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How to travel more and be fearless about your money

You see all these influencers on social media jetsetting and living the good life, and you’re inspired.

travel more - collage of travelers

It makes you want to travel more and explore the world.

But you just know that could never be you, right?

You’ve heard it before: You don’t need a ton of money to travel a ton. That message isn’t sinking in, though, because of guilt. You have debt, and no responsible adult should travel if they have debt!

Right?

Not quite.

Did you know that close to 50 percent of Americans don’t take advantage of their allotted days off?

There is a serious problem here, and it isn’t our bank account—the problem is our mindset.

Luckily, there’s hope. By practicing these simple steps, you’ll be well on your way to being fearless with money and booking your next trip.

Travel more with these five money mindsets.

travel more - woman with iphone

#1 – Develop a solid savings plan

You need to put your mind at ease. Having a simple plan for savings does exactly that.

This is what I did when I lived in Macau: Every time I was paid, I transferred everything into another account that I couldn’t touch. When I say “everything”, I mean everything after I paid my rent and other bills, and after my living allowance. I left $500 in my main account for my allowance and then transferred the rest.

This meant that I didn’t need to budget. I just had in mind that I only had $500 to spend for the rest of the month and acted accordingly.

Budgets can be stressful: Having to keep track of every penny you spend is tedious, as is making sure you don’t go over the $20 set for groceries each week. What happens when groceries cost you $20.50?

Instead, determine the minimum amount of spending money you’d need to “survive”, including rent, bills, and allowance—then transfer the rest right off the bat.

Ideally, your second account would be a high-interest savings account. Shop around. Let your money work for you. To my Canadians, I’d recommend Tangerine—they have the best rates I’ve seen. Plus, they pay you for signing up, and they give you a referee code, so you can refer folks and get $25-$50 each time. (You can use mine: 39775035S1.)

#2 – Develop a system to pay off your debt

Use part of the money you’ve been transferring into your second account to pay off your debt. Start with the debt that has the highest interest.

Here were my stats:

$2,500 in credit card debt

$4,000 on my line of credit

$4,000 in student loans

Since my credit card had an extremely high interest rate, I paid it off in two payments. Next, I tackled my credit line in three payments. I now have $3,900 of student loan debt left, which I will eliminate in two payments.

During this time of paying off debt, I didn’t shy away from traveling, because I knew I had a plan. My mind was at ease.

Granted, I made $4,500 Canadian a month and my taxes were negligible, and I was paid four-figure bonuses several times a year. However, the point stands: I looked at what I had and made plans accordingly.

I managed to save and travel when I lived in South Korea, even though I was only paid $2,000 a month, using the same principle.

#3 – Get a side hustle

Imagine spending your whole life only eating broccoli. For breakfast, lunch, and dinner, you have a big bowl of the green stuff. Wouldn’t you get bored?

So… Why get your money from only one source? Let’s diversify our income streams.

Starting a business isn’t easy, but it’s easier than it was 20 years ago. We live in a time when social media can be used to gain free or cheap exposure—let’s take advantage of it.

To determine what your side hustle should be, answer these questions:

What are you good at?

What skills do you have that can be monetized?

What do people come to you for? What type of advice are you constantly asked to give?

travel more - woman with side hustle photography

Once you determine your side hustle, let people know what you do—referrals are a great way to bring in healthy amounts of money. For example, a friend of mine knows I am an English instructor, so he put me in contact with his cousin, who wanted to up his English proficiency. Then, his cousin referred me to his other cousin.

To reach a wider audience, put what you do in your social media bios. Focus on the value you deliver to a certain set of people. Think of yourself as the bridge between your clients and the results they want to achieve.

#4 – Become serious about the hustle

So you want to be a legit digital nomad? I foresee loads of reading in your future—the learning never ends. Luckily, Pinterest is a phenomenal search engine for entrepreneurs, so you’ll be able to find articles on how to become a money-making machine—but, to get you started, here are some of the steps I recommend.

Start a blog to market your services and position yourself as an expert in your niche.

Determine who you’re trying to serve—in other words, figure out your target audience.

Get to know your target audience—you’ll have to get to know them intimately. Find out where they hang out online. Find out what their hopes and dreams are. Heck, if you think it will be helpful, find out the last time they went to the dentist. All this information is going to help you create a lane for yourself – your own personal branding and value. No, you’re not just a photographer. You’re a photographer who helps this audience achieve this result.

My favorite resources:

Byregina.com and MelyssaGriffin.com

These two women give you loads of valuable and FREE information on how to make money through your blog.

There is a place for you in the marketplace. You just need to carve it.

adventure

#5 – Embrace the fear

You’ve probably been flirting with the idea of entrepreneurship and travel for a good minute, but you didn’t dive in because of fear.

Try to understand where this fear comes from. What exactly are you afraid of?

I was afraid of being broke, because I feared what others would think of me. I feared being seen as a failure. Then, I realized that their opinions of me can’t be invested in stocks and won’t give me dividends. I realized that a good way to put the fear of losing money in the backseat would be to give some money away.

Ideas:

Give your friend a ride without asking for gas money.

Treat a loved one to lunch.

Invest in taking a class that will further your dreams.

Buy your significant other their favorite chocolate bar while you’re at the grocery store.

Practice generosity on a regular basis.

Us millennials are a generation obsessed with self-improvement. Let’s heal our weaknesses, so we can get the most out of life and travel. Don’t just be a silent bystander. I have full faith that you can implement these steps, be fearless about money, and travel more without having to keep track of all your spending.

You can go on short trips on the weekend. You can go on international flights. All you have to do is make up your mind to do so.

I believe in you.

Written by Magda Ayuk

Magda Ayuk is an Instagram poet and language instructor who provides soul hacks and language courses to aspiring digital nomads. Follow her  @magdaayuk to keep abreast of her new site launch.

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