SAVE UP for your Travels with the 52-Week Money Saving Challenge
Traveling is not always cheap and many travelers postpone their Travel plans due to insufficient savings. Saving money for travel can often be rather challenging. At the end of the day, many travelers prefer to spend money on things we see immediately rather than future traveling adventures.
1 way to save money for your journeys is your 52-Week In this guide, Jakub Krejci — an electronic nomad who invest money to generate passive income — will explain to you how it functions and how you can use it to save cash for your next trip.
Read until the end to find out how you can hack on your
The plan is simple: Every week you place away one additional dollar to your savings. In the first week, you save $1, at the next week , in the next week $3 etc. At the end of your 52-Week Money Saving Challenge you’ll have saved up $1,378 towards your trip plans.
To Be Able to follow through the plan, I suggest to print Out this table and put a checkmark after every completed week. That way you will be accountable and won’t overlook your rescue program. Print out it here.
Hack Your Money Saving Challenge With P2P Lending
In various P2P lending systems rather than transferring it into your savings account. Let us see how this works.
P2P lending is a form of investment, in which folks like you and that I Purchase loans of other people. This investment plan is extremely popular among European investors.
A variety of nations. As long as you’ve got a EUR account you can invest. For example, you might have a borderless account together with Transferwise and invest in P2P platforms without troubles.
Why utilize P2P Lending to Hack Your Money-Saving Challenge
There are a few reasons why you should use P2P to save money for Your upcoming experiences.
· Earn additional interest on your savings
· Get stage cashback from 0,5% to 1% on your investment
· Saving your money in a piggy bank will, in fact, lower the value due to the inflation
These are the three Chief benefits you will get when investing in
Here’s a good illustration of the way your saving program can look like. Notice This is simply an example. The bonus amount is dependent on factors such as the deposit amount, curiosity and cashback amount.
In this case, I am assuming That You’re getting 11% interest Annually and also a sign-up cashback of 0,5% after 90 days of investing in the P2P platform. You’ll also be doing the challenge backward since this will give you more bonus on your own savings.
To put it simply, each month you will receive interest for your investment. At the 12th week, you get another bonus of 0,5percent from $558 with all the monthly fee. You could even publish this table here.
Does this really work?
Yes, trust me. I have been investing in P2P loans since 2017 and that I Use it in order to earn extra income so that I can fund my travel experiences. You can read more about how to start investing in P2P loans in my website kubasjourneys.com.
If You Would like to get similar results as in the above-mentioned This P2P lending platform allows investors from all over the planet, even the US or UKto invest into procure property loans. Read more about it on my website.
Drawbacks with P2P financing
However, you should be aware of a few things when calculating on your 52-Week Money Saving Challenge.
Higher danger: P2P financing Includes a higher risk compared to saving your money Beneath the pillow. Make sure that you invest in platforms that offer a good protection of your investment. (For instance, EstateGuru includes a lower risk in regards to investing.)
Liquidity: Generally, you can get your money in your savings Account. On P2P platforms, you want to wait until the end of your investment period to draw your money.
Being accountable for your actions is the Secret to successfully Constantly remind yourself about your long-term fiscal targets and why you began with the money-saving challenge in the first place.
Put your cash on a separate account
To automate your savings schedule, simply set up weekly recurring Transports to your savings accounts. If you utilize one of those digital banks like Revolut you can use functions such as the Vaults, that allow you to save up money frequently.
Can the challenge with your friend
Possessing a struggle with a buddy will inspire you to Remain on the right track. It is more fun and you’ll be usually more liable to follow through with your plan.
If You’re someone who thinks in new year’s resolutions, then you can In reality, almost one-third of Americans create money-centric new year’s resolutions.
Add Extra payments
Did you get some additional income or tax refund? Instead of Spending it immediately, add the cash towards your money-saving challenge. Trust me, you may enjoy it more when it adds up to your closing balance.
Can the battle backward
A trick a Lot of People use when engaging in the 52-Week Money Challenge is to get it done backward, meaning you save up $52 the first week, $51 the second week and so on. This process is particularly useful when applying my hack P2P lending
Who’s the 52-Week Money Saving Challenge ?
The 52-Week Money Saving Challenge is not only for people who want To save up money for their travels. It is for anyone who would like to increase their financial situation so as to pay for a bigger investment.
You don’t need to wait until new year. The sooner you start with Your 52-Week Money Challenge the sooner you can reach your financial goals and the sooner you can begin journey.
Reserve your flight: If your flight isn’t reserved yet — check out the flights My top saving tip is endurance. If you are flexible, you should be able to find a cheaper flight.
Book your If you’d rather stay in a hostel, you ought to take a look at the choices on Hostelworld. If you click the Airbnb connection and you do not have an account yet — you’ll get a $30 discount on your first booking.
Shield your adorable face: Oh, you may want to protect your cute Face using a travel medical insurance. I’d suggest SafetyWing as they offer you the best prices, especially for long-term travelers. Otherwise, you can also have a look at World Nomads.
Pack the essentials: You can consult this listing when it is time to pack your own bag! Do not leave without a universal charger, a power bank along with your passport!
Do you need a visa? If you are not sure if you need a visa, it could be a Smart idea to take a fast look before you go. It’s possible to use iVisa — it is super easy and easy to use.