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How to avoid going broke while travelling

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Going abroad may be off the cards for most people this summer, though the restrictions on travel could potentially encourage people to go bigger and better next year instead.

If being stuck indoors during lockdown for much of the past year or so has made you keen to get out and see the rest of the world once the coronavirus pandemic has fully abated, we’ve got some tips to help ensure you can stay on the road as long as you desire.

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Save sufficiently
Whether you had to scrap your plans to travel because of the COVID-19 crisis or have developed feelings of wanderlust, when the time comes to backpack again you will want to ensure you have enough money in the bank.
If you are planning a trip for next year, set aside an amount each month until your departure so you know you’ve got enough funds to get what you want out of the experience.

Create a budget and stick to it
The last thing you want to do is get halfway across the world and realise you won’t have enough money to fulfil the initial itinerary you had planned.
Once you know how much money you’ll have in your savings pot when you set off, plan a budget to ensure you don’t run out of money. It’s important to take exchange rates into account as prices will vary across borders. You might not be able to survive on a daily budget intended for Budapest when you’re in Paris, for example.

Choose affordable destinations
Obviously, your money will last longer if you spend your time in inexpensive destinations. Rather than heading to Dubai, Singapore or New York, dive deeper into countries like India, Colombia and South Africa.

Make money while you travel
Another way to avoid running out of money is to try to keep making it while you’re on the move. Here are a few ways you can do that:

Trading: If you’re unsure about getting a job due to visa restrictions or the language barrier, putting some of your money towards a trading account can help you stay afloat financially while on your travels. You can use tools like the MT4 online to trade forex wherever you are in the world – it can even be accessed from your smartphone – so it’s easy to make money while you travel.

Get a job: If you’re staying in a particular spot for an extended period, working in a bar or restaurant can be a great way to top up your funds and also meet new people. If you required a visa to enter the country, make sure you are legally allowed to work and will not be contravening the law by doing so.

Freelance: The rise of high-speed Wi-Fi and flexible workplaces across the world has led to an increase in what has become known as ‘digital nomadism’. All you need is a laptop and an internet connection at your accommodation and you’ll be able to earn from any location.

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