Wink Capital Discusses How to Travel the World Without Racking Up Thousands in Credit Card Debt
With wanderlust becoming a trend amongst 20-somethings and millennials everywhere, more and more people seem to be booking international rendezvous as they jet around the world to dream destinations. Despite this growing trend, many seemingly-happy travelers are taking on debt to fund their adventures. Thankfully, there’s a better way. If you’re interested in seeing the wonders of the world without going into financial ruin, the following four strategies will help you learn to travel while staying debt-free:
1. Save More to Fund Your Travels
The idea of paying out-of-pocket for your travel fees may seem uncomfortable right now, but with a bit of planning and saving, the expenses for your upcoming travel plans will be just another drop in the bucket. Wink Capital shares that financial savvy travel plans should always start with a large chunk of savings. Make sure you have at least three months worth of savings as you gear up for a big trip.
To save more effectively, make a savings account solely dedicated to travel. As you work to grow this savings account, make sure to cut back on some of your everyday expenses so you’re able to save even more for trips.
2. Minimize Costs Where You Can
Another way to afford to travel like a jet setter is to cut back on expenses when traveling. While flying first class and staying in 5-star hotels is indeed a nice way to travel, these aren’t absolute necessities. By making it a point to reduce your basic travel costs, you’ll be able to get more sightseeing in and even divert more money to future travels.
3. Use Credit Card Rewards Wisely
The truth is that most travel bloggers and Instagram influencers aren’t spending their own money to travel. With the right credit card rewards programs, these travelers are transforming their perks into hotel bookings and tickets for flights. If you hope to travel to your heart’s content without shelling out a fortune, Wink Capital recommends looking into the most rewarding credit cards to start earning reward points. Eventually, you’ll earn enough to cash in for flights, hotels, dining experiences, and more.
If you already have a credit card, it’s likely that you’ve already accrued quite a few points. Log into your card’s online portal to get a tally of your points or miles. If you’re lucky, you might already have enough to cover all or part of an upcoming trip.
4. Earn Money as You Travel
The reason why debt becomes a problem for so many world travelers is that a majority of them take off of work while they travel. For those of us that have limited or no paid vacation time, this isn’t an option. If you hope to travel extensively while remaining employed, it’s best to earn money while in the process of traveling.
Whether you work as a freelancer or you take a job abroad as a language teacher, finding a way to fund your travels while you’re actually traveling is one of the best ways to stay debt-free on your adventures. If this is your goal, be sure to search for jobs that allow for remote work. With this kind of freedom, you can work anywhere you have your laptop and access to the Internet.
Debt and world travel don’t have to go hand in hand. If you want to check the world’s hottest destinations off your bucket list, the opportunity is yours. With this guide in mind, you’ll be able to live out your travel fantasies without breaking the bank