This is a question that many people ask me because there is an assumption that you have to be rich to travel the world. Of course, you need money to travel; just like you do to buy a car or your favourite gaming console, but it needn’t be as expensive as you might think.
Firstly, it’s very difficult to gauge how much money you need to own to be classed as rich, for me, it is someone who has £1million in their bank to spend, but for you, it might be completely different – it’s subjective. How much your round the world trip costs will depend on a number of factors:
• The places you travel to.
• The time of the year that you travel.
• How you get to your destinations.
• The type of accommodation you stay in.
• The activities you participate in.
Spend a lot of time in expensive countries like the USA during the summer, fly first class, and stay in luxury accommodation then obviously it is going to cost you a lot of money. That aside, let me give you a quick breakdown of how much it cost me to travel the world for 12 months, and I’m certainly not rich.
Breakdown on how much it costs to travel
Total amount spent was £19,3810 of which 60% was made up of accommodation and airfare/transport. The rest split up of food, internet costs, camera replacements, socialising, tours and excursions.
The amount could have been reduced by at least 30-40% if more time was spent in cheaper countries (i.e. less time in Australia, New Zealand and the USA), stayed in hostel dorms throughout my trip, spent less money on internet access, and replaced expensive lost/broken cameras with cheaper alternatives. There are other ways to reduce the amount the trip will cost, by volunteering and housesitting and since accommodation makes up for at least 30% of the cost of your trip, this can save you a lot of money.
Even if you calculate that it is going to cost you £15,000 to travel the world, that isn’t impossible, if you are focused. Over a five-year period, that’s achievable by saving £250 a month.
Be focused enough to save
How much money do you spend on luxuries each month, which you could cut back on? If today you had a look through what you’re spending your money on, you could save that amount each month by cancelling your TV package, magazine subscribers, and reduce the amount of time you eat out and socialising. You could also find a part-time job at the weekend to increase your savings.
Anything is possible if you put your mind to it and are focused. So, if you want to travel the world, don’t assume you can’t afford it – spend time researching where you want to travel, how much it’ll cost you for the period you want to travel, and start saving today!