Whether you’re dreaming of an overseas holiday or eyeing up your first home, once you put your mind to it and reprioritise your spending, you can get there!
I think it’s so important for me to travel when I can as it gets my creative juices flowing, along with learning about the world and experiencing all it has to offer. I have travelled overseas every year since I was 13, except the year Covid hit - I bought a house instead!
To help me prepare for my upcoming trip away, I figured out my goal budget for the trip and worked back from there to see what would be realistic to put away each month. Then I knew what time frame I was looking at, which allowed me to book the flights well in advance and save some cash!
My trip will be a very well needed holiday, however, owning a business means never fully clocking off. Things will just look a little different, like sitting on the deck overlooking white sand and blue sea water, with my laptop in front of me!
If you’re thinking about embarking on that overseas adventure, it's time to put on our number-crunching hats and figure out if we can afford the trip without breaking the bank.
1. Create a Realistic Budget
First things first, let's draft a travel budget tailored to your dream destination. From flights and accommodation to daily expenses and sightseeing, map out your expected spending. Be sure to consider exchange rates, seasonal variations, and any special events or festivals that might impact costs.
2. Assess Your Current Financial Situation
Take a good look at your finances. Understand your income, expenses, and any existing debts. Make sure you're comfortable with your current financial standing before taking on additional expenses for the trip.
3. Save, Save, Save!
Set up a dedicated savings account for your overseas holiday fund. Automate regular contributions, no matter how small, to steadily build up your travel kitty. Cutting back on small luxuries can go a long way in growing those savings.
4. Consider Alternatives
Going on an overseas holiday doesn't necessarily mean a luxury getaway. Look into budget-friendly options like house-sitting, volunteer programs, or staying with friends or relatives abroad. Not only can these options save you some serious bucks, but they also offer unique and authentic travel experiences.
5. Research Travel Deals and Discounts
Keep an eye out for travel deals and discounts, especially during off-peak seasons. Sign up for airline newsletters, follow travel agencies on social media, and join relevant forums to stay in the loop about exclusive offers.
6. Travel Insurance is a Must!
Let's not kid ourselves; accidents can happen anywhere. Protect yourself and your wallet with comprehensive travel insurance. It may seem like an added expense, but it's a safety net you'll be thankful for if things go awry.
7. Don't Forget About Back-Home Expenses
While it's easy to get caught up in the excitement of an overseas holiday, remember that bills back home don't take a vacation. Factor in recurring expenses like rent or mortgage payments, utility bills, and any other commitments you can't put on hold.
8. Set a Realistic Timeline
Consider your financial goals, upcoming life events, and other commitments when planning your travel timeline. Avoid rushing into a trip if it compromises your long-term financial stability.
9. Look for Ways to Earn Extra Income
If you're itching to explore but your budget is tight, think about creative ways to supplement your income. You could pick up a part-time gig, sell items you no longer need, or use your skills to freelance on the side.
10. Seek Advice from Fellow Travelers
Talk to friends or acquaintances who have embarked on similar overseas holidays. Their experiences can offer valuable insights into budgeting, hidden gems, and how to make the most of your adventure without emptying your wallet.