There are travelers who have left their eight to five job and changed their cubicles into endless roads. While not everyone may cut out the same kind of path, wherein others stick to their jobs while going on travels every now and then, it is important that one must be prepared to secure the future.
Life on the road is not always a bed of roses. There are extra expenses that may be incurred when you are mobile. Plus, a sustainable job may also be a concern. To top it all, various external challenges occur unexpectedly that may often deplete one’s financial resources. Take for example the following events in different countries that rocked the global economy and affected the livelihood of many people.
Greece debt crisis
Rise of US interest rates
Decline of China’s Yuan
Low global oil price
So, how do you counter these occurrences and make sure that you still have something while traveling? How do you finance your travels and other needs? Here are a few tips that you may want to consider in order to secure your future:
1. Save, Save, Save
While you are still able to earn, make it a habit to set aside a certain amount for your various funds – for emergency and hospitalization, for retirement, for travels, for the family & children, for certain projects, and for investments. Take note, savings is not something that remains after you spend your earnings. It’s the other way around. Once you receive your remuneration or salary, immediately put an amount to your savings account and then budget whatever remains from it. All it takes is a bit of discipline until you get the hang of it.
2. Manage Your Expenses
There are those who argue that they are not able to save because their income is not enough to cover all their expenses. Then, you have to cut down on unnecessary spending or be wise in choosing what you buy, where you are able to get the right value for your money. Maybe there are cheaper alternatives to what you usually spend on? Like dining out, where you can either cook at home or prefer more affordable options than eating in restaurants. Otherwise, if you have too many bills to pay which you feel are important, then you have to find a way to increase your income, whether to look for a higher paying job, or get other work or business opportunities.
3. Monetize Your Time & Skills and Earn on The Side
You may already have a full-time job but the salary is not enough. Or you run your own business but income is not sufficient or sustainable. You have to find other sources of income. If you are traveling, maybe you can blog and earn from it, or build a business online, or take some freelance work, or have your place or car rented out. Your time, skills and assets can help you earn additional revenues that can be added to your funds.
4. Invest and Diversify
Putting all your money on a savings account may not be sufficient to finance your travels and your future. Bank rates are quite minimal. To make your money grow, you can put some (not all!) amount, something that you consider dispensable, into various investment opportunities. And don’t put all your eggs in one basket. Diversify.
Recently, Sun Life Asset Management introduced to us its Prosperity Card, which you can gift to your loved ones and even to yourself, to let people start investing. The card costs P5,000.00 (app. USD 106.40) and the card’s recipient can activate it online through is stores in the Philippines, or through a Sun Life Mutual Fund Advisor and choose from the available six types of investment. It ranges from low earning, low risk to high earning, high risk. As Sun Life Asset Management Company, Inc. (SLAMCI) President Valerie “Riena” Pama puts it, “Investing in mutual funds is now more convenient and more accessible than ever with the Sun Life Prosperity Card. We hope that with this new offering, more Filipinos will start an investing habit and ultimately achieve financial security.” More information can be found at sunlifeprosperity.com.ph.
Be a wise traveler. Make sure that your future is financially secured while enjoying the present by exploring different places. Your passion to see the world shouldn’t put your other plans — like building your tomorrow — on hold. Let PROSPERITY, as much as ADVENTURE, be part of your vocabulary and your everyday life.
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