While the threat of COVID and rising case numbers remain a source of concern worldwide, this disease is now classified as endemic and can be primarily controlled through vaccinations.
Because of this, the global travel and tourism market is finally getting back on its feet and is projected to reach $854.80 billion by the end of 2023.
Moreover, revenue is expected to show an annual growth rate of 4.41% through 2027 as demand continues to rise and more countries (including Australia) start to reopen their borders fully.
But how can you fund your travel adventures in the current economic climate? Here are some ideas to keep in mind!
3 Steps on How to Fund Your Travel Adventures This Year
#1. Get More Than One Job and Open up Passive Income Streams
One step is to take a proactive approach to fund your international trips as you look to create one or more additional income streams that can boost your bank account.
For example, if that’s possible, you could get a second job or do more work for your current employer. This will take planning and discipline, and you’ll need to make good use of your time so that it doesn’t get in the way of your personal life or other responsibilities.
A similar but preferable option could see you identify passive streams of income. For example, you could become a forex trader, enabling you to speculate on international currency prices and profit without assuming ownership of the underlying asset.
Of course, this will require knowledge and understanding of the marketplace. Still, the good news is that the forex market is more accessible than ever and well-regulated in Australia.
You may like to check out Tips and Tricks to Make up With Your Travel Budget Easier.
#2. Sell Unwanted Items
With sites like eBay and Amazon, it’s also more accessible than ever to sell unwanted items and generate a passive income stream with relative ease.
To achieve this, you need a seller’s account and images of the items you’d like to sell before publishing these online and setting a viable price point that boosts your bank balance while incentivizing buyers to complete a purchase.
Another option is to engage in ‘dropshipping,’ which requires you to buy in-demand goods before selling these directly to customers.
Such items are sent straight from the supplier to their final destinations, and the difference between the wholesale and retail prices is your profit.
Of course, this option requires a little more work, but it can deliver consistent returns over time.
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#3. Budget Carefully and Manage Your Outgoings
If you take the abovementioned approach, you won’t need to work while traveling. However, you can still make passive income while on the move through forex trading and drop shipping.
We’d also recommend that you budget your money carefully to ensure that you make the most of any additional income you earn.
For example, you should budget for recurring costs like groceries and utilities. At first, you can do this by planning your meals ahead of time and buying cheaper food when you can.
When saving for an overseas trip, you should also limit or stop spending and buying things that aren’t necessary. This will help you make small gains that may add up quickly over time.
