Traveling for a long period of time generally means that you'll have to be budget-conscious. While planning your trip, it is important to plan to stay flexible. However, when it comes to money, it is often easier to know ahead of time how much everything will cost so that we can make sure that we have enough money for the trip.
This guide is about traveling, and not so much about how to manage your money. After all, people save their money for many reasons, not just to travel. There are thousands of guides and tips on how to save up for a big purchase on the internet and in the bookstore, so we won't go into too many details here. However, here are a few cruicial key points that helped us along the way.
Put away a set amount of money into a savings account with every paycheck. Then, live off of the rest without touching the savings. It should be as if you didn't get paid the whole amount to begin with. Many experts say to put away 5% to 10% of your paycheck, but we're recommending more. If you can, shoot for as high as 40% or 50%. This may seem crazy at first, but try to push yourself and see what's possible. Depending on where and how you live, you'll be surprised with your results if you stick to it.
This brings us to the next main point: reevaluate your spending priorities. Do you need that new iPhone or those fancy shoes? Could you be living cheaper? If you're prioritizing a trip around the world, you're hopefully already thinking about these issues.