If you’re planning to tour the world but have a limited budget here’s how you can see your plans turning into a reality.
Set your Target – When we (Me and my husband) started with our world tour planning we didn’t had a clue about the total cost that it would incur on us. We made a rough analysis and concluded the cost to be around that of $50,000. We saw other people travelling on a budget so we brought down our budget too. People like Wandering Earl had set out on a tour with only $1500! So inspired by this we decided to bring our traveling budget to $24000. We were hopeful that on our way on the road we find some work that can help us to top the account.
How to save money for travelling:
We have always lived a very frugal life and it’s been quite a challenge to live it this way in an expensive and modern city like London. My husband Harry and I have this thing in mind to roam the whole world for which we have been saving from quite a time. We don’t have luxurious parties every weekend, we don’t live in a high-rent apartment, we don’t buy a lot of clothes and other stuff. This way we save a lot of money which we plan to spend on our dream that is the world travel. I will share with you all a few tips that helped us to save money for travel.
1. Pay off your debts: Pay off all your debts before you save that lump sum amount for fulfilling your dream.
2. Draw up a budget: The best to know how much you can really save every month is to write down your monthly earnings and expenditure.
3. Reducing your outings: This was difficult because we already lead a very simple life; we don’t buy ready-to-eat food daily nor do we have expensive memberships to clubs. However we further tried to reduce our outings by doing the following:
- We moved to a smaller apartment which meant a cut in rent.
- We paid the car insurance for a year in one go and that saved us an interest of $150.
- I love to buy books, at least 3 a month. But in order to save money I go to the library instead and swap books with people.
- We cancelled our costly phone insurance and got a cheaper one online instead. This reduced our insurance cost from $15 to $7 per month.
4. Increase your earnings: Ask for pay hike from your employer. Take up a freelancing work for a few month to pocket some extra money. Another way to earn some more money is by selling off the unwanted stuff from your house; these days there are many websites that help you in doing that.
All in all we had enough money by doing exactly what I have written above. Our dream of touring the world was a success; hope the tips help you as much.