Travel While Taking Care of Your Finances
Senior Home Loan Advisor
Caitlin Chen
Published on January 12, 2021

Travel While Taking Care of Your Finances

People may tell you to wait until you are older to travel, so that you can focus on your financial future now. But why wait when you can start enjoying your life to the fullest now? There are plenty of ways in which you can travel without breaking your bank and suffering financially. Here are a few pointers to keep in mind.

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Travel within the Continent

You may want to go see some exotic faraway places at some point, but intercontinental flights can be, well, expensive. This might seem like a big impediment to traveling, but sometimes it’s good to look a little closer to home in search of interesting vacation spots. Try to not overlook amazing travel destinations within your own country or continent.

For example, you’d be surprised by just how much the North American continent has to offer. Think about the ancient cultural landmarks of Mexico, the breathtaking landscapes of Costa Rica, or the diversity and variety of experiences in Colombia, all in relative proximity to the United States. This way you avoid losing money on expensive airfare or time on extremely long flights.

Make the Most of Currency Exchanges + Invest Your Spare Change

It might seem like you don’t have a lot of money to travel if you look at it in dollars, but you’d be surprised by just how much your money can be worth after factoring in currency exchange rates. For example, a dollar is worth around $18 Mexican pesos, $3,300 Colombian pesos, R$4 Brazillian reais, and $1 Cuban peso. Places such as India, China, and Thailand will also have low exchange rates. This means that expenses, from small food purchases to all of your lodging costs, will be a lot less than what you are used to paying for them in the United States.

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As a result, while you’re traveling, you can invest your spare change using investment apps, and start to invest even more in your financial future. Acorns is an app designed to help you invest your spare money, regardless of how much that is. Acorns will “round up” your purchases to the next dollar, essentially investing your spare change, and all you need to do is link a debit or credit card to the app.

Accumulate + Redeem Miles

There are a lot of opportunities out there for you to accumulate miles to later redeem for air travel. For example, you can pay with your reward credit cards or sign up for airline loyalty programs. These will allow you to redeem your miles or points in exchange for reduced plane tickets when you go on your next travel adventure. Some programs will even allow you to get discounted rates on hotels and experiences in the locations you visit. Always ask your bank if there are rewards or miles programs available to you.

Final Thoughts

It is never too early to start traveling while also investing in your financial future. Consider starting by traveling close to home or within countries where your home currency is strong. Also, signing up for reward programs will allow your trips to help fund future vacations.

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Senior Home Loan Advisor
Caitlin Chen Senior Home Loan Advisor
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(213) 248-1230