Are you dreaming of traveling the world? Unfortunately, this would require quite a bit of cash. Here are some ways to help you save up for it.
Freelance
The internet is your oyster. There are many ways you could make cash on it. If you have a skill, you could put it to use, freelancing online. You could make quite a bit of money this way, as you will be paid in a foreign currency.
What’s great about freelancing is that it’s something you can even do while you’re traveling. This means you’d have a continuous flow of money whenever you need it.
Sell Things
What do you have lying around the house? There could be a lot of furniture collecting dust in your garage. There may be some antique stuff passed down that you don’t use. You can sell them. Just make sure that you’re selling for the best rates possible – this is especially true when selling antique items, as you might not know the value of what you have.
Board
Whenever you’re away, you could rent your house out to boarders. There are countless platforms that can help out with this. The most famous would-be Air BnB – it even offers insurance so that if anything were to happen to your property, you would be covered. And the platform lets you review the people who are interested in your home. So, you’ll be able to find someone who’s the most suited.
Of course, you could find people from the advertisements you post as well. You might even have friends or family who are interested in boarding while you’re away.
Borrow
Let’s say you’re planning a huge trip. You’ll need a lot of cash, especially if you’re going to visit a first world country. You could get some cash through borrowing. Instead of getting it from loved ones, why not speak to banks or private companies? You could take out a second mortgage. Third and second mortgage options would be taken over your existing one; they would have very low-interest rates, and you would be able to borrow huge sums.
You could take the second mortgage from the bank or company you took the original home loan from. A good move would be to look around – someone else might be offering the lowest mortgage rates in Ontario.
In line with this point, you could borrow against credit cards as well. However, the interest you’ll be stuck with would be a lot.
Fixed Deposits
You could divide some of your savings into a special account for traveling. Instead of a savings account, think about a fixed deposit. A lot of interest would be placed on the sum, snowballing it to a massive amount in the future. Fixed deposits are great, as once you put money into them, they can’t be touched until they have matured.
To summarize everything we discussed, there are plenty of ways for you to collect enough money to travel. From the points we discussed, letting in boarders to your home would probably be the easiest.