For most people, managing the budget for traveling for a couple of weeks is fairly straightforward, but if you want to do it long term, you need to think about ways to cut your travel costs. Doing this without ruining the experience, though, is hard work. How are you supposed to get it right? That’s what we look at in this guide. Here are some of the ways long-term travelers cut their costs and really make the most of their time abroad.
Stay longer and travel slower
One of the best approaches is to stay longer and travel slower. It’s possible to get large discounts of between 40% and 60% when you stay in one location for more than a month. For example, Airbnb offers enormous discounts for long-term stays. If you can also minimize your flights at the same time, that could reduce costs. Instead of darting from one location globally to the next, get the coach to neighbouring countries and reduce your expenses that way.
One of the best ways to do this is to stay at RV parks. These typically offer lower prices and allow you to bring your accommodation with you.
Pick affordable destinations
Another obvious strategy is to pick affordable destinations. These are some of the cheapest locations globally, both for travelers and for general cost of living.
Ultra budget areas include places like Southeast Asia, India, and parts of Latin America, including Bolivia, Paraguay, and Colombia. Here, many travelers report being able to live on as little as $25 to $40 a day.
Mid-budget locations include places like Eastern Europe and Mexico. These cost between $40 and $60 a day, depending on where you stay.
The US, Japan, Australia, and Western Europe are the most expensive locations, and these are hard to do on less than $100 a day, so you might want to steer clear of these unless you visit briefly.
Reduce your food costs
When you travel abroad, you’ll notice that food expenses are one of the largest components of your budget. Many people report spending over $1,000 because they’re eating out all the time. The good news is that if you get a place with a kitchenette, you can cook your own meals for between $300 and $600 a month. Also, you’ll be able to eat more healthily. Most locations globally have lower food costs compared to Western countries, particularly for staples like eggs and cheese.
Figure out your transport options
You’ll also want to think carefully about your transport options for flights. It’s often best to book between three and six months ahead. These give you the option to buy flexible tickets that allow you to change your travel times if you need to.
Midweek is the best time to fly because the flights are cheaper than at the weekend. If you’re on the ground, always use buses, ferries and trains. You could also use rideshare services like Uber depending on the location. Ride-sharing is very cheap in Latin America and Southeast Asia.
