To some people, there is nothing more exciting than travelling overseas to desired destinations. Therefore, travelling around the world would be an extremely exciting and highly anticipated occasion to look forward to. Imagine travelling from city to city, country to country and continent to continent over a timely manner at your discretion! To some people, this would be considered ‘a trip of a life time’ and they would love to splurge and enjoy all the activities that come with each diverse destination.
To make this ‘trip of a lifetime’ a reality, you must have the savings to fund it. This is the tricky part as you make essential sacrifices in order to save the amount required for your trip. How can you save up for expensive round the world trips? It’s simple, follow a few tips and you will be on your way in no time. At first, choose a cheap destination (for exemple Vietnam or Thailand), they offer cheap Vietnam visa
(some offer free visa) and accommodation as well as food.
This is a common method for saving money that is often abused and unsuccessful, reason being the budget that was originally set was highly unachievable. You can’t deter or avoid your expenses, these are essential to your everyday living. Setting a budget is beneficial if all your expenses are noted and your discretionary income is what is saved. When setting your budget, allocate your disposable income to your mandatory expenses first, on a weekly or monthly basis, then the amount remaining is your discretionary income. Be sure to allocate a small amount for entertainment purchases etc., however this is the amount that can be saved for you upcoming trip. If you manage to stick within your budget, your savings will increase faster than expected.
Avoid Unnecessary Spending
If you avoid the temptations, you increase your savings amount. Unnecessary spending will include shopping that isn’t on your primary expense list, such as clothing, toys or clubbing. As mentioned within the budget, be sure to allow yourself some funds for entertainment purposes, however if possible, you should not make any purchases that aren’t a necessity or of a minimal cost. You just have to overcome temptations. For example, do you really need that $100 pair of jeans? Unnecessary sending like this adds up and come a month’s time, you could potentially be out $500 that you could have saved for your trip.
You should speak with your local bank about opening an interest earning account. This is an effective way of earning money, based on the total amount in your current account. Clearly, the more you have in your savings account, the more interest you will earn. Therefore, the more you intend on saving, the faster your savings will increase and the more interest you will earn on the total amount. If your savings account maintains $10,000 and interest is 1%, this is an easy earning of $100 per month, for doing nothing!
These are very effective money saving methods, you just have to be smart about it and overcome any temptations. Surely enough if executed correctly, you’ll have more savings for your round the world trip, ultimately enhancing the overall experience. There are money saving methods while travelling, such as cash passport cards, however these tips are handy for helping you save prior to your travels.