Earlier this month, it was announced that several countries in Asia were in the initial stages of reopening their borders for international tourism.
This number includes China and Vietnam, the latter of which had previously offset the impact of the coronavirus by promoting domestic tourism nationwide.
For those of you who may be dreaming of an extended trip through Asia, the only question that remains is how will you fund your travels while overseas? Here are some steps to help you on your way!
Plan Before You Go
Let’s start with the most important consideration; as you cannot hope to enjoy a viable trip overseas without planning out your adventure first.
While we understand this may undermine the spontaneity of your trip (and recognise that you cannot account for every eventuality when travelling), this can help you to save you money and empower you to make the most of your travel budget.
Most importantly, we’d recommend that you calculate the costs of travelling or living overseas in your chosen Asian destinations, while bearing in mind that some Southeast Asian nations may offer a more competitive cost of living.
Ideally, you should also create a financial contingency, which allows for those easy to overlook costs that undermine even the best-laid plans!
Identify Money-Making Opportunities Abroad
If you intend to stay overseas for an indefinite period of time, you will also need to identify money-making opportunities while overseas.
Ideally, you’ll be able to seek out passive streams of income when travelling through Asia, as this will allow you to make the most of your trip. Trading the financial markets and variable assets such as currencies and bonds offers a relevant case in point, as this can help you to acquire incremental returns through largely automated trades.
If this remains outside of your comfort zone, you could consider an option such as travel blogging. This can be done as a way of charting your travels, while providing insight and information to others who want to follow suit.
Alternately, you could consider teaching in certain locations in Asia, with the demand for English teachers particularly high in the Southeast of the region. This is a little more time-consuming, of course, but it’s also rewarding and relatively well-paid.
Sell All Non-Essential Items
If you’re planning on living overseas for a while, you may also want to consider selling some of the items and possessions that you’re unlikely to need on your return.
If you own a car, for example, it makes sense to sell this on before you leave, as otherwise you’ll be lumbered with a useless and depreciating asset that will continue to incur tax charges.
The key is to make an inventory of your possessions and estimate precisely how long you’ll be away for, before determining what you’ll need to pack and what can be easily replaced on your return.
This offers a simple and quick source of cash, which can boost your travel budget and afford you an even better experience while overseas!