Over the years, I have been fortunate to travel to a few of my dream international holiday destinations. However, there was no single instance when I would just wake up, pack my bags, and set out to the destination. Each of these trips took careful planning and months or years of saving, and in some instances I even set out to compare bridging loans to make sure I could afford it. There are a few strategies that I would apply to raise funds for these trips, and they were effective each time. I have listed them below.
Set a Price Point
Before I started saving up for any of my holiday destinations, I would always set a price point. Although this was one of the most challenging steps in planning, it would help me stay on the right track throughout the entire process. Before you start planning a trip, it is essential to closely examine your finances and those of your partner. Decide a realistic amount that you can save over a given period and select a destination from your bucket list to fit this budget. If you have a specific destination in mind and realize that it will cost more than what you can save, you should consider adjusting your timeline or budget.
Research Your Destination
After establishing the price point I am working with, I conducted exhaustive research on the most suitable destination that I selected. I looked up everything I possibly could, from the accommodation prices and options, transport charges, the people’s culture, and so on. This way, I could ensure that nothing catches me by surprise as I enjoy my vacation. I would also inquire from friends and family who traveled to the destination about the cost incurred throughout the trip to have a rough estimate.
On acquiring this information, I would then go ahead and formulate a budget. I would also ensure to include any extra costs such as roaming charges, health insurance, baggage fees, and so on, to avoid underestimating my budget.
Find Alternative Sources of Income
If a greater percentage of your monthly income is usually accounted for, funding your vacation from it might prove to be a daunting task. Fortunately, you can find alternative sources of income to raise the amount necessary. I have used this method a couple of times, and it went a long way in helping me top up the amount that I needed, especially for long-distance travel.
Look into any stagnant stocks, valuables you no longer use, or old savings bonds to boost your budget. If possible, you could consider a short term loan to help set up this kind of income in a longer capacity. You can take advantage of the various online reselling sites such as eBay or Etsy to sell your used items. Alternatively, you may ask for the help of your partner, friends, or family to host a yard sale. This method will help you to declutter your home while raising additional funds for your vacation.
Save
If you aim to raise enough money for your dream vacation, you must cut down on your expenditure. Look for adjustments in your daily, weekly, and monthly expenditure plans that can help you save for your vacation. In addition to this, I like to take advantage of any opportunities to make some extra income that I can then put away for the trip. Although adjusting your expenses may be difficult, remember that your dream vacation may not be as fulfilling if you underbudget for it. Cutting back on your expenses will help you raise enough to travel to the destination and participate in fun activities during the trip.
Conclusion
One of the greatest killers of holiday dreams is the lack of adequate funds. It may seem impossible to save for your dream vacation while attending to your usual expenses. Applying the above strategies will help you to raise funds for your dream holiday in due time.