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Here are some simple and creative ways to cut your expenses, make money, and get on the road sooner:Īs mentioned in the introduction, most people don’t have a budget so the first thing you need to do to save money is to know where you’re spending it. A little bit every day adds up to a lot over a long period of time. Of course, the lower your income, the longer it will take to save enough to travel. I know these tips work because I used them before my first round-the-world trip (and still use them to keep my living expenses low). This will let you see where you can make cuts and where every penny you earn is being spent.Ĭutting your daily expenses, being more frugal, and downgrading to a simpler way of living will allow you to save money for your trip around the world without having to find extra sources of income. In short, if you want to start traveling more or save up for a specific trip, you need to create a budget. “I can’t afford it,” people say to me, “I have too many expenses.” Most of us certainly have expenses we can’t cut (though remember when you travel the world long-term, many of those expenses disappear), but if we cut our phantom expenses, reduce our set costs, and find other ways to save we can build our travel fund much more quickly. One of the main reasons why you think you can’t travel the world is money. Even a daily bottle of water or candy bar can make a substantial difference over the course of a year. A dollar here and a dollar there adds up.
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Financial experts call these “phantom expenses” - we never know they are there because the expenses are so small.
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If you don’t know what you spend money on, go track your expenses for a two-week period, see what you spend, and come back.Īdd that all up - what did you get? Probably a large sum of money.Īnd I bet there will be many expenses you didn’t realize were there.
REDUCE MONTHLY EXPENSES MOVIE
This is what you spend on food, movie nights, drinks, shopping, that daily coffee from Starbucks, cigarettes, sports tickets, your daily midday snack, and other similar things. Then write down all your discretionary spending. Get out a sheet of paper and write down all your set expenses: rent/mortgage, car payments, cable/streaming bill, cell phone, insurance, school payments, etc.