Advertising
Advertising

How You Can Afford To Travel The World

How You Can Afford To Travel The World

After traveling to over 40 countries and learning valuable ways to travel hack, I have learned one important rule: you do not need a lot of money (or have a high-paying job) to travel. Many people are hesitant to travel, and hold themselves back from possibly some of the most epic adventures because they think that they can’t afford the costs of traveling the world. With a few simple rules and tips it can be entirely possible to travel short or long term with little income.

In any case, if you’re going to travel the world, you’re going to need realistic financial planning. How much are you going to save? What is the minimum you will need to get you where you want to go without starving or feeling stranded? How do your finances look for when you return home? These are all essential questions to have thought out before one departs on a long trip, and the following guidelines can help you get set to afford to travel.

Advertising

Set a Travel Goal

First and foremost, create a travel goal and stick to it. By mapping out what your expectations are for your trip, it’s more likely that you will work towards it on a daily basis. Think about the length of the trip and the type of experiences you hope to gain. For instance, a goal can be to backpack through South America for three months on a $1,000 per month budget, or to live in an eco-village in India for several months. With your travel baseline goals outlined, it’s easier to plan for what needs to be done to get there.

Start a Travel Fund

Unless you plan to use prior savings, you’re going to have to save some cash to pay for your travels. Even if you only put $200 into a travel fund every month, that’s $2,400 you will have saved up in one year. On top of that, anytime you come across extra cash, put it into your travel fund. The more you’re able to contribute to the fund, the more you will be able to stretch out your budget and ultimately make your trip more flexible and enjoyable. This takes financial responsibility, and by making a commitment to yourself to not tap into those savings you will reach your goal sooner.

Advertising

Get Your Finances in Order

A couple of months before you are due to travel, make sure to get every single one of your finances in order so that you are not accumulating late fees or paying for things you simply don’t need while you’re abroad. Call your car insurance company to let them know you won’t be driving your car and have them freeze your account until you return. If you don’t plan to use your cell phone on your trip, you can ask your service provider to also freeze your account until you return so you’re not paying for a monthly plan that you will not be using. This goes for wireless internet as well. For student loans or other bills you can’t get around paying, make sure to have enough money in your bank account to continue to pay them. Make sure you can log in and pay all of your bills online using a credit card, or set up auto-pay if you think you might not have access to the internet for extended periods of time.

Take Advantage of Credit Card Sign-up Bonuses

The single most expensive portion of your travels is likely to be your plane ticket. One of the most valuable travel hacking tricks I have picked up over the last couple of years is signing up for a co-branded credit card to earn free airline miles. By getting a new card or two each year I have been able to cover almost all of my flights using airline miles earned from the sign-up bonuses offered with the cards.

Advertising

Many travel rewards credit cards have a sign-up bonus of 50,000 points, which is enough for a free, round-trip flight to almost anywhere in the world. When you sign up for a credit card that does have a bonus, you usually have up 90 days to meet a minimum spend requirement, which can be $1,000 to $3,000. The minimum spend is easier to meet than you’d think, and on Well Traveled Mile there are a lot of creative suggestions on how to do it. By earning rewards points you can easily save $1,200 on a trip by not paying for an airfare.

Cut Back on Conveniences

It’s true, we all love our conveniences and luxuries, but if you cut out many of those you will save more money than you would think. Sure, watching shows on demand is great, but in the age of the internet there is really no reason to pay for expensive television programming, especially if you’re looking for ways to afford to travel the world. Instead of buying a $3 cup of coffee, make it at home. Live close to work? Then save money on gas and ride your bike or take the bus to work. Think about all the small, daily expenses you could live without, then do it.

Advertising

Cutting back on these expenses will save you more money than you’d think, and once you realize how much money you’ve been spending it will be easier to fight the urge to spend when it’s not needed.

Research Alternative Accommodations

The bottom line is that in today’s well-traveled world, anywhere you travel to you’re likely to find an affordable hostel and they’re usually clean and well kept. By staying at a hostel you can easily find fun and safe accommodation for $10–$15 a night. My favorite sites are Hostelbookers and Hostelworld. It pays to compare prices for the same hostel, and you can often save a few bucks by booking through the cheaper website. Couchsurfing is another option available and provides free accommodation for travelers who create an online profile and request a couch. The benefit of Couchsurfing is that it offers users the chance to have a local experience with their host. My other favorite site for finding cheap accommodation is AirBnB, and on a recent trip to Puerto Rico I was able to save $40 per night by staying in a studio listed on AirBnB instead of a hotel.

Featured photo credit: ©Connor Bleakley via flickr.com

More by this author

15 Free Ways (Or Even Get-Paid) To Travel That Will Enrich Your Life 7 Ways You Don’t Realize Exercise Is Improving Your Life 9 Tools to Help You Use Your Airline Miles How You Can Afford To Travel The World

Trending in Money

1 25 Easy Tips on How to Save Money Fast 2 What Is a Good Credit Score (And How to Get One) 3 9 Millionaire Success Habits That Will Inspire Your Life 4 10 Reasons Why Following Your Passion Is More Important Than Money 5 How to Pay off Debt Fast Using the Stack Method (A Step-By-Step Guide)

Read Next

Advertising
Advertising
Advertising

Last Updated on June 26, 2020

25 Easy Tips on How to Save Money Fast

25 Easy Tips on How to Save Money Fast

“How to save money fast?” This is the question asked by all of us not in the top 1% of rich people.

If you are looking for ways to drastically reduce your expenses immediately, first look at what you need to spend money on every week. And I mean really need.

You don’t really need to order in food. You don’t really need to buy expensive perfume.

Building from that, you can work out how your regular expenses can be reduced.

As for irregular expenses, they can also be deceptively costly in the long run. Once-off buys can also be tackled with some prudent planning and a little extra research.

And remember: a budgeted lifestyle does not mean a bad or boring one!

But first, understand what budget you can cut down on daily:

  • Regular expenses for the average adult (can be trimmed but not eliminated):
    • food
    • rent/mortgage
    • cell phone
    • insurance
    • socializing/entertainment
    • transportation
    • hygiene products
    • household bills
  • Irregular expenses for the average adult (can be eliminated or cut down a lot):
    • travel
    • clothing
    • medication (*depends)
    • grooming (hair, nails etc.)
    • gifts

Now, let’s dive right into the 25 ways to save money fast:

Save Money on Food

1. Bring a stock of food to the office/work

Instead of popping out for an overpriced salad and a smoothie, leave a set of basic utensils at the office as well as a stock of non-perishable goods such as tinned fruit, tuna, rice crackers and so on (try to avoid the junk food and this can turn into a pretty great diet!).

Advertising

Stocking up means you won’t forget or say “I didn’t have the time” when you rushed out to work in the morning.

2. Buy the store-brand version

Many basic foods, such as bread and milk, will taste exactly the same as their branded alternatives. Go for stuff with minimal additives and preservatives. Meat in a tube is probably insanely unhealthy!

3. Eat cheaper cuts of meat

Learn how to tenderize and flavour cheaper meat and fish, and save on the (typically) most expensive item on your grocery bill.

4. Have group dinners

If 10 friends put $5 each in the kitty, it’s pretty easy to make a giant lasagne and get refreshments, as well as hang out with your favourite people.

Save Money in Transport

5. Get a bicycle

Save on gas money and bus/metro fares with this underrated mode of transport.

6. Use public transport and/or don’t get taxis

Some places can only be reached by car. But as a good practise, check your public transport website and see if any routes pass nearby where you need to get to. Walk as much as you can.

7. Find the cheapest gas

Regularly check out where the cheapest gas can be bought.

Save Money in General Shopping

8. Shop online

Not only will you save on the gas or transport fares from going to the shopping mall but you will also find better deals

9. Sell your old stuff

Get your unwanted belongings up on eBay ASAP and earn a few dollars.

Advertising

Here’re more ideas for you: 25 Things to Sell to Make a Lot of Money

10. Bulk buying stores

For regular non-perishable/slow perishable purchases such as toilet paper, cat food, pasta, washing powder and so on, do an epic stocking-up trip to a co-op or equivalent (my mum used to go to a place that restaurants buy from).

Be wary of supermarket “deals”, as some have been found to be fraudulent after working out a simple calculation.

11. Become a flea market/car boot sale/street market guru

You can find original gifts and develop good negotiation skills at these places.

12. Generic brand medication

More often than not, the generic version of paracetamol and other basics work the same as the branded version.

13. Choose deodorant, not perfume

It blows my mind when someone drops $70 on a bottle of spray. Stick with a nice deodorant, and not only will you smell just fine but you’ll be sweat-free as well!

Cut Down on Household Expenses

14. Printing

Ink is one of the most expensive substances in the office and coloured ink is doubly so. B

e more efficient and choose black and white, and if your printer doesn’t have a print-both-sides options, just print odd pages first, re-insert the paper and print even pages.

Expand the margins of what you are printing as often as you can to save on paper.

Advertising

15. Minimize SMS and phone calls

A combination of a free chat service such as WhatsApp and a free call service such as Skype can reduce your bill to nothing (so long as you have a decent Wifi connection).

16. Shop around for insurance

Most people don’t spend enough time searching for the best insurance deal.

Keep a watchful eye out for deals and new competitors in the market.

17. Try re-negotiating your rent/mortgage

If you have built up a good credit history or a good rapport with your landlord, then chances are a frank chat about needing to tighten your spending could result in lowering your payments. You’ve nothing to lose from trying.

18. Don’t get a TV

Invest in a computer/laptop and an internet-only package. You can watch more (and often better) entertainment on the web, and skip the advertisements as well.

19. Pool your internet bill with a neighbour

My apartment building is basically a big old house split into three apartments. There are five of us in total. We pool the internet bill, making it crazy cheap.

Save Money in Socializing, Entertainment And Travel

20. Have house parties

Instead of paying for overpriced drinks, set up a series of in-house get-togethers with your friends. Everyone takes a turn, so it’s not always your house that needs cleaning.

For sound insulation, hang heavy drapes on the walls and windows. For music, invest in a good second-hand set of speakers which you can connect to your computer. Let Spotify or Grooveshark playlists do the rest.

21. Open festivals, meetups and events

It never fails to surprise me how much underground stuff goes on around me for free or for very cheap. Find out who runs the blogs and websites that list all the less well-known cultural activities.

Advertising

22. Volunteer

If you can’t pay for a ticket, volunteer and get to be there anyway.

23. Housesit

There are multiple housesitting websites offering you the possibility to avoid paying hotels and skip the discomfort of crummy hostels.

Save Money on Hygiene and Beauty

24. DIY beauty

French manicures, pedicures, waxing, eyebrows… pretty much all of these can be achieved at home (and done well) with some practise. There are plenty excellent blogs and YouTube tutorials to help.

25. Fewer haircuts/volunteer at a trainee hairdresser

If you can’t bear the risk of a trainee touching your locks, learn more ways to manipulate your hair as it grows and get haircuts sparingly. Women’s haircuts are outrageously priced in many cities.

Bonus: Effective Money-Saving Tips for Everything

Here’s a summary of what you can generally do to save more money:

  • Share/pool resources. Organize a neighbourhood sharing scheme, common resources for your apartment block or with your friends. Not everybody needs an individual lawnmower.
  • Buy energy-saving everything. The easiest way to lower your bills – replace those lightbulbs!
  • Buy in bulk. Be sensible about it (i.e. make sure you have space!), and drastically reduce weekly expenditure.
  • DIY. Skill up using YouTube tutorials on plumbing and many other essential services so you never have to pay for simple problems again.
  • Research a lot before making a decision. Most money-wasting is the result of poor preparation and planning. Don’t shirk this part just because you don’t like it!
  • Use your network. Your network is full of resources that can ease the pain of budgeting. Ask for help.
  • Stop and think. Do I really need it?

Unfortunately, there are some things that require plain ol’ giving up for the time being. This can include high-cost sports such as skiing, the latest versions of some technologies, the finest brands of food/drinks, premier seats at the opera and most other indulgences.

What is important to remember during lean times is that when you look back on your life, it will be the experiences that stand out, not the extra comforts.

Living on a budget can teach you a lot about how much you can really get out of your paycheck. We only live one life, so make the most of every penny you earn!

More Tips for Personal Finance Management

Featured photo credit: Unsplash via unsplash.com

Read Next