How to Finance Your Bucket List Trip

An image of a wallet full of money and a map for travel

There are certain destinations that have sparked the imagination and inspired bucket lists for years. You might want to explore the history and culture of Europe or spot the Big Five on an African safari. Or your dream could be to see as much as possible on a round the world trip. Unfortunately, many people never go on their dream trip, believing that it is out of their price range; however, with careful financial planning, it is possible to tick off destinations on your travel bucket list. Here are some tips for how to finance your bucket list trip.

  1. Take out a personal loan

Personal loans provide you with a fixed amount of money to be repaid in monthly installments over a set payment period. You can use a personal loan to finance any part of your travel plans, whether that is buying airplane tickets and booking accommodation or paying for travel insurance or essential equipment like a sturdy backpack. For example, with personal loans you can repay the cost of your trip in manageable chunks over a repayment schedule.

  1. Explore budget accommodation options

You don’t have to stay in luxury five-star accommodation to get the most out of your trip. If you’re not picky about hotel extras such as spas and swimming pools, locally-owned budget accommodation can satisfy your bed and breakfast needs just as much as an impersonal corporate chain hotel. For an even cheaper option, you might consider staying in a hostel, for the true backpacker experience. With beds being available at a lot less than $100 a night, hostels provide a sociable quality in which you’ll find friendly travel companions to share experiences and a few beers with if you are backpacking alone. Just make sure you pack earplugs for the shared dorms! Alternatively, check out Airbnb. This site allows people to rent out their own homes as a cheap accommodation option for travelers. From a New York brownstone to a Thai bamboo eco-cottage, staying in Airbnb accommodation will provide you with an authentic taste of the local lifestyle and culture.

  1. Book cheap flights

Airplane tickets can be costly, especially if you are flying to a far-flung destination like Australia or Bora Bora. To help keep costs down, consult a flight comparison site that will compare all flights from your location to destination on a given date, giving you a list of the cheapest options available. This way, you will never pay over the odds for a flight. If you are flexible with dates, times, and stopovers, you are more likely to find cheaper flights. For instance, red-eye flights are generally cheaper due to their unsociable take-off hour. Additionally, while a stopover might sound like an inconvenience, it can help to break up a long flight time. You might even discover a new destination to explore that you would never have considered otherwise.

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