Traveling is one of the greatest joys you can experience. When you pack up some essentials and head to a new destination, you get the chance to learn more about the world, engage in new activities, and return home with incredible memories that will last a lifetime. Additionally, you can interact with cultures and people that you may never get the chance to otherwise.
The problem with traveling is that it can be expensive. In addition to all the bills you pay on a regular basis like groceries, mortgages, rent, utilities, car loans, and everything else, traveling forces you to spend even more money on accommodations, transportation, eating out, and amenities.
This makes traveling an expensive hobby. However, there are many ways to make your vacations more affordable so that you can continue to enjoy trips. Here are some ideas for Canadians looking to earn more money for their travel aspirations.
A guaranteed investment certificate (GIC) is a great way to build wealth passively. Essentially, you are lending money to a bank for a set length of time, receiving a good interest rate and guaranteed return as long as you do not withdraw any of your money for the term length. These high-interest investments are very safe since banks are legally obligated to pay GICs back, even if they go bankrupt. This tool can be a great solution if you have some extra savings that you know you won’t need to access for a long time. If you have multiple GICs, then you could earn a substantial return while doing no work whatsoever to help fund your future travel plans.
Become A Business Owner
One of the drawbacks of having a regular job is that you have to save up money and vacation time if you want to travel. Many employees only get two weeks of vacation each year. Maybe you have been at the same company for a long time and have worked your way up to four weeks. Becoming a boss yourself could free up more time in your schedule for traveling while also increasing your profits. If you do not want to build a new company from scratch, you could always buy an existing business if you have extra capital. For example, a restaurant for sale in Calgary, Alberta, could become a significant income stream if you have a lot of business experience in the industry and can run a restaurant effectively. As an owner of a thriving business, you can have greater income and more freedom to travel.
Earn Travel Rewards
Credit cards are a staple of most wallets and purses in Canada. The bulk of your purchases may be made with a credit card. Perhaps you have cards that are not earning you significant rewards and it is time for a change. Choosing the right credit card could yield better travel rewards such as air miles or even points to use at hotels. If you have that type of card for long enough, you could earn enough points over time to cover a flight to travel to a ski resort in Quebec. These rewards take time to accrue, so the sooner you find a credit card with travel perks, the sooner you can start making your travel plans more affordable.
Invest In A Mutual Fund
Investing the money you have is the best way to build wealth faster. You work hard to earn your salary, so why shouldn’t your money also work hard to make even more? One safe strategy of investing is mutual funds. These are funds that build large and diverse portfolios of investments so that backers can receive dividends at least once a year. Since this strategy is very low-risk, it is also low-reward. However, it is a very dependable way to build wealth over time. If you invest in a mutual fund now, you could use the dividend payouts to support travel plans in the future.
Travel During Slow Seasons
The cost of traveling fluctuates throughout the year. Heading to new destinations in the summer usually means you are competing with tons of other travelers, and this increased demand tends to drive up prices for accommodations, transportation, and amenities at the destination. If you can find times that are slower for the location you are visiting, then you can save a lot of money with lower costs. Instead of going to British Columbia in the high summer when the place is packed with tourists and high prices, try going in the fall or spring to experience smaller crowds and more affordable travel expenses.
Saving Is Always A Priority For Travelers
Saving more money is the key to funding your travel goals in Canada. Whether that means becoming a business owner to increase your primary source of income, turning your money into more money with a GIC or mutual fund, or traveling during the slower seasons to find lower costs, saving will make your dreams of traveling more affordable. Try out these strategies so that you do not have to drain all your savings whenever you go on a trip.