How much money do I need to travel the world? : Long term travels budget
How much money do I need to travel the world?
Is it possible to save money during long term traveling?
Can you really travel and earn money?
Are there any tricks to making money on the road?
These are just a few of the questions we’ve been asked in the last few years. The old concepts of long term traveling being a luxury for the rich and famous don’t hold ground anymore. Anyone can travel. Anyone! You just have to learn how to raise money for a trip and earn money while travelling.
Since we’ve been asked so many times about how to save money during long term traveling, we’ve written down our long term travel savings tips for you. But first let’s answer this question.
How much money to travel the world for a year?
Now that is a question that really depends on you. Your taste, your style, your need for comforts. Are you a spendthrift or a miser? How often do you splurge or indulge? Do you really need that extra sweater? Even if it looks great on you, do you really need it? Can you stay away from that patisserie or dessert bar?
The money you spend on your travels will also depend on the country you visit, type of places you stay at and the luxuries you’re willing to live without.
Have a travel plan in place first. With a roadmap of where you plan on going, work out the costs for hotels, Airbnbs and hostels in those cities, book flights months in advance or during sales, factor in costs of food and essentials, add to that the cost of luxuries, and you’ll come up with your average expenditure. Your real expenses might turn out to be a lot more or a lot less. If it’s more, look at better ways to save money. If it’s less, way to go!
How much money do I need to travel the world? #1
Set a Goal
Once you have your travel plan in place, and have a long term travels budget, set a goal! ‘Every month before I start travelling, I will save x amount of money.’ Break your target budget down into smaller achievable portions that won’t overwhelm you. Each month, check if you are on track, and adjust your goals accordingly.
How much money do I need to travel the world? #2
Cut down on luxuries!
Whether you’re in the supermarket or shopping online, think before spending. Do you really need that item in your cart? Do you need a new sweater or top? Last year’s sweater might just need a bit of patching up. That drawer or chair might just a bit of repair. That pipe will hold together with duct tape! Can buying the wholesale milk carton save you some money? Do you need to go out to dinner every night? Can you cook at home instead of ordering out? Small things add up to big savings.
If you really need to get something, maybe it’s wiser to choose second-hand items instead of buying brand new things? You will find many great deals on sites like Gumtree. Remember, every penny counts, don’t waste your money on price tags. Used items will work just as good.
If not, you can consider taking advantage of sales and discounts for items you must have but are a little bit over your budget. There is no harm in wanting something pricey, only if you can afford it! If not, don’t break a bone trying to get a specific item that will dig deep into your pockets and leave you financially stressed before you even begin your long-term travel.
Be on the lookout for various Black Friday deals available in a wider variety of online and offline stores. Use gift cards, coupons and research upcoming discounts from your favorite stores. This can help ensure that you remain disciplined in cutting down on luxuries.
To make things a whole lot easier, you should consider having a list of pricey and luxurious stuff you wish to buy and plan how to get them accordingly. Prioritize the most vital and finish off with those you can wait a little longer before buying them. Doing this is a surefire way to stick to the overall plan of saving for your long-term trip.
How much money do I need to travel the world? #3
Have a garage sale
You’ve collected items over the years that you thought you’d use one day. We were guilty of that too. But a garage sale contributed quite a bit towards our long term family travel plans. There were a few items that we held on to for sentimental value. But apart from the added income, cleaning out the closets and de-cluttering had an almost therapeutic effect.
Think of the slogan by the British supermarket brand Tesco,
Every Little Helps.
How to save money during long term traveling?
Once you’ve answered the question, ‘How much money do I need to travel the world?’, or ‘How much to travel for a year?’, you’ll find there are many ways to save money while long term traveling.
Look at it this way,
Every penny saved is a penny earned!
Here are some of the ways you can earn money travelling or save money for during your travels.
Travel and earn money tip #1
If you’re travelling long term, you could also try working whilst travelling. Ask your boss if you can continue to work remote. This is a great way to make money while traveling.
If that’s not possible, there are quite a few online jobs that will allow you to travel and earn money. Teaching English online, online customer service, coding, are just a few of the jobs where you can earn while travelling. A simple Google search will find you many more ways to travel and earn money. Maybe even travel blogging.
Travel and earn money tip #2
Long term travel packing
When you’re packing for long term travel, you’ll find there are many things that you own, that you won’t need. Instead of putting them in storage, why not sell them off and add the money to your travel fund.
Also, when you’re planning your long term travel packing list, think about the seasons in which you’re travelling. Do you really need so many woolens or so many bikinis? Don’t carry extras. Remember at some point of time you’ll be bit by the shopper bug and buy something. Leave some space in your bags for the things you will undoubtedly buy.
Travel and earn money tip #3
How to save money for travel as a family
When travelling with little ones, it’s important to also think of the odds and ends that you might have to buy. Children outgrow clothes and shoes faster than adults. Travel toys may get worn. Sweeties are a must, especially when they’re bawling their eyes out. Factor these extra expenses into your long term travel budget.
But while packing your long term travel bag, don’t pack too much. Like we said earlier, you’ll definitely buy something while travelling. Here’s a good tip though – try the thrift stores and second hand shops. You sometimes find gems in them at almost no cost. And while we’re on topic, there’s nothing wrong with using a second hand dress, or laptop or camera. We certainly have!
Travel and earn money tip #4
Spend more time in fewer places
Don’t race from one country to another like you’re on a mission to get around the world in 80 days. Even though the movie bearing that name was awesome, it’s better to travel slow. You can’t learn about a city in 2 days. Spend at least a week or two in each city, taking in the culture.
Travel and earn money tip #5
Visit museums on free days
In some countries, the museums and other attractions are free on certain days or run discounts on the others. Plan your visits to coincide with these days. That money you save from the museum ticket might get you a burrito or a fish and chips somewhere.
Travel and earn money tip #6
Visit the local tourism office
If there’s a discount on at any site, the local tourism office is bound to know about it. Visit them and get ‘lowdown’ on discounts at attractions and other local offers on food or hotels.
Travel and earn money tip #7
Insurance for long term travel
You need to get insurance for long term travel. There’s no two ways about it. So why not get some cheap long term travel insurance? World Nomads, Coverfox, etc, are a few options out there for insurance for long term travel.
Travel and earn money tip #8
Track your expenses. This will help you decide how much to go travelling in the next few months. To save money on long term travel you have to be brutal. Count the snacks, the hotel rooms, the toothpaste. Everything!
It will easily become a habit. We use excel sheets, but you can use apps to tracks expenses on the go. Trail Wallet, Mint, Fudget, DollarBird are some of the apps that will enable you to save money travelling.
And remember, if you go over budget on one day, it’s not the end of the world. You can always make up for it on other days. Just stay on track with how much money to travel for a year.
Travel and earn money tip #9
Join frequent flier programs and fly odd hours
Many airlines have frequent flier miles and code share options. Join some of these to save on flights. And while you’re at it, fly odd hours. Mid week and red eye flights are often cheaper. When you’re thinking about how much money do I need to travel the world, budgeting on flights will go a long way.
Travel and earn money tip #10
Use hotel aggregators
Use sites like HotelsCombined to find the cheapest deals on hotels. They really work. Instead of having to look at a number of different sites, HotelsCombined will compare many of them and give you the best options nearby, be it in New York or Cape Town or Colombo.
Another great way to save money is by renting rooms in Airbnbs. They have a homely feel and sometimes the landlords and landladies give you tips on hidden gems in the cities and cheaper days and times to visit. You also have the chance to make some new friends. At some of the Airbnbs, you can also cook your own food. This is a great way to save on the expenses of dining out.
More ideas on traveling on a budget:
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Did you like our long term travel tips? Get an online job to earn while you travel, use second hand goods, compare prices, book cheap flights, and track everything. There are many more tips and tricks. How do you save money for your travels?