Pay Later Vacations! 5 Ways to Finance Your Next Trip

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We’ve all seen those dream holidays for just the right price advertised on the internet or in a brochure. But if you want to go somewhere expensive or luxurious then it is advisable to book six months to a year in advance.

This is true for places like islands in the Caribbean (a destination Princess Beatrice is considering for her honeymoon) and some European destinations whose prices can double if you try to book at the last minute.

In order to make destinations like that work, you might think you need to have the money in advance. However, there are now many pay later vacations that give you the cash to allow you to book them in at the right time.

Here are your options for vacation financing.

Consider Cutting Back First

Before you take out a loan consider if you can cut back on some of your weekly or monthly expenditure so that you have more spare cash to be able to spend on your holiday. Start thinking about this eighteen-months in advance.

You could even put your holiday back by a few months to ensure that you are more likely to be able to afford it.  If there are items in your house that you are not using them then consider selling them or hosting a yard sale.

Work Harder or Take a Secondary Job

You could even consider working overtime to ensure that you have extra money put aside. Another option is to get a second job that works with the hours of your first job.

An hourly rate online job might be an option as these can be done at any time and do not take valuable hours of your time traveling after your primary job. You can then save all of this money to put towards your trip, not having to spend any of it. Remember that work-life balance is important though.

Whilst all of these actions might not necessarily raise the total sum needed to pay for the vacation, they can lessen the burden and the amount you are going to need to pay upfront using loans.

Consider Using Airmiles to Save on Flights

Is the vacation all-inclusive including flights? If the answer is yes, then you might want to consider seeing if the vacation would be cheaper by booking all of the components independently and using any Airmiles you have saved up.

These can reduce the cost of the flight to almost nothing. You can collect these using specific Airmiles credit cards for most major airlines. There will often be other offers such as websites where you can fill out surveys to collect points that might boost your Airmiles.

Take Out A Loan 

There are specific loans that can be used to finance vacations. A credit card might be a bad option unless you have one with an offer of no interest for a year or six months. The interest on credit cards is generally high and you might not have a high enough credit limit to get the money you need.

Not paying them back in time can give you finance vacation bad credit.

Instead, the best option is for a personal loan. These can be used to finance a vacation and you can borrow upwards of $5,000. Companies that offer good personal loans include Lending Club, UpStart, Best Egg and Marcus by Goldman Sachs.

Remember though that to get these loans you will need a FICO credit score in the 600s so you may have to put some work into improving your credit score beforehand.

You must also do some research first and discover which discover personal loans will work for you.

Rent Out Your Home 

Another option to consider if you already live in a desirable area is to rent out your home on a website such as Airbnb. This will allow you to raise some cash whilst you are away and the rent will cover some of your holiday expenses.

If you know the exact dates of your holiday for many months or even a year in advance that gives you lots of time to find someone willing to book for that time period. Since there is no hurry to rent it out you can afford to shop around and wait for someone who will pay the price you want.

Pay Later Vacations Ensure You Get The Best Deal

If you want to ensure you get the best deal for your trip then you need to book in advance. That is vacation financing 101. But the fact is you might not have the cash to afford this.

One way is to rent out your home whilst you are on vacation, with the payment made upfront, so that you have some guaranteed income whilst you are away. You could also take up a second job so that you have the cash to afford it and will not lose out on the best price.

Remember to prioritize your life and consider what’s important to you. Is having a new television all that important anyway? And do you have expensive items in your home that you rarely use? These could be sold off for money that could fund your trip.

Finally, you could also consider taking out a loan, the ultimate in pay later vacations. This could solve many of your problems but only if you ensure you will have the money at a later date to pay it off.