3 Tips to Manage Your Money Before Long Term Travel

Lovely Travel Around the World RTW -family activities Budget Travel - money managementTraveling the world is an untold dream of almost every enthusiast who loves to travel. Whenever we see a beautiful street or a gorgeous waterfall, we are fascinated by it and our desire to travel increases more and more with each passing moment. Traveling not only helps in opening the mind, but it also instills new spirit and confidence in hearts and souls. There is no doubt that traveling requires planning and money – more importantly – money management.  As one of the oldest money management tool, saving money for causes, such as traveling, has been by far, the most effective tools. One great example is an Individual Saving Account and it strongly recommended to investigate a fixed rate ISA.  In addition to saving our precious money, there other things we can do to save even more such as cost reductions and smart money management.
Here, I bring 3 great tools to help you dealing with your money management in order to make your dream come true, as far as from money point of view.
Reduce your cost of living
It is extremely essential to reduce your living cost to even to a half to fulfill your passion of traveling. It is not easy but if you try a little bit more, you can succeed. I am talking from a self-experience of a family who had saved a lot by reducing living costs as a first step. Avoid buying a new pair of branded jeans or any other stuff if you already have plenty of it. Do not take the taxi when you can use other means of transportation such as a bus or metro. Stop wasting your money clubbing every weekend, buy grocery from discounted stores. Exchange clothes for the kids with family and friends instead of competing with the Johnsons.  Keep aside a part of your saving every month that you need to use only when you travel. This is all possible! (image by iamdogsmom)
Lovely Travel Around the World RTW -family activities Budget Travel - money management
Open your Individual Saving Account (ISA)
All the United Kingdom citizens can avail the facility of opening an Individual Saving Account where they can deposit their savings which are then taxed favorably. This money is kept aside after you pay your tax and is not entitled to income tax or capital gains tax. So all the United Kingdom citizens aspiring to travel the world should consider opening an Individual saving Account and use the saving to travel.  The rates earned would be sometimes different from one bank to the other and like anything else, shop around.
Create an automated withdrawal fund
You can easily withdraw a set amount of money on a preset schedule.  See if you bank allows you to set an automated withdraw to your regular saving account or to the ISA.  And unlike the pension fund system, the withdrawal of funds from the saving account is easier and simpler. So make sure that you use your money wisely and use it to travel to your favorite places.
Saving for you dream is important and there are many more tools for you out there. And remember that what is right for one may not be for the other.  In addition to knowing how to manage your money prior traveling, it is also crucial to know how to manage your money while traveling.  Just like there are steps and tools to manage fund for traveling, there are also tools and steps to do while you are on the road. Remember to travel simple.  Think like local and not like a tourist. The globe is huge and there many temptations out there. Spend wisely and don’t go for everything that flashes in your eyes.
And above all, stay safe. Good luck.
Feature image by laser2k


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