s nearly a year of your life.
Is There An Easier Way?
There is sort of an easier way, but it is going to take time – a lot of time. Instead of just spending money on travel as you get it, invest the money you would have spent into assets that generate passive income. After ten years or so, you can use this passive income to fund your love of travel.
Can You Make Currency Exchange More Affordable?
Another thing that you need to do is make currency exchange more affordable. All those transaction costs soon add up. One option is to use bitcoin from the Swyftx crypto exchange. International transactions with blockchain-based digital currencies tend to be considerably cheaper than conventional money. However, there are now services out there that allow you to bypass insane bureau de change prices and get funds closer to the spot rate.
Can You Really Afford It?
Even with all this said, you’ll still want to ask yourself whether you can really afford to go on a trip. You might think you can, but trying to go luxe early in life is likely to lead you out of pocket later on.
Are There Opportunities To Get Paid To Travel?
The best way around this is to get paid to travel. You want to concoct situations where people actually pay you money for going on adventures, and not the other way around.
Perhaps the easiest way to do this is to take a part-time English language gig. These days, you can teach online and there is never a shortage of students. You can also work for a charity, though this will be travel of a different kind. You might not always like it.
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