How To Budget For Your Long-Haul Trip

If you have been dreaming about going on a long-haul trip around the world or staying in one continent to give yourself enough time to explore the culture and maybe learn the language, you will need to find a way to fund your travel. Most people don’t go on holiday because they simply cannot afford to. Getting into debt over seeing the world is something you should avoid. Just imagine paying the high interest and feeling guilty over taking time off work and ruining your financial stability! Is it really worth it? Here are some creative ways to travel for long when you don’t have that kind of money:

Get Your Finances In Order

Image sponsored by Boxed Water Is Better
Image sponsored by Boxed Water Is Better

Before you can start making plans about traveling the world and engaging in globetrotting, you will have to find a way to balance your books when it comes to your personal finances. If you are planning on staying out of the country for a couple of months, you can let your home out to friends or through an agency, maybe sign up for AirBnB, so you will have an income when you are not working. Consolidate your credit to reduce your monthly outgoings, and free up money for your getaway.

Create A Residual Income Stream

Whether you are running a freelance business or are a blogger, you will need to make the most out of your earnings. If you don’t know where your next paycheck is coming from, it might be time to take a step back from your business and find a way to generate some regular income that will give you a sense of security. There are several ways you can add a residual income stream to your business, such as starting affiliate marketing or CPA networks. You can also consider selling your advertising spaces to other businesses to have regular money coming in while you are away.

Shop Around For Deals

It is crucial that you don’t stretch your holiday budget further than you need to. If you have a location in mind and know what you would like to learn or do while you are traveling the world, you should start shopping around for deals. Package deals might not be an option if you are working with a limited budget, but you can certainly find separate offers for a hotel, apartment, and plane that will work for your goals. Research across various travel websites, so you can get alerts on price reductions and deals.

Find Cheap Flights

When you’re planning a long-haul holiday, the sooner you buy your flight tickets, the better price you are likely to get, unless you’re looking for some last minute inspiration. You will have to take advantage of the discount club offers, and maybe join a loyalty program to make the most out of your budget. Check whether your credit card offers a discount or not, and download various apps that will let you know about the best time to book.

Make The Most Of The Exchange Rates

When you are traveling abroad, the money you get for your currency will determine how far you can go, and make the difference between a three-star and a five-star accommodation. You have to give your bank a call to find out whether or not you will get charged every time you take money out, and explore the different travelers’ check options available in the country. Avoid changing your money at the airport and in busy tourist hubs, as you are likely to lose out.

Long Term Rental

Image via Annie Spratt

When you have the budget and time to stay longer than a couple of weeks, perhaps if you’ve found a job or an apprenticeship, you will need to consider the option of renting an apartment in a residential area, instead of staying in the popular tourist locations. For instance, if you are looking to explore Singapore, you can find an HDB 3 room rental price guide online and find a way to work out whether or not you can make substantial savings on your travel.

Bring A Friend Along

To reduce the cost of travel and stay, you can also ask some of your friends to go and stay with you. Even if they cannot afford to stay for the entire time, you can share the cost of accommodation and food, and this will help you manage your budget better. Planning a long-haul vacation is not without challenges. You will need to make the most of your budget by exploring alternative ways of traveling, choosing locations, and creating a residual income to keep you going.

Think you can afford a long-haul trip now?

Got other tips to share with us?

Let me know through your comments below. 🙂

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Need Some Ideas To Fund Your Globetrotting?

After almost 20 months of my new life as a full-time travel writer, I’ve realized how fortunate I am to be able to live my dreams. When I speak to my friends, I sense that I often take for granted this privilege of having the freedom to travel whenever I like. If you don’t get paid to travel, seeing the world is an expensive affair. For many people, that’s fine. If you’re only going to take a two-week trip every summer, then the expense is worth it. But if you love going to new places and want to travel more often, then the cost can quickly become a financial burden. If you need some ideas to fund your globetrotting, then the suggestions in this article could help you earn a little more money.

Make Some Investments

Photo by Artem Bali from Pexels

One smart way to fund your globetrotting is to start making some investments. Your full-time job might help to cover your bills but not always the excess expenses such as flights and accommodation in foreign destinations. That’s why you should aim to increase your wealth outside of your job. Increase your earning potential by putting your disposable income to use. Don’t just let your income gather dust in a checking or savings account. It’s time to start investing. You might want to look into the stock market if you’re keen to make money through trading. Just make sure you do your research to understand how the industry works. You could also invest in real estate. Buying properties to sell or lease can provide a huge ROI, so it’s a great way to raise the funds necessary to go globetrotting. In fact, even if you’re not keen on the idea of becoming an investor, that idea leads on to the next one.

Rent Out Your Property

Many people fund their travels by house-swapping. You find a likeminded individual in another country and agree to swap houses for a fixed amount of time so that you can save money on accommodation. That’s one way to make it a little cheaper to explore the world. But you could raise even more money for your next trip by taking more of a business-minded approach. If you want to start globetrotting for weeks or months at a time, then you could fund those extended trips by renting out your property whilst you’re away from home. Using services such as Airbnb could really help you to bring in a big profit. You might want to look into Airbnb management services such as GuestReady to help you arrange the entire thing. It’s important to approach property management like a small business. If you do, then you could really grow your wealth.

Earn Money Online

So many digital nomads fund their travels by earning money online. The internet has opened up new possibilities for people who love to explore the world. The ability to work remotely gives you the opportunity to earn a living in any destination with a WiFi connection. You could find freelance work online, for instance. Whatever your skill set, there’s usually a way to sell your services to clients online. If you’re a wordsmith then you could write marketing copy, if you’re artistic then you could design graphics for businesses, and so on. You don’t have to quit your current job. You could use sites such as Fiverr in your spare time or whilst you’re on the move. Sellers on that site earn their dough from things as simple as playing video games with people. There are plenty of ways to earn online and fund your globetrotting.

Do you desire to travel more often?

Are you a digital nomad with more tips for my readers?

Let me know through your comments below. 🙂

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