The round-the-world trip goes by many names: some call it a gap year, a sabbatical, a working holiday or simply the trip of a lifetime. If you, like many others, have already made up your mind to embark on the ultimate vacation around the world, now it’s time to set a date and start planning how to save for a trip around the world.
Perhaps you already have some extra money set aside. But if not, don’t let the cost of a global vacation put a damper on your plans. There are plenty of ways to save in the months ahead. Cabeau has the best strategies for learning how to save for a vacation around the world, so hop aboard and get ready for adventure!
Create a Budget
If you’re looking to depart sooner rather than later, you’d best become financially savvy if you aren’t already. Create a budget and stick to it. Many spreadsheets exist online, so choose one you like and use it to keep track of every single expense. That includes everything from airfare and hotels to must-have travel accessories.
Determine Your Needs vs. Wants
We didn’t say learning how to save for a trip would be easy! Take out your budget and start highlighting. Once you compare expenditures of needs vs. wants, you will be able to see where cuts can take place a bit more easily. Color-code your needs and your wants using two bright colors. Look at your ‘wants’ and start taking your black marker and striking them out. You’ll see where to cut costs pretty quickly!
As you are crossing items off your want list, make sure you are honest with yourself as you learn how to save for a vacation. Do you need three streaming subscriptions, or would you rather live it up a bit more when you get Down Under? Can you cut out an afternoon lunch with friends in exchange for an authentic market experience in Southern France? Perhaps your evening sushi take-out won’t seem quite so appealing when you picture yourself enjoying the real deal in Toyko. Following this exercise will get you in the right mindset for making lifestyle changes happen fast.
Pick Up a Side-Gig
Another great way to save for a round-the-world tour is to get a side job. Just think, you’ll save every penny from your gig without guilt. If you have a talent, why not use it as you navigate how to save for a vacation by doing just a little more. Babysitting, dog walking, freelance writing, photography, Uber, Lyft––find ways to finance your passion for travel by working a bit on the side.
Plan to Work While You Travel
If you’re still tight on cash, there are other options. A few months teaching ESL in Asia, or a volunteer stint in South America can help you cover your accommodations. Get creative! You can figure out how to save for a vacation by becoming a deckhand on a ship, staying at a monastery, helping out at a hostel, or obtaining a working holiday visa for a country and picking up shifts at a bar or restaurant. You’ll figure out how to save for a trip on the go –– and get some valuable work experience in the process.
Choose Your Itinerary Wisely
In many places around the world, you can easily enjoy life on only $30 USD a day. Think Eastern Europe, South America, Southeast Asia or some countries in continental Africa. In other locales, you will need much more. Expect double the expense in areas such as the United Kingdom, Scandinavia or popular tropical holiday destination spots. Part of learning how to save for a vacation is planning your itinerary according to your ideal budget. It is critical that you maintain a balance between the places you’ve been dreaming to see and the realities of your bank account.
Book Your Tickets Ahead
Once you’ve established your “must-sees” it’s time to do some research. Establish a realistic daily budget for each location, and start booking transportation ahead of time. Think of more economical options for travel in each area you plan to visit. A rail pass in Europe goes a long way, and flights can be very low-cost in Asia when you do the research yourself. Planning your transportation overnight can save you the cost of accommodation, so consider a few overnight ferry or trains –– just be sure to pack a warm travel blanket for the ride!
Beware of ‘Budget’ Deals When Planning
One last little word of wisdom for the road. You may think you’re an expert at how to save for a vacation when you fly a budget airline, but when you add in additional fees, you may not save as much as you think yet you’ll be seriously sacrificing comfort. If you do plan to fly on a budget, make sure you grab a Cabeau neck pillow and sleep mask –– you’re going to need them! With the exception of some economical experiences geared toward certain segments of the population (students, seniors) many advertised ‘budget’ experiences can be too good to be true, so buyer beware!
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Learning how to save for a trip is about flexibility, so make sure that you leave a bit of wiggle room in your itinerary for the unexpected. Have a rough layout of your destinations, but don’t worry if you end up making a few changes along the way. Keep an open mind, carry your Cabeau supplies with you, and get ready for the adventure of a lifetime!