How to Finance Your Next Road Trip

How to Finance Your Next Road Trip

There is nothing more thrilling than planning a road trip, be it to Vermont or through California. However if you want to take full advantage of your road trip by staying in some great bed and breakfasts, seeing all the sites, and eating in top restaurants, you have to have enough money to afford all these mini-adventures. What can stop your adventure in its tracks is not having enough money for spontaneity. Before heading on what could be the best road trip of your life, you need to figure out a way to fund it—here are some things you can try:

Consider Your Best Financing Option

Before gassing up your car, ask yourself this: how are you planning to cover your expenses? The most obvious way is to tap into your savings, but there are other routes you might want to consider.

One option is to get a personal loan specifically made for vacations, which US News says can fund once-in-a-lifetime trips. This will give you a set budget that you can easily stick to. However, what you have to be wary of concerning vacation loans is the interest rate, which could fall between 1% to 6% of your loan amount. This is why a much safer option is to start saving far in advance of your trip.

If traveling on a road trip abroad most people will put their purchases on their credit card. However, say you’re staying in an Italian bed and breakfast, you will be hit with foreign transaction fees. According to Marcus, this is usually the case when you buy something in a different currency and the fees are around 2% to 3% of the price. If you use your credit card for everything, you might be looking at a hefty unexpected price tag when you get back. This is why it is also best to carry around some cash or traveler checks. If you plan your trip right you can plan to pay for certain things in cash, saving you from foreign transaction fees.

Use Card Points to Cover Expenses

If you don’t have a Getaway Gift Card to pay for your bed and breakfast, look into your bank or credit card provider’s reward system.

Business Insider lists several ways you can use the existing points on your credit card to fund your trip, starting with cashing in statement credit points to rent a car or an RV. You can also use a hotel credit card to book a room or pay for an overnight stay at a remote cabin. See if your provider has reward systems, like cash-back or travel rewards that can cover some of the costs of your road trip.

Leverage Your Social Media Following

Living in the social media age provides a lot of opportunities for travel especially if you have a large following. An article on Travel Weekly explains that micro- and macro-influencers often get paid to travel and promote anything from hotels and restaurants, to entire cities.

If you have a small organic following (10,000-50,000), consider reaching out to brands for a deal. For example, ask a hotel or a vehicle rental company if they make deals with influencers to promote their business to their thousands of followers. Just make sure to be polite and not be entitled as any business has a right to refuse your offer. However, this is a very real strategy employed by many businesses in the travel industry, so there is nothing wrong with approaching them to inquire!

A road trip can be an unforgettable time in your life. Just make sure that it’s for all the right reasons by hitting the highway with financial security.

Article penned by Bluebelle Jacobi for bnbfinder.com

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