If you are planning the trip of a lifetime for the 2019 holiday season, you might be on the market for getting a little extra financial assistance to put your plans into motion. The field of travel finance is a bustling industry and – for the savvy consumer – can offer many excellent opportunities for economical and relaxing vacations.
The trick, however, is to start your search for a great deal with as much information as possible. Without organisation and a solid plan, you might find yourself still paying off on those sandy beaches and lavish hotels until next summer! To avoid any more post-holiday blues than necessary, we have distilled a picture of the travel finance environment to give you a better picture of what to expect.
Let’s take a closer look at some of the best practices and opportunities in travel finance in 2019.
Try Applying Online
These days, the internet offers an abundance of opportunities for fast, easy, and often reasonable travel finance. In many cases, online loans can be had for lower interest rates than their brick-and-mortar counterparts. This is because there is a great deal of competition for your business in the digital environment.
There are also many useful tools available online to help you sort out what the terms of a particular travel finance package will entail for your budget and lifestyle in the long-run. Try looking for a reliable travel finance calculator to give you a picture of how particular interest rates translate into monthly payments. This will help you plan that holiday you’ve been dreaming about without breaking the bank.
Budgeting Is Always Important
Knowing the total estimated cost of your travel expenses before heading out to search for travel finance is essential. You certainly do not want to be paying interest and/or fees on a loan that is too large when this financing is not needed. Have a solid grasp of your current personal financial situation to know how much of the trip you will be able to pay for upfront. Subtract this from the total cost and you will be ready to search for the best deal on a travel finance loan.
Keep in mind that financial experts suggest that discretionary spending on credit while on holiday should be minimised. This does not mean that you should avoid travel loans altogether, though consider cutting back excessive spending on luxuries like fancy restaurants, private transportation, and lavish accommodation when you arrive at your destination.
Prices for just about everything vacation-related are much cheaper if they are booked long in advance. This includes hotels, flights, and even all-inclusive resort packages. The more organised you are and the more planning that you put into a trip, the more economical the overall holiday will be.
Best of all, the earlier in advance you decide on the details of your trip, the more opportunity you have to save some of your paycheques to finance the trip out of your own pocket. Try starting small and setting aside a percentage of your earnings in a separate account, a piggy bank or even under your mattress, specifically for your getaway.
Do Not Make Any Rash Decisions
As you might expect, it is usually better to pay for your holiday upfront. However, sometimes circumstances necessitate a bit of financial assistance if an opportunity is simply too good to pass up. That said, make a wise decision and be aware of the ins and outs of any travel finance loan you sign up for. If the relaxation you glean from your trip is not worth the stress of paying for it later, then maybe it is better to wait.