While nearly everyone has a bucket list of travel destinations they’re eager to visit, not everyone has the financial means to make it to their favorite vacation hotspots. Gaining the financial freedom to travel helps provide you with a near endless list of destinations to explore and enjoy. Once you’ve gained the financial freedom to travel, you can set out and travel the world without any restrictions on your destinations.
With nearly half of Americans saying they weren’t planning a summer vacation in 2018 because they can’t afford it, according to BankRate.com, learning how to achieve travel and financial freedom is imperative if you want to reach your bucket list destinations.
In order to achieve financial freedom to travel, we’ve compiled a list of our best tips to help you travel more with financial freedom.
- Set Your Travel Goals
To achieve financial freedom to travel, you must first set and write down your travel goals. If you’ve set travel goals and have written them down, you’re much more likely to work harder in order to achieve your travel goals. Adding dates and more details to your travel and financial freedom goals can also help set you on a path to travel with financial freedom. Making travel goals and viewing them daily can also help provide more motivation to travel more with financial freedom.
- Stop Paying Credit Card Interest Rates
Credit cards can help you purchase travel packages but if you’re not paying them off in full every month, then high interest feeswill start adding up quickly. You should only be using credit cards if they can fit in your monthly budget in order to pay them off without any interest. While credit cards can also earn bonuses like travel reward points, having to pay pesky interest rate fees will eliminate any bonuses gain from the credit card.
- Pay Off Debt
In addition to avoiding credit card debt, you should also be vigilant about paying off all your other debt that could be hindering your plan to travel more with financial freedom. Student loans, car payments and medical bills can quickly drag your finances down to make gaining financial freedom to travel a more difficult task. By setting aside a portion of your monthly income to pay down debt, your ability to have more travel and financial freedom will soon be achievable.
- Don’t Worry About the Joneses
Yes, your friends and family are constantly posting endless amounts of pictures about their vacations on social media, but that doesn’t mean you need to match their travel habits. Splurging on a European vacation may seem tempting but it’s vital to stay within your budget and not someone else’s when it comes saving for a vacation. Furthermore, buying unnecessary things that you don’t need will help set your travel and financial freedom plans back.
- Save More and Spend Less
It sounds simple but saving more and spending less is the ultimate key to being able to travel more with financial freedom. Once you’ve paid off your debt and your savings and travel accounts are starting to gain funds, the way to stay on the path to travel and financial freedom is by being disciplined with your hard-earned income. With nearly 25% of vacationers reportedly spending over $2,000 for travel, you need to be proactive with your expenses in order to achieve the financial freedom to travel.
In order to help you achieve the travel and financial freedom to visit the places you’ve always dreamed of, consulting with a financial planner can help you set financial goals and find additional savings opportunities to set you on a path toward financial independence.
To help ensure your questions about financial freedom are thoroughly answered, make sure to consult a financial advisor, like Matt Logan, who can help guide you to a path of financial freedom.
Matt Logan is experienced with achieving financial freedom for his clients. If you need help achieving travel and financial freedom through proven strategies geared to fit your finances and lifestyle, don’t hesitate to reach out to Matt Loganto see how he can help you and your family. Give a call today: 336-540-9700.
Matt Logan Inc. is an independent firm with Securities offered through Summit Brokerage Services, Inc., Member FINRA, SIPC. Advisory services offered through Summit Financial Group Inc., a Registered Investment Advisor. Summit Brokerage Services, Inc., its affiliates and Matt Logan Inc. do not give tax or legal advice. You should consult an experienced professional regarding the tax consequences of a specific transaction. These are the views of Matt Logan Inc, and not necessarily those of Summit Brokerage Services, Inc. and any of its affiliates and should not be construed as investment advice.