That trip to Cambodia does not have to be just a daydream.
Going on a trip of a lifetime such as volunteering in Cambodia can often feel like a daydream. Travelling doesn’t have to break the bank. Even as a Student or if you’re living off a modest salary, here are the steps to take to reach your travel goals.
1. Start investing in a travel fund.
Putting aside money directly into a fund for travel, particularly in an account that you cannot easily withdraw from, this makes it easier to visualise goals.
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2. Automate your savings.
Automatically depositing a portion of your student loan or each paycheck into a savings account makes it easier to achieve savings goals.
Miron Lulic, CEO of the finance advising website SuperMoney, says that a savings account is the first thing someone should think about with each paycheck, budgeting the rest of your check around that amount.
3. Assess your current expenses — and make cuts.
Figuring out where you spend most of your money already goes a long way toward figuring out what you’re doing right — and more importantly what you might be doing wrong.
Track your expenses for a month to see where your biggest expenses are, or download an app like Clarity or Mint that does it for you. Clarity gives you a list of monthly expenses, from cable and electronic bills, to streaming services. It can be a good reminder to cut out services you no longer use or didn’t even know you subscribed to, from Pandora and Spotfiy to Hulu or Amazon Prime.
4. Ask for donations.
We have had lot’s of volunteers set up a donation site on JustGiving who have been able to get their flights or expenses paid for by family, friends and businesses to be able to come out and empower the underprivileged in Cambodia.
5. Use rewards wisely.
Credit cards that earn rewards for travel expenses such as flights or hotels can be invaluable resources when it comes to making dream trips happen. The internet is full of success stories of millennials who have traveled the world using only their points from rewards cards.
These tips and tricks can be applied by travellers of all stripes. However, beware the trap of opening several credit cards at once only to find yourself weighed down by debt: First pay off balances, then go after rewards.