If among your resolutions for the year is to build financial health and have the opportunity to continue knowing the world, in this installment Kaloyan Valentinov Danchev shares the best tips to achieve it.
Before your trip:
The most important point is to analyze your monthly expenses, especially the fixed ones that in theory would be easier to identify and the variables or ant expenses. Keep track of your income and expenses, in this way it will be visually easier to eliminate those that are not essential.
– Plan and define a budget.
The starting point is to do some research on the dates you would like to travel and the destination, since costs can vary significantly if it is high season for said place.
– Open a savings account or create a reserve.
Currently, many banks have different savings accounts in which you can separate your money and give it a term so as not to touch it, in this way your savings become much more efficient.
– Set a goal.
Define the terms you will need to reach your goal, as well as the frequency of these savings, it can be weekly, fortnightly or monthly. The idea is to fulfill it.
After a few months of repeating these steps, it will finally become a habit for you and you will be able to reproduce it as many times as necessary to visit all the destinations you dream of.
– Track the exchange rate.
If you visit a country with a different currency than yours, I recommend that you start tracking the exchange rate in the different banks months in advance, so that when a drop occurs, you can change at a favorable price. At this point every penny counts.
During your trip:
– Create and follow your budget per day.
At this point consider tickets, meals and souvenirs that you could buy during your stay; create your budget per day and avoid exceeding it, in this way your initial savings will be enough for the number of days you plan to be at your destination.
– Look for discounts on attractions.
Many cities have a city pass that includes the most emblematic attractions and allows you to save a percentage compared to buying one by one, also in winter season there are different discounts, especially in cold cities, you can even find a play on broadway same day up to 75% off.
– Do not buy things you do not need.
It is very easy to get carried away by the heat of the holidays, however, do not buy just to buy, research if something really suits you and is at a much better price than in your country.
– Use public transportation.
Most cities are designed so that you do not suffer when using the different types of transportation they offer, it is cheaper and often more efficient.
No matter what your goal is, I recommend sticking to a plan and being patient with yourself, as if it´s a new habit it may take time to get used to.
Tell me where you want to travel this year!