Are you wondering how to travel more in 2021? Indeed, millennials are traveling so much more than previous generations. In my book, The Financially Independent Millennial, I write about how Andrea and I always favored vacationing, well before learning how to become financially independent.
Just like paying off debt, or running a 6-minute mile, if you want to travel more, you have to make it a priority. It needs to be one of the things you think about daily, or perhaps even hourly! For us to vacation more, Andrea and I have a “travel fund.” To be sure, our fund is just a savings account that we contribute to every month.
How much money do you need to travel the world?
How much you need to travel the world depends mostly on where you are going too. As a general rule, if you want to vacation more, and you’re just starting, you’ll probably want to start by researching inexpensive destinations.
Method and class of travel
You might be wondering how much money you need to budget for flights. Or, perhaps you might be considering using the train in Europe. Another thing to think about is the level of service. For example, are you going to travel in coach or first class? These factors all make a part of your budget.
As you know, Andrea and I love cruising. Cruising allows us to travel far more than if we flew everywhere and booked hotels. However, for us to sail more, sometimes we have to compromise on the class. Indeed, we’ve bought balcony cabins, as well as inside cabins. In the end, on a cruise ship, we use the cabin primarily to sleep. As such, having a balcony cabin isn’t super important, unless of course, Andrea will be expecting to take lots of pictures from it, as he did on our recent cruise to Antarctica.
Local currency considerations
For instance, some cities are far more expensive than others; take London, for example. There, the local currency is the Pound Sterling. The fact that the pound is one of the strongest currencies in the world (At the time of this writing, 1 USD = 0.79 GBP, and 1 CAD is 0.58 GBP). Indeed, it means that while it might cost £100 a night in a hotel, you’ll be spending USD 126 or CAD 171.
Meanwhile, if you research at some of the cheapest countries in the world to visit, you might find Vietnam, or the Philippines as being cheap. Indeed, everyone is a millionaire in Vietnam! Did you know 1,000,000 Vietnamese dong is only about USD 50!?!? Crazy. As such, it’s essential to consider the local currency when figuring out how much money you need to travel the world.
How to Travel More With a Full-Time Job
Let’s face it most people have a full-time job, and regardless of how high up the food chain you are, it’ll probably be a challenge to take weeks or even a month off to travel. Sure, some people might be able to “work from home,” but still, if you’re working, are you enjoying the travel?
Consider Traveling Locally
Local travel is one sure-fire way to be able to see more of the world if you have a full-time job. For example, if you live in Vancouver (BC), you might consider shorter, one or two trips to Whistler, or Seattle. Or, maybe even a couple of nights in Las Vegas! Indeed, quick trips like this don’t necessarily need to cost more.
Make the best use of your banked time, and negotiate
Many North American companies frown upon taking more than two weeks away from work at any one time, making it more of a challenge to travel frequently. Indeed, many companies expect their employees to be available by email or phone while they are away on vacation. So, I recommend negotiating your vacation time. If you want to travel the world more than you already are, you’re going to need the time off. Indeed, this is the time to negotiate an extra paid week or two of holiday time. Also, look for creative ways to bank hours for paid time off. For example, many employers are happy to offer paid time off in exchange for overtime.
How to make money when on vacation
If you have a full-time job, you might wonder how you can make more money while traveling. The answer is surprisingly simple: An online side hustle. Indeed, earning an extra $1000 a month online isn’t as hard as you might think. To be sure, you can teach classes, or help folks build or maintain websites, or even become a virtual assistant, all while traveling the world.
How to save money when traveling
Saving money when traveling is critical to being able to travel more. Yes, one tip is to travel more is to visit during shoulder season, or off-peak times are great ways to save when traveling. For example, Christmas in Italy is beautiful, and it’s generally far more affordable! Also, ask yourself, do you need a hotel suite? Or would a cheaper room do? If you’re like us, we don’t spend much time in the room, other than to sleep, so picking a cheaper hotel room is always a sure bet to save money when traveling. Also, the savings is another way we get to travel more!
Frequently Asked Questions (FAQ)
If you are in your 20s, you’ll likely have to choose to travel local, or to cheaper destinations. For example, traveling to Southeast Asian countries such as Vietnam and Thailand are popular cheap destinations.
If you want to travel the world with no money, you’ll likely have to go on a road trip.
People afford to travel in many ways. Sure, some are already financially independent, but most aren’t. Most people afford travel by using credit cards, or saving up for the trip first. I prefer the latter.
In order to travel the world cheaply, you’ll need to first come up with a budget. Then, you’ll need to figure out how to get to where you want to go, how long, where you want to stay, and what you want to do. Ideally, create a spreadsheet, and plan ahead!
Some people afford vacations every year by saving monthly. Others use credit. I prefer the former.
The first thing you’ll need to do to start traveling the world is to make traveling a priority. You’ll want to research where you want to go, and what. to see. Then, you’ll have to come up with a budget, and start saving for it.
Then, hotels, food, and activities will be about $100-200 (USD) a day, per person. So, expect anywhere between $3000 and $6000 for a month. Additionally, airfare will cost about $500-$1000 for a long haul light.
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