If you are a regular traveler like me, you know what a trip is. His enthusiasm, his cultural variety, his new sounds and images are mixed with a little homesickness. Traveling is called food for the soul and should at least be part of everyone’s life. Travel offers you opportunities to grow, expand your horizons and meet new people. From a business point of view, it offers your network and new business opportunities. However, a common thing when traveling is to plan for possible expenses. Most of these expenses include living expenses, such as hotel rooms, meals, amenities and travel. Especially when traveling long, it is important to manage your cost of living effectively. Otherwise, you can find yourself in a foreign country with all your reserves exhausted.
This blog examines effective ways to manage living expenses during long-term trips.
The first thing to do before you start traveling is to set a budget for your trip. First, start with the list of places where you go. From a monetary point of view, it is better to include a mix of cheaper places like Africa and Asia, as well as expensive like Australia and Europe. You need to determine the maximum amount of money you can afford for your long-term travel plans. Your budget should ideally start budgeting for 6-8 months before traveling. This saves you money that will be very useful when you travel. One important thing to do is to make a daily commuting budget. This means that you spend a certain amount or less each day when traveling. Managing your money with a daily budget is the best way to track your expenses. Remember that you need every dollar when traveling.
Once you have defined your long-term travel budget, it’s time to save money. For most people, this is a gradual process. No date will be set to reduce your expenses and start saving. You just have to spread out your dollars very finely. You will need to revisit some expenses and actively save money for your travel plans. A good way to do this is to replace high-spending activities like clubs or bars with cheaper or free activities. I know people who just bought five clothes for the whole year because they were planning a long route. Tighten your belt and start saving.
Download a Spending Tracker
When traveling, your priority expenses will be as follows:
• Food and drinks
• Local transport
• Others (sim cards, medication, souvenirs etc.)
It is clear that the cost of plane advances is not included. The amount you spend on these expenses varies from place to place. Australia must be much more expensive than Nigeria, for example. Free applications like Tripcoin allow you to control your expenses when you buy lederhosen. It shows you how much you have spent in a day and what percentage of your total budget has been spent so far.
Extend your Travel Budget
A great way to stay safe from the depletion of money is to find ways to boost your budget while traveling. Staying on a small daily budget can sometimes be impossible. It is therefore useful to find other ways to supplement your budget or reduce its depletion.
Search for exchange, exchange or paid work while traveling. By using your skills abroad, you will earn enough money to keep your travel plans going. For example, native English teachers can help teach English to hotel staff in exchange for free or discounted accommodation. Photographers and videographers can do business for local businesses in exchange for cash or in-kind benefits.
You can also become what we call “WorkAwayers”. You can stay at the host abroad and work for him in exchange for money. One important thing to note here is that there is no lodging or “free” food in such an arrangement. You get accommodation and food in exchange for your services. Once again, it is important to negotiate such agreements with the utmost caution.