As a society, we’re currently reckoning with a moment in which the accessibility, desirability, and very nature of travel has changed practically overnight. This has left people the world over scrambling to change and adapt plans. In some cases, expats have had to scrape together money in order to return home, whereas others have had to travel away from their usual place of residence to provide care or services needed more urgently elsewhere. Whatever the case may be, it has been a powerful lesson in the importance of having emergency travel funds available.
Not only does having access to spare resources help provide a better night’s sleep, it also means that you’ll be able to respond quickly to changing circumstances and won’t be caught where you don’t want to be. In the event that you haven’t had time to plan ahead though, worry not! There are ways you can get your hands on emergency travel funds fast.
Read on to discover how to secure the money for your emergency travel funds. Before long, you can start packing your bags and get to where you want to be!
1. Take out a payday loan
Quick payday loans are a good option when you need to get your hands on emergency travel funds. If you don’t have time to wait around and pursue other options, there is also the added benefit that payday loans can usually be approved very quickly. Therefore, they won’t hold you up too long. Originally, payday loans were designed to tide people over until payday when they were struggling to make ends meet.
These days though, it is not uncommon to see payday loans on offer that extend over several months or more, and that can be paid back in instalments. That being said, this is a fairly expensive way of borrowing and therefore you want to be sure that you will have the resources available to pay the loan back on time.
Keep in mind that you normally have until payday in order to make the payment (plus interest) and that you should really only consider this option if you’re looking at a true emergency.
2. Look into any insurance policies you currently have
Your insurance provider may be an option for emergency travel funds. It depends on your current living or travel situation. It also varies on your credit card contract, or the various insurance policies you’ve got to your name. If you meet the criteria, you might be eligible for a certain amount of coverage if you need to travel on short notice.
If you have to travel due to an illness or emergency and have purchased insurance in advance, there is good chance that at least a portion of the expenses will be taken care on. It is always best to double-check and rule out any possible options. Pick up the phone and call the service number of any providers you might have access to insurance through.
3. Check out government programs
Again, depending on your situation, another way on to raise money for your emergency travel funds is to check out government programs. If you find yourself stuck somewhere that you no longer wish to be and don’t have the resources to return home, you should contact your closest national embassy. Check if there is anything they can do to help you out with the financial aspect of returning home.
Since the pandemic, a number of countries have initiated fairly liberal and wide-spanning initiatives to get their citizens home, so don’t necessarily assume that this option won’t be available to you.
4. Ask a friend or family member for help
No one likes asking for money, but sometimes it is best to swallow your pride and ask for help when you need it. In the event that you have family or friends with available resources, they will likely be more than happy to lend them to someone they care about. Just be sure to make a plan for paying them back upfront and be willing to be transparent about the exact reasons you need the money and specifically how you intend to spend it.
5. Plan ahead
Going forward, the best way to alleviate the stress of trying to secure travel funds in a hurry is to plan ahead and always have money set aside in case you need to leave on short notice. By making a commitment to save a bit of money each month that you’re able to, you’ll increase your savings and be in a better position to respond quickly to change.
A few strategies for achieving this include looking at recurrent payments that may not be providing you with much benefit, such as a gym membership or streaming service you don’t use. Take a close look at your most recent bank statement and see where you can make some changes and cutbacks to redirect money to a savings account.