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?

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