Introduction
Traveling around the world is an exciting and life-changing experience. But it can also be expensive. Knowing how much money it takes to travel the world and having a plan in place to finance your journey is essential for making your dream trip a reality. In this article, we’ll explore everything you need to know about budgeting for a round the world trip.
What is Round the World Travel?
Round the world (RTW) travel is defined as traveling to multiple countries or continents over a period of time. The length of the journey varies, but is typically anywhere from one month to a year. A RTW trip can include any combination of cities, regions, or countries, depending on the traveler’s preference.
According to a study by Booking.com, 78% of people surveyed said that they felt “more alive” after having traveled the world. And 83% of people said that their outlook on life had changed positively after their travels. These findings demonstrate the incredible impact that round the world travel can have.
Calculating Your Budget for a Round the World Trip
The cost of a round the world trip will vary greatly depending on the duration of the trip, the type of activities you plan to do, and the number of countries you visit. Here are some tips for estimating the costs of your journey.
Estimating Airfare Costs
Airfare is usually the most expensive part of any round the world trip. To get the best deals, it’s important to be flexible with your dates and flight times. Consider using a search engine like Skyscanner or Kayak to compare flight prices. You may also want to look into purchasing an airfare pass, which allows you to book a set number of flights for a discounted rate.
Estimating Accommodation and Food Costs
Accommodation and food costs will also vary depending on where you go. If you plan to stay in hostels or guesthouses, you can expect to pay anywhere from $10-$50 per night. Eating at restaurants can also add up quickly. To save money, consider eating street food or cooking your own meals at your accommodation.
Estimating Miscellaneous Costs
Miscellaneous costs such as transportation, sightseeing, and entertainment can also add up. To keep these costs down, research free activities in the area and take advantage of discounts. You may also want to look into purchasing a rail pass, which can save you money on train tickets.
Setting Realistic Budget Goals
Once you’ve estimated the costs of airfare, accommodation, food, and miscellaneous expenses, you should have a good idea of the total amount of money you’ll need for your trip. From there, you can create a realistic budget and start saving for your journey.
How to Plan Financially for a Long-Term Travel Adventure
In addition to creating a budget, there are several other things you can do to plan financially for your round the world trip.
Create a Savings Plan
Creating a savings plan is one of the best ways to ensure that you have enough money for your trip. Consider setting aside a certain amount of money each month until you reach your goal. You may also want to look into investing or opening a high-yield savings account to help you save more money.
Consider How to Pay for Purchases While Traveling
It’s important to consider how you will pay for purchases while traveling. Credit cards are usually the best option, as they offer the most protection against fraud. However, if you plan to use your credit card abroad, you may be charged additional fees. It’s also a good idea to have some cash on hand in case of emergencies.
Research Ways to Make Money While Traveling
Making money while traveling can help offset some of the costs of your trip. Researching ways to make money while traveling can also help you create a more realistic budget. Consider looking into freelance opportunities, teaching English, or working in hospitality.
What You Need to Know Before Taking an Around the World Trip
Before embarking on a round the world trip, there are a few things you should consider.
Understand Visa Requirements
The visa requirements for each country you plan to visit will vary. It’s important to research the visa requirements for each country in advance to avoid any issues. Some countries require that you apply for a visa in advance, while others allow you to apply upon arrival. Be sure to read all the information carefully and apply for visas as soon as possible.
Research Local Customs
It’s also important to research local customs before visiting a new country. Understanding the culture of the places you visit will help you to avoid any cultural faux pas. Knowing the local customs can also help you feel more comfortable in a new environment.
Get Up-to-Date Vaccinations
Finally, it’s important to make sure that you’re up-to-date on all your vaccinations before traveling. Depending on the countries you plan to visit, you may need certain vaccinations. Check with your doctor or a travel clinic to make sure you’re prepared.
The Cost of Traveling Around the World: What to Expect
After researching visa requirements, understanding local customs, and getting up-to-date vaccinations, it’s time to start thinking about the costs of your trip. Here’s what you can expect to pay for each expense.
Airfare
As mentioned earlier, airfare is usually the most expensive part of any round the world trip. Prices vary depending on the destinations you choose, but you can expect to pay anywhere from $1,000 – $5,000 for airfare alone.
Accommodation
Accommodation costs can also vary greatly depending on the type of accommodations you choose. Hostels and guesthouses are usually the cheapest option, but you can also find private rooms or apartments for rent in many cities. Prices range from $10 – $100 per night.
Food
Food costs will also depend on where you’re traveling. Eating at restaurants can be expensive, but street food and grocery stores are usually cheaper options. Prices for food range from $5 – $20 per day.
Transportation
The cost of transportation will depend on the type of transportation you use. Public transportation is usually the cheapest option, but taxis and rental cars can also be expensive. Prices range from $2 – $50 per ride.
Activities
The cost of activities will vary depending on the type of activity you choose. Many museums and attractions offer discounted rates, so be sure to research ahead of time. Prices range from free – $100 per activity.
Miscellaneous Costs
Miscellaneous costs such as souvenirs, internet access, and laundry can add up quickly. To save money, research free activities or look for discounts. Prices range from free – $50 per item.
Tips for Saving Money While Circumnavigating the Globe
Traveling around the world doesn’t have to be expensive. Here are some tips for saving money on your journey.
Take Advantage of Discounts
Many attractions and activities offer discounted rates for students, seniors, and military personnel. Do your research ahead of time to find out which discounts are available in the places you’re visiting.
Use Public Transportation
Public transportation is usually the cheapest way to get around. Buses, trains, and subways are often much cheaper than taxis or rental cars.
Choose Affordable Accommodation
Hostels and guesthouses are usually the cheapest option when it comes to accommodation. Private rooms and apartments can also be affordable if you’re willing to do a bit of research.
Pack Light
Packing light can save you money in two ways. First, you won’t have to pay extra baggage fees. Second, you’ll be able to move around more easily and won’t have to rely on taxis or rental cars.
Ways to Finance Your Journey Around the World
If you’re having trouble affording your round the world trip, there are several ways to finance your journey.
Crowdfunding
Crowdfunding platforms such as GoFundMe and Kickstarter allow you to raise money for your trip from friends, family, and strangers. Just create a page describing your project and share it with your network.
Work Exchange Programs
Work exchange programs such as WWOOF or HelpX allow you to work in exchange for room and board. This is a great way to save money while gaining valuable work experience.
Online Teaching
Another way to make money while traveling is to teach English online. Companies such as VIPKID and iTutorGroup hire native English speakers to teach classes over Skype. This is a great way to make money and travel the world at the same time.
Conclusion
Traveling around the world is an amazing experience that can change your life in profound ways. With careful planning and budgeting, it is possible to make your dreams of circumnavigating the globe a reality. We hope this article has given you the tools you need to make your round the world trip a success.
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