Save. Travel. Iterate.
This article is a personal sharing of Saving for Travels and then, iterating over & over again.
As an avid traveler, I am taking a different steps nowadays, thanks to the economic crisis in Portugal. Below goes the simple article,
Save #
Saving for your next Travel is as important as the travel experience in itself.
What can be done?
- Start a “Travel Fund”
- Consider “Saving for Travel” as a Fixed Expense, recurring every month.
- And your “Saving for Travel” expense will go straight to “Travel Fund”.
- You can create a “Travel Fund” in many ways. What I do is that I created a Fixed Deposit account, to which I would inject money into on a monthly basis. (It could be automated if your internet banking has the function)
How much to save?
It depends. Your travel goals will vary based on your situation and future needs.
Being extreme, I set aside 20% with the plan to increase the amount by 10% annually.
Special Event
For examples: Honeymoon, Graduation Trip, Summer Vacations…
Do your research. Know the approximate costs and add 10 to 40% markup. And start saving NOW.
My case: Portugal is a relatively developed economy where both income and taxes are fairly low. As a foreigner, I perceived - I am dead sure actually - that the taxes are high though. My point - Not much room for saving money!
Read: Lean. Mean. Mean.
Travel #
It depends.
- Where you want to go,
- How long do you want to keep travelling,
- What kind of travel experience are you seeking,
- and the list of questions goes on and on…
The most important factor, in my opinion, is the travel experience you would be seeking.
My version:
Where? Nicaragua, Nepal, Namibia. How long? A total of 6 months. Travel Experience? Low-cost, culturally enriching & finding opportunities to contribute to society. Given the geographic location of each destination, I will flying. When? In 2019. 5 years after publishing this post.
Iterate #
Just do it again!
Image Source: National Geographic
One General Strategy #
- Consider “Saving for Travel” to your “Travel Fund” as a fixed expense. This means you should always have money left for your daily and/or unexpected expenses.
- If you can, do increase the amount injected in your “Travel Fund”, that would be great too.
And always useful is to learn to budget and to hunt for great products/services from travel startups - which are constantly innovating the travel marketplace. Find a list here
Most importantly, Save. Travel. Iterate. should be your motto.