For most people, vacations only come once or twice a year. Whether you’re limited on time or budget, there are many reasons why vacation times are fewer. But when one does get an opportunity to temporarily vacate their stagnating lifestyle and tediously mundane work tasks, retreating to a life-changing vacation is perhaps the only befitting experience. Planning and preparing comes in three levels – physically, mentally, and financially. This article aims to guide you towards the steps to finance your next life-changing vacation.
Narrow Down the Place
Obviously, where you decide to take a vacation will have the most impact on your financial planning. Traveling overseas, for example, will cost more as a result of needing roundtrip plane tickets, long-term lodging, and so on. Meanwhile, a trip out of state or even vacation time spent indoors learning a new skill or reading a new concept can be substantially cheaper. Get hold of a map and pin down the specific place you’d like to spend your vacation time.
Study the Cost of Living
While you’re not completely moving to your chosen destination, studying the cost of living gives you a better cost estimate from which to base your budget from. Know the cost of living in the area including how much groceries and restaurant meals cost and how much taxis or car rentals are. You can find information regarding these things on local forums and message boards as well as websites of local businesses operating in the region.
Start Saving Money
Now that you’ve locked onto some numbers, it’s time to start building your vacation funds. Saving up money in an organic way is perhaps the best and most logical way to finance a vacation. Albeit, it does take immense time and effort. Start off by trimming the fat from your monthly expenses. Magazine subscriptions, channel subscriptions, frequent nights out of town, and other unnecessary expenses should be withheld, at least for the time-being. Saving as much money as you can to cover majority of the expenses on your vacation reduces the need to borrow money from a traditional bank or private institution.
Look Into Loans
There are many quick loan options available in the market, but many come with high interest rates and seemingly unfair repayment terms. Quick loans are a great alternative to bank personal loans, which tend to take longer to get approved and have more stringent borrower requirements. If you have poor credit scores or have special needs when it comes to credit, you’ll likely be better off with these quick loans. Prior applying for a loan, determine the true cost value of the loan by reviewing their respective APRs, or annual percentage rate. Check regarding repayment flexibility and minimum requirements for loan approval as well.
Exchange Work for Lodging
It’s fairly common for aspiring travelers to finance their vacation with some manual labor. They exchange their services and work in the field for three meals per day and a comfy bed to lay their backs on at night. This is a great way to go on an extended vacation, especially for people who do not have the budget to rent in hotels or eat out at a different restaurant every night for an extensive length of time. If you can’t find someone who is willing to trade you these amenities for your services, it’s also viable to just secure a temporary job around the area to pay for your expenses. Working as a bartender or taxi driver at night leaves you time during the day to explore and experience your chosen vacation spot.
Financing your next life-changing vacation involves astute planning and diligent preparations both of the mind, body, and wallet. You’ll want to financially map out your vacation time so that everything goes smoothly. The five tips above should help you build a solid foundation from which to build your vacation plan on.