7 Tips on Budgeting While Traveling Around the World

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Have you always dreamed of traveling the world but thought you couldn’t afford it? Believe it or not, living your dreams and traveling the world is possible and more accessible than you might think, as long as you can learn how to budget, save, and plan ahead.

Of course, some forms of travel are more expensive than others, but with the right tools and techniques, you can travel more affordably while earning money and saving even more.

Want to travel around the world without breaking the bank? You’ve come to the right place. Here are tips for budgeting while traveling around the world. 

 

1. Check Your Finances

Before you can determine where you’re going to travel and how far your money will take you, you should know how much you have to spend.

Check your current financial health to determine how much money you can set aside for traveling the world.

Of course, don’t spend all of your savings on traveling, but if you believe you can work and earn money while you travel the world, you can aim to spend as much as you want.

However, you should remain realistic. If you’re not someone who has worked remotely before or you don’t currently have a job lined up that allows you to travel while working, try not to take too much out of your bank account for travel. Instead, set aside a few thousand dollars or wait to travel to give yourself time to save more money. 

 

2. Travel Where It’s Cheaper

If you travel to the most expensive places in the world, your money can only take you so far. However, if you travel where you can get more value for your money, you can travel to more places and spend more time traveling.

If you’re coming from the US, you have a strong currency which allows your dollar to go further in countries with weaker currencies like Peru, Argentina, the Philippines, and even Egypt. 

You can do your research on how far your money will take you in different locations by learning about the different currencies.

Obviously, you can look for more extensive lists online or look up places you’re interested in visiting to see how much your dollar is worth there. 

 

3. Earn Travel Points

Get travel points for the money you spend on things like flights, hotels, food, groceries, home decor, gear, gas, and more. Travel rewards are available with many major credit card companies and allow you to save on every aspect of travel as long as you give them enough time to accumulate over time.

If you have a high credit score, you can qualify for better credit cards with more travel points that allow you to save up points and get discounted travel services.

If you build up your points enough, you may even be able to earn free flights. 

 

4. Travel in the Off Season

Everyone travels during spring break and summer, making travel costs more expensive. However, if you travel during the off-season, you can avoid the crowds and the expenses.

Instead of traveling during the busy season, you can visit any place for less money and save on everything from flights to accommodations. 

Even activities are cheaper during the off-season, although some of them may not be available in different seasons, depending on the attractions and weather conditions.

That being said, everyone should travel during the busy season when there’s more to do, but if you plan on traveling the world for a few months, you can start your journey during the off-season to save money in the first few weeks. 

 

5. Work Remotely

When traveling, you need to try to save your money as much as possible, but eventually, that money will run out if you’re not earning money.

Your funds will run out even faster if you have to send money to your landlord for rent back home and continue to pay all your bills. Therefore, if you can get a remote work opportunity, you should take it, even if it’s just a few hours a week.

While that means you’ll have less time to spend traveling and enjoying new experiences, it allows you to travel for longer. 

If you’re a freelancer, finding work while traveling abroad should be fairly easy for you since you can still work for your long-time clients back in the US and find more clients in the US while you travel.

You can even start your own business while you’re traveling, especially if you have some photography skills. People are willing to pay for beautiful photography from places they can’t travel to themselves.

You can take pictures of your travels and sell custom print canvases online to people willing to pay for your art. 

 

6. Look for Free Activities

mountains

Even if your accommodations and flights are expensive, you can save money when traveling around the world by looking for free tourist attractions and activities.

Research each place you intend to visit to find free activities. Every city in the world has something you can do that’s fun and doesn’t cost you anything.

Since many places have beautiful nature scenes, you can look for cities with parks or hiking trails that you can enjoy for free. 

 

7. Cook for Yourself

Of course, you should experience the cuisine of different countries, but you don’t have to eat at a restaurant every single day.

Instead, try cooking for yourself as much as possible to save money on food. When spending time in new countries or cities, look for the highest-rated restaurants online to give you an idea of where to spend your money.

You can set a rule for yourself to only eat at a restaurant once a week and cook for yourself every other day. 

 

Final Thoughts

Traveling around the world is expensive, especially if you don’t plan ahead. Before you book your flights, research where you’re going and try to find more affordable accommodations, restaurants, and activities.

You can also come up with a plan for how to earn money while you’re away, even if it means working a few days out of the week. 

Ashley Nielsen earned a B.S. degree in Business Administration Marketing at Point Loma Nazarene University. She is a contributing writer at 365businesstips.com where she shares knowledge about general business, marketing, or financial tips. During her free time she enjoys being outside, staying active, reading a book, or diving deep into her favorite music.

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