“How can you afford to travel the world?”
This is the question I get most often when I mention my travel plans. It seems like a lot of people hesitate to travel because of financial worries. They’re so concerned about the cost that they hardly think about the awesome experiences and destinations waiting for them.
Yes, traveling does require some money. It’s not realistic to just show up at the airport with a few bucks and hop on a flight. How much you need depends on your destination and work plans, but if you really want to enjoy the journey and see the places you’ve always dreamed of, you’ll need to save up. The idea of saving money might make people cringe, but it doesn’t have to be difficult or make you a hermit. Here are seven relatively easy ways I managed to save for my round-the-world trip:
1. Streamline your monthly spending
Take a close look at your last three bank statements. Identify which regular payments are necessary and which aren’t. It’s easy to let direct debits continue unchecked. By canceling non-essential ones, you can save a significant amount each month. Essentials like rent, bills, and fuel are unavoidable, but do you need Netflix, Spotify, multiple magazine subscriptions, or a gym membership? Giving up just these could save you over £60 a month, which adds up to £720 a year – potentially covering a whole month of accommodation during your travels.
2. Prioritize what matters
If giving up certain luxuries seems impossible, that’s okay. Choose one or two things you can’t live without, and keep them. You want to save money, but you don’t want to be miserable before your trip. Maybe skip takeaways if you love going out or hold off on buying new clothes if beauty treatments are your thing. It’s about finding a balance.
3. Sell what you can
Depending on your circumstances, you might need to sell a lot of your belongings. For us, we had to get rid of almost everything, keeping only what we could carry. Selling your things can be surprisingly profitable. Use local Facebook groups, Gumtree, eBay, or car boot sales to sell your stuff and earn some extra money. Check with new tenants too; the couple who moved into our place bought some of our furniture.
4. Increase your work hours or freelance
If your savings aren’t growing as fast as you’d like, consider working more hours or taking on freelance jobs. If you do shift work, try to get more hours. Freelancing is another option, especially if you’re in a career that allows it. Before going full-time freelance, I worked about 20 extra hours on top of my regular job. It was hectic, but I saved a lot quickly. If you’re a writer, marketer, or designer, look at sites like People Per Hour or Elance to find extra projects.
5. Enjoy staying in
Going out can be expensive with costs like taxis, food, and drinks. Instead, try to enjoy staying in. Hosting dinner parties, pamper evenings, or watching movies with snacks can be just as fun and much cheaper.
6. Set up direct debits
Once I figured out how much I needed to save, I set up a direct debit to transfer £200 from my current account on the 1st of every month. I forgot about this automatic transfer and adjusted my budget accordingly. By the end of the year, I was delighted to see the savings I had accumulated. If the money isn’t in your account, you can’t spend it!
7. Keep the bigger picture in mind
When saving gets tough, remember why you’re doing it. Staying in tonight could mean an extra dinner out in New York. Skipping that expensive latte might cover a bus ride in Vietnam. Every effort you make now will pay off later—I promise!
Read more:
– How I saved £8,000 to travel
– So, you want to travel the world?
– 20 tips to find cheap flights
– Spend or splurge? How to travel in style on a budget