9 ways to get money for traveling?
Have you been dreaming of visiting a specific destination, or few? Or is it the time of taking your annual vacation? Well, you do not have to be rich. All you have to do is be creative and manage your financial resources efficiently.
We may think that travel is a luxurious activity meant for rich kids or lottery winners. However, contrary to popular belief, travel is not an expensive hobby if you plan your trip wisely.
Money SAL will teach you some tips and tricks that can help you get the needed money for your next trip.
1. Become Financially Responsible
To start saving, it is important to learn how to become financially responsible. Managing money is a learned skill. Unfortunately, most of us acquire this skill only as adults.
Managing money includes making long-term financial commitments that can be pretty tough to stick to. Saving money demands sacrifice and this is why not everyone succeeds. But do not be disappointed if you are not able to reach your savings goal, as it takes time.
Responsibility and discipline are the keys to successful financial management. It will not be easy but will be definitely worth it.
2. Track your Spending
Money itself isn’t stressful. Neither is effective money management. What is stressful is not knowing how much money you spent during the month and being unsure how much money you still have left.
But this is simple. Put aside an hour every month to go through all your accounts to find out what your income and spending look like. Tracking expenses is crucial as it can help you learn where you can reduce or eliminate spending. It is a powerful way to identify how much money you waste every month on random things you don’t need.
Write everything down. Don’t forget to include groceries, eating out, and snacks, entertainment expenses such as movies, books, and most importantly monthly bills such as rent, mortgage, utilities, car payment, insurance, credit card interest, cell phone service, gym membership, student loans. Write down everything with no exclusion and be as precise as possible.
You may be surprised at how much you’re spending. Little things tend to add up. This isn’t an easy thing to do.
3. Budget Ruthlessly
First, you need to work out how much your trip is going to cost you. If you know what you’re doing, your travel budget can be as low as $50 a day. The amount is going to vary wildly depending on where you want to travel, and how thrifty you are.
If you choose wisely, your accommodation can cost next to nothing. Cheap flights and accommodation can be easy to find online.
What we suggest to do is to create a strict budget set for the expenses and stick to it. It is easier to allocate a budget for fixed expenses such as rent or other monthly bills. The challenge is to budget variable expenses, such as outings and food expenses. Therefore, we recommend treating your budget in reverse. Set a goal of how much money you should put away as savings and budget the remaining. Deduct your fixed expenses. You are now finally left with your variable expenses. Estimate how much you would spend on your outings, food, social events and leisure and make sure not to cross beyond the budget.
Some budgeting tips include putting away the money intended for saving as soon as you receive your monthly paycheck. You can open a bank account dedicated for these savings or store them in a safe place or with a relative.
Going shopping? Decide in advance how much you can afford to spend, and use the calculator on your phone to total everything up as you walk round the aisles. Going out with friends? Withdraw cash, and leave your cards at home so you can’t blow your budget.
Budgeting effectively is not hard. When you have control over your money (and not the other way around), you’ll work even harder towards your goal.
4. Reduce Unnecessary Spending
Grab a piece of paper and draw a vertical line down the middle of it. At the top left, write “NEEDS” – and at the top right, write “WANTS”.
Now place everything you spend money on into one of these two columns. Be as honest as possible. Do you need the new collection pair of jeans? Do you need that cappuccino you always have on your lunch break? Do you need to attend the party in the lavish club every Friday?
Consult your spending diary that you’ve hopefully been using. How many of those daily entries were things you actually needed? Will your life end without them?
Once you’re finished, look at the “WANTS” column – and write down how much they cost, next to each item. Now total them up. That’s how much you can instantly start saving every month if you cut all these out.
The final step here is simply to stop buying those things you don’t need.
5. Develop Habits That Save You Money
What skills can you learn that will cut your daily costs?
By cooking your meals instead of buying them prepared, you can save thousands of dollars every year.
You don’t have to give up excellent coffee and tasty avocado toast — just prepare them yourself and save money.
Cooking for yourself, especially lunch & dinner, can save somewhere between $10 and $15 per meal – so if you previously spent all your time eating out, you’d save on an average of $150 every week just by cooking, and in just one month, you can save at least $500 which is enough to get you on board on a decent trip!
It’s a skill that puts decent money in your pocket. Plus, it’s fun too!
6. Sell Unwanted items
Do you have an old bicycle, skateboard, DJ set, book collection, or electronics device that you no longer use? If it’s worth good money and you can’t travel with it, then is it really worth hanging onto?
Selling unwanted and unneeded items could be a good source of instant cash. Let go of long-lost items and make use of their price for your trip.
7. Other Ways to Save
Simply quitting delivered food and Starbucks isn’t going to pay for travel. But, when combined with other money saving lifestyle changes, it all adds up to make a big difference.
7.1 Stop Going Out
Instead of spending too much money at a club or movie theater, invite friends over to your place for a movie night. Get outside and go on a hike.
7.2 Compare Prices When Shopping
Did you compare prices while grocery shopping last week? Did you buy the cheapest detergent? Are you shopping at discount supermarkets?
7.3 Ditch Your Cable
TV is a waste of time, especially that you can now watch everything online. And besides, if you can’t get rid of internet supply at home, try getting rid of TV cable. Stop paying to live vicariously through shows, and make your own life more exciting.
7.4 Quit the Gym
No need for a gym membership when you can go running, hiking, or practice body weight exercise routines outdoors or at home.
7.5 Slash Your Shopping
No, you don’t need the latest smartphone. No, you don’t need new clothes every month. No, you don’t need 5 new different shades of lipstick every month.
8. Make More Money
There are numerous opportunities to make more money, even if you already have a full-time job.
Find a part-time job on the side or work as a freelancer on a couple of projects. You can develop your skills and earn some extra cash. Working on the side for a couple of months can help you earn a few hundred of dollars that should add to your trip. But do not use this money to spend more! Benefit from the earnings to achieve your saving goal sooner.
9. Borrow some Money
If you tried to save money for your trip and were not able to succeed, do not give up. You can always borrow some Money from a trusted source, such as specialized lending companies or banks to cover all expenses related to your trip.
At MONEY, we understand the frictions present in the Lebanese consumer lending market, from the slow approval process to the complexity of the lending process. We have been working hard, to build smart solutions that improve financial capability, inclusion, and resilience, making us the go-to financial companion.
Our loan offerings have the following characteristics:
• Loans ranging from USD 500 to USD 6,000
• Co-borrowing up to USD 12,000
• Loan Delivery service
• The Fastest Loan in town – 24-hour approval
• Required Documents: ID, proof of residence & pay slip only
• Tenure Up to 48 Months
• Monthly loan collection service
• Monthly flat interest rate of 1.49%
Money is always there to help you meet your financial needs for life’s ups and downs.