Travelers Money Mastery: 4 Strategies for Financial Freedom
Easy Financial Tricks To Do Now
Financial freedom as travelers and digital nomads is a dream all of us share and here are 4 Strategies to help reach your financial goals faster! Money is not the most important aspect of traveling, arguably I believe that goes to enjoying and experiencing new activities and friends but it’s important nonetheless. We do need money for food, healthcare, transportation and having a roof over our heads. Here are 4 powerful financial moves designed to supercharge your savings and keep your travel dreams within easy reach. Like every post on Nerdticket.com, this one is focus primarily on financial freedom for travelers and digital nomads.
4 Strategies for Financial Freedom
Grow your nest egg: Open up a high-yield saving account
Ditch the measly returns of traditional accounts and embrace high-yield savings. Financial Freedom for travelers and digital nomads is faster than you think with the help of high-yield saving accounts.These accounts work magic, growing your travel fund faster than ever. Basically let your money work for you while you sleep. After years of saving, why not let your money grow faster?
The standard saving rate of U.S. based banks as of 2024 is 0.53% APY. The world’s biggest banks such as Chase and the U.S. Bank give you an even lower amount of return at 0.02% APY and 0.01% APY respectively. Pathetic.
With a high yield saving account from Ally, SoFi or Synchrony, you get a much higher rate of around 4% APY.
Here is a link to a High Yield Saving rate calculator. No need to sign up or anything, just add in your number and the webpage will instantly give you a calculator of returns.
Imagine turning $10,000 into $10,475 with a 4.75% APY, compared to the $50 you’d earn at a big bank. It’s a no-brainer! Remember, every dollar counts when saving for travel.
Conquer credit card debt: Pay your credit card bills in full
Before starting this useful financial move to fatten your wallet, keep this rule in mind. Make sure not to make any purchase you can’t pay within a month worth of time. So this amount varies person to person depending on your financial situation. But anyways, pay your credit card bills full at the end of every pay period.
High-interest credit card debt is the arch-enemy of financial freedom for travelers and digital nomads. Before you embark on another travel journey, conquer this beast by paying bills in full each month. Remember, 25%+ interest rates (industry standard rate for credit cards) can quickly devour your travel fund. Prioritize eliminating debt – it’s an investment in freedom and your future adventures. Also consider only using Credit Cards with No Foreign Transaction Fee, this is an instant money saver to all digital nomads and travelers.
Negotiate Your Bills Like a Pro
From phone plans to streaming services and everything in between, many monthly bills are ripe for negotiation. For phone bills, talk to your phone company about potentially switching to a competitor. There is a chance they will give you an offer to keep you to stay with them. Don’t be afraid to chat with your current providers about competitor offers or better deals. If not, explore the wealth of alternatives like USMobile, Google Fi, RedPocket, Visible, and more. Remember, competition breeds savings, so research, compare, and negotiate your way to lower monthly bills – freeing up more cash for your travel adventures!
For the streaming service, think about which stream service you actually use on a regular basis. Immediately cut the ones you do not use regularly. Basically do not pay for any service in which you don’t use. For the streaming services you use regularly, if you call up or try to cancel them online, they often give you a discount just to remain a loyal customer. The secret about negotiating your bills is that from a company standpoint, it’s easier and more economical to keep a customer than to get a new one. Use this to your advantage to be a step closer to your next trip.
Tackle Debt
The last financial move you should take to fatten your wallet immediately is tackling any debt you have. Here are four easy steps to tackle your debt so you can be debt free faster.
- Make a list for any outstanding debt you have based on the interest rate, from highest to lowest.
- Tackle the top debt first and pay minimum on everything else.
- For the top debt you identified, pay extra on it until it’s fully paid off.
- Repeat these steps with the new top debt.
Strengthen your finances
By implementing these smart financial strategies, you won’t just fatten your wallet, you’ll unlock greater freedom and flexibility to fuel your travel dreams – both in the short and long term. Imagine the incredible experiences, new cultures, and personal growth awaiting you as you explore the world on your own terms.
Ready to kickstart your travel plans? Share your questions in the comments below, and stay tuned for even more “financial moves everyone should do” articles coming soon!
