2022 has been an amazing year for travel enthusiasts, especially those who missed out on their vacation trips in 2020 and 2021 when COVID restrictions affected literally the entire travel and hospitality industry. And whether you worked remotely during the lockdown era or got a new job after the economy was reopened, one thing is for sure…
Traveling is not always a cheap affair – at least not for everyone. Before planning a trip, one of the most important things to ensure is that your finances are in order and you have enough funds set aside to facilitate the entire trip.
So, has the time come for you to take a break from the tough schedules and long days at work and treat yourself to a rewarding experience away from home? If yes is your answer, below are 5 ways you can secure funds for travel during your time off.
1. Take Out A Personal Loan
One of the best ways to finance your vacation is to take out a personal loan from a bank. This option may require you to have good credit, but it can be a way to get the money you need for your trip without having to save up over time or make expensive borrowing decisions.
All the same, not all loans are equal, as you might already know, so it might take some research before you get an offer that supports your goals and current needs. To start you off, you can try SoFi personal loan options, which allow online applications, promise forgivable interest rates, and same-day funding.
A good online lender can help avoid the long and tedious processes, high-interest rates, and hidden costs associated with applying for a personal loan with conventional lenders.
2. Get a Travel Credit Card with Decent Rewards and Bonuses
While not many people may know this, many credit cards come with lucrative bonuses and travel rewards for travelers. From Chase Sapphire to Amex Platinum, Amex Gold, Capital One Venture, and more, many credit cards out there are designed to earn you travel points or miles every time you use them for your purchases.
Besides helping to cover your travel costs, some of them will even get you exclusive access and privileges at airports, hotels, restaurant dining, and more. Nonetheless, it’s advisable to shop around before making your pick because different travel credit cards have different bonuses, rewards, annual fees, and costs.
3. Find a Backup Job
Undoubtedly so, working part-time can be an excellent way to put extra cash in your pocket or bank account. Better yet, many companies offer travel jobs and tasks you can do remotely for money when traveling.
Because it supplements your income, taking a side job is also a great way to fund an upcoming vacation while ensuring you’re not fully cut off or flat broke after your trip. The best part is that you won’t have lenders on your neck asking for money you spent on leisure activities.
4. Save Up For Your Vacation
This is among the best but not necessarily the easiest ways to fund a vacation during your time away from work. Start by setting a realistic goal. How much do you need to save? When do you want to go on vacation? Once you have a goal in mind, start setting aside money each month perhaps in a dedicated savings account.
You may also want to consider a no-spend challenge, where, for a set period, you commit to not spending any extra money. The money you save could go towards funding your upcoming trip. Whatever method you choose, the important thing is to start saving now so you can enjoy a stress-free vacation later.
5. Ask For Family Members and Friends
Finally, you could ask family and friends for financial help to take your dream vacation while on leave. And you never know; some of them might even be willing to join you on the vacation, which is better than staying at home or dining alone while on holiday.
And there you have it. When planning to cross your next destination off of your travel bucket list, the above are just a few of the many ways you can fund your trip.