You want to see the world, but just graduated or did not work long enough to be comfortable with your finances? Here are some practical tips to finance your journey around the world! Don’t forget, the key to any trip is being smart with your money.
Cut useless expenses
Set your priorities. If travel is your main priority, cut out some things you like (but don’t need) to spend money on. Do you really need to eat out for lunch and dinner? These expenses add-up very fast. You can also put a hold on shopping for new clothes. Going out and drinking is one of the things we are professionals at cutting in our expenses since we try to keep up with a healthy lifestyle. Always remember that there are no small savings – creating new habits in your spending can allow you to save a lot in the long run. If you plan on going on a trip soon, do everything you can to put the maximum you can aside.
Make sure to track your expenses
What we do is write all of our expenses down on an online spreadsheet and we always track where we can save up some extra coins. Note down everything!
The set expenses like rent/mortgage, car payments, cable & TV bill, cell phone, insurance, school payments, and all. Then note down all your discretionary spending like food, drinks, shopping, movie nights and all the other similar things. A good tip is to keep your bills and verify your credit card spending online.
Sell crap you don’t need
Living abroad for the past 3-5 years had teach us to keep the bare minimum and only have the essentials. If you are planning to leave for a world trip for a year, don’t let your things rot at home if you think you won’t need them even when you come back. Time to be ruthless! This applies most likely to all of you who are not living close to your relatives and are renting a place to live. Having a few cardboard boxes to ask some friends to keep is always easier than a room full of furniture, clothing and books!
A garage sale of tons of my clothes last summer made me pile up several hundred dollars. Those small amounts collected can make purchases like a GoPro cheaper! Perfect companion for your travels 😉
Build and maintain your contacts
Dig in your Facebook, keep relationships with your college mates, colleagues, etc. You always have a friend living somewhere around the world. Make sure to get in touch with them so they can either host you or bring you out at the right places. If not, there are websites like Couchsurfing on which you can create friendships with like-minded people. Not only using this can make you save during your travels, but you will create incredible new memories with new friendships.
Pay your university/college debts up front
Okay, this may be hard depending of your financial situation or support, but if you can, pay the most you can. Yes you will get the initial hit in the wallet, but in the long run, you will lose less money. Most governments use a systems if you pay up front you will get a discount on payments. Nobody likes to pay interest.
Rent out
If you have a property or room you are renting, rent it out! If you don’t, it is an interesting investment to consider. We are considering getting some key properties in the heart of Melbourne and pay it up by renting it out to tenants. The investment will be paid by itself. It’s never too early to think about investing in property and it is one of the best way to keep making revenue while you are away (of course after you are done paying it!).
Same for your car, renting it out can always be an option!
Try to find sponsors
Of course, only if you plan to document your travels, try to get sponsors. The travel blogosphere is of course very saturated, but if your content is attractive and has a good niche, you can always score a few sponsors to help you out during you trip. It can go from camping equipment, clothing to cameras, you never know, but don’t forget to deliver, honour the partnerships and only pitch or accept to work with brands that fit you. Doing it only for the freebies is the wrong way to do it.
A clear concept and a visually attractive platform attracts sponsors!
Why is finding sponsors a thing? It is common, especially these days, that brands are looking to increase their visibility. Giving out their own products is cheaper than spending on media space and advertising. That’s why some companies are willing to help you in your project in exchange of you mentioning them or creating media, but like we said, don’t sell your soul, don’t forget that what you do is valuable. Chose who you want to help you out or talk about.
Crowdfund your trip
If you are planning to do a very special project all around the world, it may be worth it to try to fund your project. Push friends and family to help you and you never know, maybe their friends or connections will support and you will end up gathering enough funds to help you out.Make sure to introduce your project in a very sharp way. Also think about the rewards you will be able to give back to your donors. Is it post cards? Many ways are possible, many simply want to see your progress such as pictures and videos.
Look for scholarships
From where I’m from in Quebec, I joined the program called LOJIQ. They help and finance people to go abroad for training or even jobs! Look into that if you are from Quebec and if you are not, I’m sure your country might have something similar to this program. From what I know of, France has a lot of these scholarship programs. This is obviously a trick that can work only if you are from specific countries.
Freelance while traveling!
You are one of those that is career oriented and scared to leave for a long time without work experience? NO PROBLEMO! Do like I did (still do), Freelance.
If you want to fin something that is not in your specialized career, you can always write up to bars or hostels and ask to exchange services. There are no limits, you have to create your opportunities. Plus, these days, it is so easy to be a digital nomad, don’t miss out to progress in your career while enjoying life traveling!
There are many ways to finance your trips, but in the end, it is all depending of your motivation. Want to enjoy nice hotels? You need to save more than the average saver, etc etc! In the end, there is no doubt that if you are motivated, you can pay for the trip of your dreams! Just cut costs at the right places.
