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5 Easy Ways to Plan your Finance for your First Solo Trip

Solo trips are an amazing way to experience life in ways that you didn’t think was imaginable. However, you need to realize that financing your first solo trip can be a tedious task. Not only do you need to plan things ahead of time, but you also have to pay attention to having extra money during the trip. You can always opt for some extra income with 20Bets or have a separate travel fund for yourself.

This post will walk you through some of the best ways you can finance your first solo trip out of your pocket. 

  1. Set up a travel fund

Money saved is money earned. So, if you are considering going on a solo trip, we’d recommend that you set up a monthly travel fund for yourself. You can set aside a percentage of your monthly income into that fund and set a goal for a year or two years before you have enough saved to travel to the state, city or even country that you want to visit. Keep in mind that you might have to sort out visa and passport requirements if you plan to travel internationally.

  • Find cheapest options

If you are one of those people that doesn’t like waiting and wants to get on the trips quickly instead of postponing them, we’d recommend that you find the cheapest options. There are a variety of cheap online flights and homestays or AirBnbs that you can consider looking into. We’d recommend that you keep a check for the off-season recommendations for a quicker way for you to get around.

  • Invest for your trip

Another factor that you need to focus on when it comes to planning your solo trip is to invest in it. There are recurring deposits or even short-term funds that you can invest in. They do offer good returns that allow you to maximize your investments and make the most out of them. Also, if possible, ask for advice when it comes to investment options so you can make the most out of it.

  • Take out a loan

Although not the most favorable choice, we’d recommend that you do this if you have the financial security to pay back on time. You can buy your travel tickets and make accommodating bookings using credit cards, which support the loan process too. So, technically, you aren’t paying for the trip but you are getting everything handed over to you.

  • Work while staying abroad

If you are staying abroad and want to travel while living there, we’d recommend you to work. Take up internships, odd jobs that can allow you to have an additional source of income that you can save towards your travel fund. It might not be a lot but everything counts when you are saving up for travelling.

Travelling solo across the world is an exhilarating and fun experience that you can’t switch to anything else. If you are short on finances and need a foolproof plan, this cheat sheet should give you a detailed idea about the process of saving up for your first solo trip.