This post was last updated on July 26th, 2016
One thing’s for certain: if you want to travel the world, you’re going to need some money. Regardless of style or destination, traveling has inherent start-up costs to consider. However, with a few simple steps, you can easily make the most of your financial situation as it is and be on your way around the world in no time.
Before delving into the world of investments, it’s best to do your research and understand the benefits and risks involved. While stocks have a higher pay-off, the stakes are much higher. Bonds and Certificate of Deposits can be a smart option for first-time investors; they make your savings stretch farther while giving peace of mind that you won’t loose your entire retirement fund. Should you pursue the latter, be sure to get the best interest rates with fixed rate bonds.
Investments are a great way to passively make your current finances stretch farther. However, you are still going to need a savings account for emergencies, occasional splurges, and unexpected expenses. Don’t just sign up for any account; try to find the best savings accounts.
Ditch The Frivolous
Live below your means. If you want to travel, then it is going to require few adjustments to your current lifestyle. Even if you can afford the $5 latte every day, try cutting it out. You will be amazed at how quickly making small spending adjustments really adds up in the long-term.
Consider Alternative Accommodations
Traveling doesn’t have to be as expensive as you might think. For example, try saving money on accommodation by Housesitting. You loose the flexibility on where and when you can travel, but you get free housing in beautiful locations around the globe. Additionally, renting apartments can be a great alternative to hotels. Not only will you save money, you’ll have more space and likely get to live in local neighborhoods rather than tourist districts.
What are your tips for making your travel money last longer?