If you’ve been bitten by the travel bug, you know that the vaccine that could cure you is a lack of money. But you don’t want to be treated, you want to continue exploring the world and use your youthful days to the full. You’re not alone in that boat, because most people when they’re young happily allow the travel bug to bite them and travel all around the world. The lure of experiencing different cultures, languages, cuisines, and cities. All this costs a lot of ‘moolah’ so your number one priority should be to find many ways to fund your lifestyle. That’s the dream, isn’t it? To make money all year round while you’re actually traveling the world. You’re never in place for too long, you don’t have to wait until you get the funds required to move on to the next destination and you don’t need to do any local jobs to scrounge just enough to get by. Although you should be wary of your pace as to not spend too quickly, nothing really should hold you back. Here are a few ways you can set up ways to keep earning money so you can keep globetrotting.
A ‘travel’ bank account
You’ve heard of many different types of bank accounts no doubt, but have you heard of a travel bank account? Well, there’s no such thing in financial terms but practically speaking you can open a savings account purely for travel purposes. Savings accounts are mainly, well, saving up for the future and retirement plans. However, you can open a short term savings account. These are often called easy-access accounts because unlike traditional savings account you can take your money out quickly. Savings accounts usually do not allow you to take your money out when you want to right away. You may need to book an appointment with the account manager, you might need to provide evidence for why you’re taking your money out and of course, your interest rate earnings will not be applied.
However, for short-term easy-access savings accounts, you can take your money out in a lump sum in just a few days. In fact, many easy-access accounts don’t even require you to give your bank any notice at all. You can take your money and go. These kinds of accounts normally start off with a deposit needed to show you’re serious. But bear in mind, the interest rates will be quite low. However, if you’re planning on traveling, you can put a couple thousand in and get a couple hundred in return in a very short time.
No longer home
Traveling the world allows you to stay in different kinds of countries and accommodations. Staying in a traditional Japanese house is amazing. It’s completely wooden with sliding doors and comfortable matting floors. Or how about staying in 5-star hotels where your bed is king size, amazing sheets, and your own personal temperature control. When you’re traveling the world, you’re no longer home so why do you need to spend money where you’re not sleeping or eating?
If you’re spending most of your money on travel, then you don’t need to do the normal things you would at home. Perhaps this year you don’t buy your car insurance. This year you don’t need to use as much water or electricity while at home. If you can, bicycle to where you need to go so you don’t pay for public transport or gas in your car. Since you’re not at home often, why do you need a broadband contract, all it does is take money out of your account for nothing? Perhaps while you’re at home for a couple of weeks or just a few days before your next adventure abroad, just eat cold foods so you don’t use any gas or electricity at the cooker. Live a minimalist life at home so you can have a better traveling experience with more money in your pocket.
From one peer to another
Investing is, of course, everyone’s best hope for the continued growth of their bank account. They want to have a continuous stream of cash coming in for doing nothing other than giving their own wealth to an entity of growth. One of the best ways is Peer-to-peer lending or rather IFISA. You can learn more about independent financial investments by reading the article as it goes in-depth about the pros and cons. The best thing about P2P investing is that you get to keep all the profits. There is no middleman as other kinds of investment strategies. For example, banks and agents don’t get a cut of the profits. They normally charge you a fee for their services and sometimes even offer insurance to your investment.
Since there is a massive upside, there’s also a bit of a risk. But this is true for every kind of investment on the planet. The risk with an IFISA is that since you’re investing your money into an individual or business, there’s no real guarantee that entity will follow through with their success. Small businesses have a high failure rate and around 70-80% fail within the first 5 years. Entrepreneurs are also inexperienced and are prone to make mistakes as they learn and progress. It’s a risk you should be willing to take because if the business you invested in collapses, you won’t get your money back. Since there’s no middleman you won’t receive any kind of compensation either.
Funding your traveler’s lifestyle is not going to be easy but it’s far from impossible. Many people around the world take these kinds of measures so they can travel for as long as they crave. Firstly, change how you live at home by taking on a minimalist lifestyle approach. Next, you should look at short-term easy-access savings accounts. Although the interest is low, there aren’t any restrictions put on how much or when you withdraw your money. Invest in businesses using the P2P system as you keep all the profits you make without paying anyone fees. You also don’t pay taxes on your earnings either.