Everyone dreams of traveling, but having the financial means to do it is key. Travel can be as luxurious or as budget-friendly as you make it. It’s important to figure out what kind of experience you’re after and assess your budget accordingly.
After years of taking multiple trips and now embarking on a nine-month backpacking adventure, I’ve come to understand the importance of saving, budgeting, and planning ahead. A solid budget is essential, and having the discipline to save money and plan wisely is invaluable.
In this guide, I’ll share how I saved up in my early years and explain how I continue to budget while traveling full-time for the year. Keep in mind that everyone’s financial situation, budget, and priorities are unique, but the core principles apply to most.
Saving Before You Travel
First, it’s essential to acknowledge that we all come from different backgrounds. Some may have more access to resources, while others face financial challenges. In my case, I was fortunate to have the support of my parents during my university years, which relieved some of the typical financial strain. This allowed me to focus on saving rather than stressing over loans or tuition.
From a young age, I worked different jobs and was cautious with my spending. During my studies, I worked almost every day, saving tips, extra cash from birthdays and holidays, and carefully tracking where my money was going. By setting aside funds in savings accounts and being mindful of my spending, I was able to make the most of my earnings. Let me walk you through the things I stopped spending money on, which helped me save significantly.
Prioritizing Over Materialism
As a young woman, it’s easy to get caught up in the pressure to buy the latest clothes, makeup, and beauty products. But I realized early on that I couldn’t have it all—either I’d prioritize traveling or indulge in material things. So, I chose to focus on what mattered most to me: travel.
I rarely buy new clothes. When I did, I made sure they were practical and versatile, like quality workout gear, a good pair of pants, or a simple shirt that could be worn anywhere. I kept my wardrobe minimal, sticking to neutral colors and classic pieces that were easy to mix and match.
The same goes for makeup and skincare. Instead of splurging on every new product, I stuck to basics—just the essentials. These small lifestyle changes helped me cut back on unnecessary expenses. Clothes, makeup, shoes, and accessories may seem like small purchases at the time, but they add up quickly.
Cutting Back on Eating Out
Another big savings area for me was food and drinks. Eating out can be incredibly expensive, especially in places like Hawaii, where I was living. I made it a point to cook at home most days and reserved eating out as an occasional treat. The same goes for coffee. I brewed my own instead of splurging on pricey café drinks every day, which would have easily drained my budget.
Lastly, alcohol. A lot of people my age spend a fortune on nights out, buying drinks and paying for Ubers to bars. Instead, I opted for cheaper alternatives, like a bottle of wine to share at home or mixing cocktails myself. It’s all about making these little choices that allow you to stretch your income further for the things that matter—like traveling.
Now, I’m not saying you should cut out everything you enjoy. Going out for a meal, buying a new pair of shoes, or treating yourself is great! But if traveling is your priority, then these choices can help make it happen. It all comes down to balancing your priorities.
Budgeting While Traveling
Traveling on a budget isn’t for everyone. There are plenty of aspects of budget backpacking that are uncomfortable for some. But for me, it adds to the experience. It’s affordable, and it’s the way I can travel for longer stretches at a time.
Flights and Transportation
Flights can be one of the biggest travel expenses. I always opt for the cheapest option, even if it means flying at odd hours or having multiple layovers. When traveling within a country or region, I’ll choose a 14-hour overnight bus ride over a more expensive flight. This might sound extreme, but these are the sacrifices that keep my travel costs down.
Also, try to pack light! Avoid paying for checked luggage by sticking to a carry-on whenever possible. These fees can add up fast, and packing light is also a lot easier when you’re moving from place to place.
Accommodation
Unless I’m unwell, I always stay in hostels. They’re affordable and offer a great way to meet other travelers. The social aspect is a huge part of the experience, and it’s amazing how far you can stretch your accommodation budget when you’re sharing a room.
Of course, hostel quality varies widely—some are great, while others are pretty basic. But for the price, it’s worth it. A bed, a locker, and the opportunity to make new friends are all I need when I’m on the road.
Cooking Your Own Meals
One of the best parts of staying in a hostel is the kitchen. I take full advantage of this and often cook my own meals, saving tons of money. In some places, especially in tourist-heavy spots, eating out can get pricey. By preparing my own food, I save quite a bit. On the other hand, in some countries, eating street food or at local joints is cheap enough that it makes sense to indulge.
Drinking and Going Out
Just like at home, going out while traveling can be expensive. I find it’s essential to strike a balance. Sometimes, it’s better to stay in, save money, and get a good night’s sleep. Other times, a night out with new friends is worth the splurge. You just have to pick and choose when it’s worth spending.
Little Things Add Up
Budgeting while traveling often comes down to small decisions: walking instead of taking a cab, skipping the guided tour to explore on your own, or making a cup of tea at your accommodation rather than buying one out. These small choices, made consistently, can have a huge impact on your budget.
It’s about finding that balance—knowing when to save and when to spend. Sometimes, it’s worth paying extra for an experience, and other times, it’s better to hold back and save that money for something else.
Research is Key
Before I visit any destination, I always do thorough research. I look into which countries or regions are cheaper for travelers, which cities are more expensive, and which places are more off-the-beaten-path. Having this background knowledge can help you make better decisions on the road, especially when it comes to budgeting.
By saving wisely, budgeting while traveling, and making the right choices, you can stretch your travel funds and make your dream trip a reality. It’s all about prioritizing, staying flexible, and embracing the unique experiences that come with budget travel.
For more of my adventures and travel tips, check out my recent blog posts!