Long-Term Travel Budgeting: How to Save for Extended Trips and Backpacking Adventures

Long-term traveling offers the perfect opportunity to see what the world has to offer, but it remains a simple dream for so many people. Traveling turns long-term once the 3-month mark has passed, but some people will tell you that it has to be more than a year. Regardless of your outlook, you will need to know how to save up for your adventure, which is why you should continue reading below.

Set Strict Saving Goals

If you’re saving without a figure in mind, you’ll find it much more difficult to make the necessary cutbacks. Whereas, if you know that you’re trying to save $30K for a trip around Europe, the anticipation of the adventure will keep you motivated to stick to your goals.

The best way to set a saving goal is to know how much your trip will cost, so consider creating a spreadsheet with all of your expected expenses, and then add around 10% extra to account for emergencies. Even if you don’t have time to total up expenses, just set a realistic goal and roll with it.

Consider Downsizing

The chances are your home is full of items you don’t need, and certainly won’t be using while you’re traveling. Therefore, you should consider downsizing by holding a yard sale or posting your items to an online marketplace. Even if you only make around $30 – this can be an entire day’s budget in a different country.

As well as taking you further toward your saving goals, downsizing allows you to prepare for long-term travel. After all, if you’re going for more than a year, it might be a good idea to let your property go and rent a storage unit.

Do as Much Work as Possible

Nobody likes to work themselves to the point of burnout, but more work leads to more money. In the months leading up to the start of your adventure, take on as much work as you can handle. Even if you feel stressed out, you can remember that you’re going to be traveling the world in no time.

Set Daily Spending Budgets

Traveling on a budget involves sticking to a daily budget, so you may as well get in some practice now. With your saving goal in mind, you can work out what you need to save each day, and then make it happen. There are many tech tools that will help with this including mobile banking apps and the likes of TravelSpend, which breaks your outgoings down into categories.

Search for Flights Early

Flights will account for one of the largest expenses on your trip, so it’s worth knowing how to bag a good deal. You can find the best price for airline tickets by using flight comparison tools, which take hundreds of options and allows you to choose the best. In most cases, cheaper tickets will be released well in advance, but you can set your chosen comparison tool to alert you when overall prices fall.

Explore Strong Currency Destinations

Creating your travel plans based on currency strength may feel a bit tedious, but it’s a great way to save money and get more out of your long-term adventure. For example, just because $30 won’t get you far in America, you’ll find that your hard-earned cash will get you much further in countries like Peru, South Africa, Egypt, and Japan.

Long-term traveling on a budget means learning how to set goals and when to compromise on a destination, especially if one place offers similar experiences while costing much less. By starting your financial preparation early, you’ll be able to afford much more time away.

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