5 Great Options for Funding Extended Travel: Which is Right for You?
Travelling has to be one of the most rewarding experiences a person can have. It broadens your perspective, exposes you to new cultures, and gives you memories that will last a lifetime.
But extended travel can be expensive. There are many things to take care of, ranging from airfare and accommodation to food and activities. If you’re not careful, it’s easy to overspend and end up in debt.
However, there are ways to fund your travels and stay ahead.
Here are a few great options for funding extended travel:
1. Tweak Your Budget
This is the first and most obvious step. If you’re serious about extended travel, you must be honest about your spending habits. There are several ways to do this, but one of the simplest is to track your expenses for a month or two. This will give you a good idea of where your money is going and where you can cut back.
You may be surprised that you’re spending a lot of money on things that aren’t necessary. Once you know where your money is going, you can adjust your budget and free up some cash for travel.
Insurance is essential, but health insurance can be expensive. If you have a good health insurance plan, you may be able to save money by opting for a less comprehensive plan while you’re away. This will free up some cash that you can use for travel expenses.
2. Sell Your Car
If you are planning on traveling for a long time, you will not use your car for a long time. Cars are depreciating assets, so it doesn’t make sense to keep them if you’re not going to use them. You can sell your car and use the money to fund your travels.
Alternatively, you can rent out your car while you’re away. This will help cover the ownership costs and may even make you a bit of money. You can use websites like Turo or Getaround to find people interested in renting your car.
3. Get a Personal Loan
If you have good credit, you may be able to qualify for a personal loan. Personal loans can be used for anything, so you can use the money to fund your travels. The key is to make sure you shop around for the best rates and terms.
Be sure to compare offers from multiple lenders before deciding on a loan. You should also consider the fees associated with the loan. Personal loan refinance is also an option if you have existing debt. This can help you to consolidate your debts into one monthly payment and free up some cash for travel.
4. Use Rewards Points
If you have a credit card with rewards points, you may be able to use them to fund your travels. Many cards offer travel-related rewards such as free airfare or hotel stays. You can also use rewards points to pay for car rentals and activities.
Make sure you check the terms and conditions of your credit card before using your rewards points. Some cards have restrictions on how you can use your points, so you’ll want to make sure you’re using them in a way that makes sense.
5. Raise Money Through Your Home
You can make money for extended travel through your home regardless of your current living situation. If you own your home, you can rent a room or entire house on websites like Airbnb.
This is a great way to make extra money while also providing travelers with a place to stay.
You can still raise money through your home if you’re not a homeowner. You can sublet your apartment or even just rent out a room.
Remember, extended travel is not the same as a few weeks’ vacations, so if you plan on going away for too long, you can break your lease and use the money from your security deposit to fund your travels.
There are several ways to fund your travels. The goal is to be creative and think outside the box. There are many opportunities to make and save money if you’re willing to put in the effort. You can easily fund your next adventure with a bit of planning and some research.