The Essentials of Traveling on a Budget
World travel is a glamorous and exciting prospect that not enough people consider a viable option. So many people long to travel, but they’re afraid to take the plunge. Whether it’s the financial fear or the stress of going it alone, there’s usually something holding us back.
The good news is you can start packing today because, if you follow our globetrotting on a shoestring budget tips, you can actually travel around the world without breaking the bank, and you can even do it if you don’t have a perfect credit score.
Make a Daily Budget, and Stick to it...More or Less
Whether it’s a singles’ outing or an extensive honeymoon retreat, prior to any globetrotting, you need to map out your trip financially. While you can’t say exactly how much you’ll need for each day, try to get an approximate (estimate high) for food, lodgings, transportation, utilities and expenses.
Once you’ve done this, multiply it by the number of days you’ll be staying in that location, and you’ll have your location budget. Decide if you’ll be working while you travel or if you want to have it all in savings before you go, and then start putting away as much as possible from your current paycheck to fund the big travel-a-thon.
To Loan or Not to Loan
A lot of people will not take the life-transforming step of an around the world trip because they have some debt to pay off. Maybe it’s a student loan or a credit card that got out of hand. Regardless of the source, if you are teetering on the verge of debt (or even if you’ve fallen flat on your face in it!) all hope is not lost.
Find out if a personal loan is the right choice for you; it just might mean the difference between a vacation-less existence and paradise.
Don’t let your past decisions stop you from enjoying the experience of a lifetime.
Time & Place
Where you travel will have a huge impact on how much you spend. Places like India, Egypt, Thailand, and Cambodia will cost you a fraction of what any of the European locales will. Scout out your locations before committing to the trip. In addition, seasons and travel budget go hand in hand. Always travel on the off-season – rates, fares and services will be cheaper.
Live Like a Local
Skip the expensive hotels, fancy restaurants and overpriced cabs, as these are all tourist traps waiting to suck the money right out of your bank account.
Eat like a local, sleep in hostels, house swap or barter for your room and board, and take local transportation. Not only will you save a boatload of money, but you will gain an unforgettable cultural experience that you just can’t put a price tag on.
Credit Card, the Dark Force
Whenever possible, pay off any credit card debt before traveling, and then leave it off. Instead of tumbling down the rabbit hole of credit card debt, create a separate account and have a debit card attached to it. This way you will not be able to withdraw more than is in the account.
Get Packing Now
If you are ready to make some responsible financial decisions that could lead to the opportunity of a lifetime, let SoFi, Lending Club or any of the other best personal loan companies help you on your road to enjoying life more fully right now.
If you are already learning to live frugally, don’t stop with dining. Check out the rest of our "shoestring budget" articles:
About Naftali Feig
Naftali Feig holds a bachelor’s degree in finance as well as an MBA. He has over