Whilst travel can be expensive, money doesn’t have to be an obstacle. Here we’ll share advice that can help you check off everything on your bucket list while leaving enough money in your bank to cover unexpected costs.
Long-term travel can be thrilling – you get to explore various destinations all over the globe for several weeks, if not months! The experience will undoubtedly help to expand your horizons and teach you something new, whilst enriching your wanderlust.
But as soon as you start creating a plan and bucket list for travel, the costs become apparent, and it can send even the most financially-prepared traveller into a tailspin.
If you’re dreaming about some extended time away, keep reading to learn how to manage your money while travelling long term.
#1 – Set a Realistic Budget
As part of your travel budget plan, make a list of expenses such as monthly income and savings accounts, plane ticket costs, accommodations, potential additional costs such as medical and travel insurance policies or tourist taxes, and local charges that might occur while away.
Making a list of income and expenses will give you an accurate idea of the level of comfort and luxury your trip budget allows for. You’ll find information online about all this easily depending on where your destinations will be.
#2 – Opt for Budget Airlines
Extra legroom and airplane meals are great, but they’re also pretty expensive. If you plan on flying often, consider using a budget airline. The space may be crowded, and you’ll need to bring your own snack, as most airlines allow it in your carry-on, but you’ll save money in the long run.
Besides flying with budget carriers, you can also save extra by being flexible with dates or subscribing to a flight newsletter service to get email alerts on the most affordable deals and discover what’s the best day to book flights.
Additionally, if you prefer one budget carrier over others, check whether they have a loyalty card in place. This way, you’ll accumulate points and get additional discounts.
#3 – Embrace Frugal Living
If you’ve ever travelled abroad before, you know how much accommodations and food can cost, and those costs quickly add up, eating up your savings. Once again, booking accommodation in advance can save you some bucks, and opting for rentals, small studio apartments, or Airbnb is way cheaper than booking a hotel with all the amenities.
When it comes to food, avoid high-end restaurants if possible, and choose local street food. Most of the time, street food is delicious, has a perfect blend of ingredients, and the most important part: it’s quickly and cheaply prepared in front of you. Sure, once in a while, you can reserve yourself a spot in a restaurant and try the local food and enjoy the experience but only do so on special occasions. Cooking your own food in your accommodation can also be inexpensive and if you’re travelling with someone, it can be a fun bonding experience.
#4 – Monitor and Track Expenses
While you’re travelling, it’s important to regularly keep track of expenses. This way, you’ll know your budget at all times and stop yourself from overspending. You can either do it at the beginning or the end of the day, or when planning your next trip.
You can use an online wallet, where you can enter your budget and with each spending, you’ll know exactly how much and where your money is going. This way you will know whether you need to adjust your expenses.
#5 – Make Money On the Go
Just because you’re travelling doesn’t mean you cannot generate income. According to research, by 2025, 32 million Americans will be working online, and you can become one of them.
Look for a job on online professional platforms such as LinkedIn, UpWork, or Fiverr. Adjust your filters to look for a freelance or part-time job, as you’ll need the flexibility to travel and visit places. By working on projects or freelancing, you’ll have just enough money to treat yourself or visit someplace that was not on your budget bucket list.
Bottom Line
Travelling long-term on a budget requires some preplanning, but with the right strategy and tips, it is manageable. By following the tips in this article, you will be able to visit most of your desired destinations. If you add freelancing into the mix, you can even live comfortably without worrying about finances.
With careful budgeting, frugal living, and smart financial decisions, you can embark on your long-term travel adventure confidently knowing that you have all the necessary tools and resources at hand for an optimal journey.
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