How to Manage Your Money for the Trip of a Lifetime

Travelling the world is thrilling and eye-opening, but also presents many challenges that test you and help you grow as a person. One such challenge is money management – not just how to spend your cash sparingly, while still having a good time, but also earning it. Of course, there are some basic things that you need to take care of first before you embark on your adventure, some of which we covered in our 7 things to do before you travel post.

currency in the Philippines

This includes everything from making sure your passport is valid to getting travel insurance and your appropriate vaccinations. But once these steps are in place, it’s time to work out how to manage your money most effectively in order to ensure your trip is as wondrous as you hoped. With the following pointers, you can ensure you have the resources for an extended trip of a lifetime.

Tip 1: Save on Flights

Finding discount flights is a lot easier these days, with all of the sites and apps dedicated to finding you a bargain, and all of the discount airlines continually adding destinations to their charter. Sometimes sifting through the deals takes time, but it is well worth the effort.

Cheap flights

Check discount airline sites directly, as often the rate you see on a flight searching site won’t include things like luggage fees and seat booking fees. Also, don’t forget to clear your cookies, especially if you are conducting multiple searches on different days. Your cookies will show that you’ve already been looking at a flight and as travel sites often operate under “dynamic pricing” strategies, returning visitors will see increased pricing, which is meant to encourage customers to buy before the desired flight price goes even higher. Clear your cookies and you will again see first-time visitor prices.

You can otherwise get cheaper flights by using sites like Holiday Pirates, which secures cheap fares by looking for airline pricing mistakes – one person’s error is another person’s travel treasure!

Tip 2: Save on Lodgings

Accommodations are usually the most expensive part of travelling. Of course with things like couchsurfing and Airbnb accommodations, this is becoming increasingly more affordable. If staying on a stranger’s couch isn’t really your thing, then consider a private room at a hostel, which is still cheaper than a hotel room.

hostel in hiroshima

Hostels are quite well maintained, especially for being in the business of cheap lodging. A hostel will most likely offer cleaner and better accommodations than a cheap hotel in the same or even higher price range.

an apartment in ghent

Otherwise, if it’s a longer stay, renting an apartment will be your cheapest route. There are plenty of sites that offer apartment rentals. Again, this sometimes requires you to do a little searching, but it is worth it in the end.

Tip 3: Earn as You Travel

As well as saving money, finding solutions to replenish your funds is a great tactic to sustain your adventures in the longer term. Two of the most common options are working and blogging.

blogging at Alona beach

The former is a tried and tested method, with a range of possibilities from casual bar work to fully organised work and travel programs. Blogging is also a great option for adventurers because it offers the chance to combine the experience of travelling the world with generating funds. Through a combination of advertising and patronage from readers, it can both finance your trip and encourage you to embark on a wide variety of experiences to create interesting content for your blog.

working on a train in japan

You don’t have to stop there, though – starting a YouTube is an effective way to bolster your blog, and offers its own possibilities for earning money for your travels.

Tip 4: Save on Food

Food is your second biggest expense after lodging. If you have accommodations with a kitchen, like those mentioned above, this is a huge advantage.

cooking at Good morning hostel in Lisbon

In this way, you can not only save on food but also make sure the high food standards are maintained when travelling. Don’t eat out every day, this will deplete your budget very fast. When you can, buy groceries and cook at your hostel or apartment rental.

cooking, scrambled egg, forest
When you do eat out, choose local over non-local food, since foreign food will always be more expensive. Also, avoid eating in tourist areas – the food here will be twice as expensive as elsewhere and half as good.

What would be your tip #5?

Get insured

"It will never happen to me" said every person before it happened to them. Accidents happen at home and abroad. The difference is that they are usually more costly when you're in a foreign country. That's why travelling without insurance is a bad idea. There's just no excuse to put yourself in such a risk.

>>voice from the crowd<< Travel insurance is too expensive!

>>voice of the common sense<< If you can't afford travel insurance then you can't afford to travel.

Don't take chances and get yourself insured now. Check out our budget travel insurance page.

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1 Comment

  • great tips. I think even today if you find the right round the world deal, if thats what you want to do, that can help you save on airfares too. Although airport taxes these days are incredibly high compared to 20 years ago.

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