For many of us Fools, the idea of travelling and investing in our ASX share portfolios are two dreams that simply don’t add up.
But the reality is, with a little bit of forward planning and a healthy dose of discipline, you could be travelling the world and still investing at the same time.
I’ve looked at a few easy tips that I have used myself so that you can travel the world and maintain an ASX share portfolio in 2020.
1. Have a plan and stick to it
This advice applies for both your travels and your investments.
The key to investing and travelling is to have a good idea of where you’re going, even if you haven’t planned every last detail, and make sure you’ve created a budget that reflects your ability to spend.
On the financial side, make sure that you’re regularly contributing to your ASX funds so that you’re ready to purchase shares – and stick to your planned schedule.
2. Find a side hustle to earn extra money
Not everyone is able (or willing) to find a side hustle that can provide some extra cash, but for those that do, it’s worth its weight in gold.
Whether its dropshipping items on eBay, monetising your hobby or writing a blog on the side, a side hustle can boost your income and take the stress out of your travel budget.
By diversifying your income streams, you can benefit not just while travelling but also with the flexibility when you return home to work how you want and when you want.
3. Cut costs where you can
This may include choosing regions that are cheaper to travel, such as South-East Asia, or finding ways to cut costs, like cooking for yourself or using services such as social networking site CouchSurfing.com.
As good as your budget might be, there are inevitably unforeseen expenses that pop up when travelling and it’s good to have a bit of slack by trying to ‘beat the budget’ along the way.
You don’t want to trade off all of your fun for extra cash, but the ability to save some extra will make you feel good about yourself and provide additional funds to invest in your ASX portfolio.
How can I invest in travel?
If you’d like to combine your love of travel and your ASX investing, you might want to consider Helloworld Travel Ltd (ASX: HLO).
The Helloworld share price surged 6.28% higher yesterday after a trading update on its expected earnings before interest, tax, depreciation and amortisation (EBITDA).
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Motley Fool contributor Kenneth Hall has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Corporate Travel Management Limited, Flight Centre Travel Group Limited, and Helloworld Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.