Travel isn’t cheap. So how do people afford to spend months traveling around the globe? Often it’s a case of making sacrifices so that these travel dreams can become a reality. If you’ve always wanted to travel the world, here are just a few different ways in which you can possibly afford it.
Some people are lucky enough to have a trust fund or inheritance that they can use to fund their travels. Others save up the money themselves. Saving up for an around-the-world trip isn’t easy and may take some people months or years. However, it could make the whole trip much more rewarding. Saving money is slow so determine how soon you want to travel and whether this is the best option.
Sell your assets
Some people sell assets in order to fund their travels. When retiring, some people sell their homes in order to live out their remaining days travelling. This also frees up having to pay home bills, but means having to also sell your possessions or put them into storage. It may also be possible to sell your annuities – it’s possible to get cash for annuity payments, which could give you a lump sum to travel on. Other smaller assets that you may be able to sell could include cars (selling your car could free up the need to pay insurance).
Rent out your home
If you own your home, you could consider renting it out while you are travelling. This allows you to keep your home while covering the bills. You’ll have to find a tenant that you can trust. The tenant will also need to be prepared to move out when you return. On top of this, you’ll have to decide whether to keep your possession there or move them out while the tenant is living there.
Work as you travel
Working while traveling is one of the most common ways to fund around-the-world travels. This could include working from a computer or taking up local jobs in each country that you travel to. This allows you to earn money as you travel. It does mean less time for pure travel, but it could reduce the need to save up money beforehand or sell assets.
You can also make traveling around the world more affordable by being frugal. Staying in luxury hotels every night and flying first class could require you to splash out thousands per week, but if you’re roughing it out in hostels and using cheap flights and buses you may be able to keep to a much smaller budget. This could mean not having to save up as much beforehand or not having to work as much while you travel. There are lots of ways to save money as you travel that are worth looking into. Some places around the world are more expensive than others so you may also want to carefully plan out your itinerary (a week in Switzerland may cost the same as two months in Vietnam).