So you want to travel the world but think you can’t afford it? Sounds like almost everyone who dreams of travel. The good news is that saving up money to travel the world is easier than you think. The down side is that you’ll need to make some small sacrifices to get there. Here are the top ways to save up money to travel the world.
1. Make a Budget
For many, income while traveling is low or nonexistent, so learning how to budget what you have is crucial. If you aren’t a math whiz, no need to worry! Apps like Mint can help you set up monthly budgets and automatically do most of the work.
2. Cut Luxury Expenses
Once you have your budgets figured out, start sticking to them. For many, this will mean cutting some “luxury” expenses like magazine subscriptions, Netflix and Hulu, cable TV, etc. While you’re traveling you will not have many of these things anyways, so it’s best to get used to before you go, while saving money each month.
Also, it’s time to stop eating out. If you aren’t already aware of how much eating out costs, watching your food budget will teach you this. Try buying only groceries for one month instead of going out when you’re hungry, and be amazed at how your wallet thanks you.
3. Buy What You Need
Before you travel, you’ll have to buy some gear to prepare you for the mobile lifestyle, so focus new purchases on things that you’ll take with you on the road. Try to avoid buying any new big home items that you won’t be bringing with you.
4. Sell What You Don’t Need
Time for spring cleaning! Anything that doesn’t hold an emotional attachment or that does not have a practical use can probably go elsewhere. Beginning a life of travel is a great time to go through your house or apartment and cleanse your life of clutter. Many things can be sold online, or can be donated if you don’t think you’ll need it when you get back. Some people even choose to stage and sell their homes for a big boost in travel funds.
Housing is the most expensive monthly cost in almost everyone’s budget, so lowering it by any means will help you save up money to travel. The two most common ways to cut housing costs are to get a roommate to split the bill with or to move in with a friend or family member for a while to save your income. You could also try hosting your couch or extra room on Airbnb for some quick cash. We did this for almost a year and cut our California housing costs by 40%.
6. Work Extra Hours
If you’ve done all the steps above, you should already notice a big increase in the amount of money you’re saving each month. If it still isn’t quite enough, or if you want to have even more travel funds, see if you can work a few extra hours or get a part-time side job. For some, this isn’t a healthy lifestyle option, so only do this if it’s right for you.
With these six tips to save up money to travel the world, you’ll be well on your way. Set a deadline, make a budget, cut costs, and increase your income. Then buy your ticket and set off on your journey. Comment your favorite money-saving tips below!