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Aug 17

5 Tips to Stay Financially Secure While Traveling Alone

Reading Time: 3 mins

Traveling alone comes with incredible benefits. It can broaden your horizon, let you meet new people, help you to do things out of your comfort zones, and allow you to create once-in-a-lifetime memories. 

However, solo traveling also means you’ll be shouldering all the finances out of your pocket. So if you’re looking for some tips on how to be financially secure on a solo trip, we’ve got you covered. Here are a few tips to avoid the financial stress of solo excursions. 

Plan Ahead

Planning for your trip gives you peace of mind. It’ll ensure you don’t run out of money halfway through your destination, especially if you’re going alone, on a far-flung trip, or both. Also, it helps you save more.

Remember this rule of thumb: the less money you spend, the longer your trip is. In other words, the more you can stretch your money and keep your costs down, the more places you can travel to! 

If you’re cash-strapped, the first step to planning your trip has always been to make a budget. The first question you need to answer is whether funds can allow you to go to your desired destination. If not, you’ll usually have two choices: (1) increase your funds and postpone the trip, or (2) go with your funds but choose another cheaper destination. 

Find Cheap Deals

If you’re going for the second option, find cheap deals. Take advantage of traveling tips and tricks online. For instance, when choosing the cheapest flight, go on a trip during off-peak seasons, when the volume of tourists is lower, so hotels and flights will be cheaper. 

Another is to book flights for fewer but longer trips. Think about it. Which is more expensive: a thousand dollar flight for a week-long trip or a thousand dollar flight for a month-long trip?  

If you’re flying within your budget, do the same with your accommodations. One trick is to filter your searches by setting a maximum price limit per night instead of browsing through specific suburbs of towns and cities. Doing so helps you to choose available options only within your budget, preventing you from being tempted to splurge. However, be sure the place has reliable public transport links to get you around without additional costs

In addition, consider properties with equipment that can help you save money, such as proper cooking and laundry facilities, not just a simple microwave or water heater. If you’re lucky, you may even encounter property owners who share food with their local guests, which saves you a ton of money on eating out. 

Be A Part of A Solo Travel Group

You can share your expenses with other travelers but still stay as a single traveler, and that’s hanging onto the savings of a group trip. On these tours, you don’t only end up sharing expenses but also meet fellow travelers to share expenses with. 

Many companies cater solo travel groups, such as Travendly (connect young professionals from the same hometown), Flashpack (connect 30 to 45-year-old solo travelers), and Eldertreks (connect older adults who are 50 years old and older). They’ll help you with the logistics and find services specifically marketed to solo travelers. 

Make Money While Traveling

Packing $200 items you can pawn at a higher price in other local places, freelancing online, or doing travel surveys and market research are a few of the things you can do to earn money while traveling. 

Also, if you have impressive photography skills, you can sell your photos to local people or websites like 500px, Etsy, or Shutterstock. While it may take many photos to make decent earnings, it’s still a convenient way to make a few extra travel funds.  

Additionally, if Asia is your destination, many Asian countries need English teachers. If you’re a native speaker with a good command of English and teaching skills, you’ll earn a lot by teaching Asian students. Professional certifications like TESOL or TEFL may increase your chances of landing a high-paying English-teaching job.  

Get Travel Insurance

While it may sound like another expense, buying travel insurance can help you save much money in the long run. Delayed flights, weather calamities, accidents, and the like are unpredictable on trips. 

If you don’t have insurance to help you cover these unexpected costs, you’ll likely lose a lot of money, cancel your trip, or be unable to go back home. Hence, getting insurance will protect not only all your investments for your trip but also yourself. 

Final Thoughts

When traveling solo, always take safety precautions. Share your planned itinerary and booking details with your trusted family members or friends. Let your accommodation staff know where you’re going and when you’re likely to come back too. More importantly, do in-depth research about the place you’re going to, including the potential dangers, before going on solo excursions.

Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence. 

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