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Last Updated : Aug 14, 2018 03:00 PM IST | Source: Moneycontrol.com

Here's how you can achieve financial freedom and embrace your inner globetrotter

Funds, or the lack thereof, can throw a spanner in your travel plans and clip your wings until you find a solution, attain financial freedom and make your dreams come true

(Image: Shutterstock)
(Image: Shutterstock)

If money is not an issue, where will you travel first? Many people have an innate desire to see the world, know new cultures and travel beyond boundaries to see what the earth and people are made of. But money is a necessity, an important one.

Funds, or the lack thereof, can throw a spanner in your travel plans and clip your wings until you find a solution, attain financial freedom and make your dreams come true.

Speaking of solutions, people opt for various routes to make more money. Some go on a tight and non-negotiable budget, take up part-time jobs, save and invest in various instruments such as liquid funds, mutual funds, short-term stocks, etc.

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One has to tread on a disciplined path and be smart with money management to achieve their target. For starters, tracking expenditure, differentiating between needs and wants, and investing extra cash in building a portfolio of ETFs and mutual funds can be helpful.

Besides, thorough research about budget travel, forex, and cards can throw up several options. Here are a few options that can solve your travel money woes.

  • First things first: Budget your travel. If you are travelling alone, you might not want to stay in a 7-star property where you won't even make use of amenities they offer. Look for budget hotels, Airbnbs and hostels, which are gaining traction these days. They are affordable, and good for networking, meeting new people and getting to know about offbeat places.

  • CouchSurfing: This option can sort your accommodation and food. CouchSurfing is a hospitality network where hosts invite travellers, arrange homestays and even meetups with locals. It can be an enriching experience and you might end up saving a lot of money.

  • Deals on debit/credit cards: Many Indian banks have great deals on international debit and credit cards; it can either be a cashback, a discount or may be concessions in hotel bookings. Since everything is online, you can compare the best deals and make a choice that suits your needs. It also saves you from carrying extra cash while travelling.

  • Forex: Overnight forex is not advisable as you can never predict exchange rates. If you are booking flight tickets in advance, make note of currency exchange rates as well. You may end up getting a better rate if you don't wait till the last moment.

  • Travel insurance: Eventualities never announce themselves. Travel insurance can save you a fortune given the high medical expenses overseas in case of an emergency. Buying travel insurance early can assure you maximum coverage, especially when you have pre-booked everything such as tours, taxis, hotels, cruise, etc.

It's time you made money work harder for you. A sound financial plan and optimum use of deals and offers can certainly make you financially independent and unleash the inner globetrotter in you.

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First Published on Aug 14, 2018 02:42 pm
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