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4 Tips for Better Financial Stability for Travelers

Savings finances economy and home budget calculations. Close up of piggy bank and coins stacked on home desk.

Scroll through any of the countless travel accounts on social, and you can tell wanderlust is alive and well. It’s true, travel can be a worthwhile investment for your mental and physical well being. But just as travel can boost you physically and psychologically, it can also be a drain on your finances. Exploring the world costs money, no matter how you look at it. So, if 2020 is the year you’ve decided to make your current financial situation a bit more stable, we’re with you. Check out our money-saving tips and tricks and try implementing a few into your every day. The best part? They won’t put a damper on your travel-centric ways. 

1. Set Your Goals for 2020

The biggest part of this new savings plan is to set your sights on the larger picture. Ask yourself why you want better financial stability. Maybe it is to pay off debt so you can travel more or save up a spending cushion so you can travel longer. Once you figure out your why, it’s easier to shift habits to reach your goals. Speaking of goals, make sure you add in short- and long-term ones, such as removing unnecessary everyday expenses or saving a few thousand for an emergency fund, so you keep your momentum going. Take a look at your progress each month and adjust any areas you may need to.

2. Tech Tools to Work for You

Even out the mental strain of continuously being on the lookout for good deals by using tech. Tools like cashback browser extensions and price comparison tools can help you automate frugality. If you’re like most Americans, you do your fair share of shopping online, so why not have a few built-in ways that can save you money each time you click ‘purchase.’

Check out these popular apps:

Honey: A free extension that automatically applies coupon codes for purchases on over 30,000 online shops.

Pricescout: Delivers usable coupon codes and can comparison shop for you.

InvisibleHand: This one is more travel-specific — find great deals on flights, hotels, and rental cars.

3. Make Sure You Have The Right Rewards Credit Card

There are a lot of players when it comes to reward-based credit cards. You can find cards that offer just about everything from stars to redeem food and drink items to points for flights. Logically, if you’d like to continue traveling regularly, you should have a credit card that allows you to accrue points or rewards you’ll actually use.

These types of credit cards may offer you the best travel-based options:

Co-branded: Usually sponsored by a bank and a brand, this type of card might be a good pick if you are loyal to a particular airline or hotel chain. These cards often offer extra rewards for members, including elite status, no checked baggage fees, and other loyalty-based travel perks.

Transferable Points or Miles: If you’re on the more flexible end of things, a card with transferable points or miles can offer you endless versatility to map out your trip how you want from the airline to the accommodations.

Don’t forget to check into any possible sign-up bonuses, what you’re yearly interest rate will be, and any annual membership fees.

The moment of purchase and exchange of money for the goods at the Floating market at the delta Mekong in Can Tho, Vietnam

4. Get A Life Insurance Policy Just In Case

Investing in a life insurance policy is a smart financial decision for several reasons. First, some of the better providers, such as USAA, offer life insurance policies with low monthly payments and a large number of benefits. These benefits include coverage flexibility, which lets you add to or change plans as your life and needs change. And maybe most important of all is the peace of mind you’ll get, whether traveling or at home, that your family and loved ones will be provided for should something happen to you. Life insurance is a must if you’re looking to safeguard your finances.

Financial Stability for the Future

Being financially stable is one of the biggest blessings a person can achieve. It takes away the harrowing stress of constantly worrying about money and bills and instead allows you to focus your energy on the best parts of life like travel. Anyone can become financially stable by putting good habits in place, such as being strategic with their spending and making sound financial decisions like enrolling in term or permanent life insurance. Start today, and soon you’ll be walking the path of financial freedom.

Article written by:

Hi, my name is Samantha, Finance Managing Guru by day, Travel Blogging Enthusiast by... well... day too! Haha! Travelling King is the destination hotspot for the wannabe traveller! Showcasing affordable, luxurious getaways for the budget conscious! With the combination of my financial knowledge and travelling experiences I aim to show you, with a little planning, the right budget and a realistic goal you can fulfil your travel fantasies and explore the world whatever your budget or desires may be!