If you want to travel a lot, you have to be good with money. There are plenty of ways to keep the cost of travelling down, but at the end of the day, globe-trotting is an expensive way to live. You end up eating out a lot, which often costs more than cooking for yourself. Plus, the costs of hostels and hotels typically add up to more per month than you would have to pay if you were renting a home.
You have to be really good with money to maintain this type of lifestyle. Here are some tips that might help.
STICK TO A BUDGET
Use budget calculator UK to provide you with a breakdown of your monthly expenses.
Your goal is to work out how much income you need to cover your living expenses and activities, plus a little extra for emergencies. Once you know this, you can set about ensuring you’re saving enough.
Budget calculators give you a savings target to aim for. Ideally, if you were to lose your job, fall ill or have an accident, you would still be able to pay your bills. It’s advisable to save enough to carry you through a couple of years, bearing in mind everything you have planned, as well as potential unforeseen setbacks.
Of course, it will take time to build up a nest egg of this size, but it’s well worth doing. It gives you peace of mind and helps you to enjoy your travels with a more carefree attitude.
Savings also enable you to take advantage of unique opportunities, such as working in a foreign country or adding an extravagant tour to your itinerary. Without savings, the chances are you will have to say no and miss out on all kinds of exciting experiences.
Over time, staying out of debt will save you a lot of money. People who rely on loans and credit cards usually end up spending hundreds every year on interest fees. This is wasted money—cash you could use to fly to somewhere interesting.
LEARN TO HAGGLE
Haggling is a great skill to have. It’s not culturally acceptable in every country, but where it is, you really should give it a try. You’ll be surprised by how much you can save.
Whether you’re buying flights, accommodation or items for your travels, shop around for the best deal, use price-comparison sites, ring and ask if there are any deals, and always see if there’s a voucher you can add to your checkout cart.
TRY TRAVEL HACKING
There are some surprising ways to save a lot of money on travel expenses or upgrade your experiences at no extra cost. For example, you might offer your skills or help in return for accommodation, review an activity online, or save money through a frequent flyer programme.
Following these tips will enable you to save money, regardless of whether or not you’re an avid traveller. Once you get into the habit of managing your finances in this way, you’ll really enjoy being able to do more for less.