22 Things Every Budget Traveller Must Do (2024)

FAQs

How much money do I need to travel around the world? ›

Many people have done it and written about it. Or, you could spend more for luxury, traveling for $50,000 to $60,000 or more per person. The bottom line is that if you are a solo traveler, you should be able to travel the world for $25,000 for one year (that's just over $2,000 per month, $66 per day)!!

Miller recommends using the 70/20/10 breakdown. This means 70 percent of your income should go toward household expenses, including debt. Twenty percent should be put into savings, including retirement. That leaves 10 percent of your income for wants, including travel, or for additional savings.

RECAP: What is the total cost for a couple to travel the world? Based on our experience, the total cost for a couple to travel the world for a year is around $50,000, give or take $5,000. You can use this number as a baseline budget to help you plan your trip.

Established in 1998 as America's favorite Go-To travel magazine, Budget Travel inspires and empowers millions of Americans to become savvy travelers and see more for less.

While it's possible to travel on $100 per day in Europe, it can be challenging, especially in larger cities or during peak seasons. This budget would require staying in hostels or low-cost Airbnb accommodations, relying heavily on public transportation, and eating inexpensive meals.

Leading the list as the cheapest place to travel right now is Hoi An, Vietnam. According to the Post Office report, a total estimated cost of just $64.51 a day for the travel essentials makes this charming gem the ultimate bang-for-your-buck destination that won't break the bank.

The 50/30/20 budget rule states that you should spend up to 50% of your after-tax income on needs and obligations that you must have or must do. The remaining half should be split between savings and debt repayment (20%) and everything else that you might want (30%).

The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals.

With the average American adult traveling an average of 41 miles a day in 2023, that's a lot of time on the move. And with 98% of miles traveled across the country traveled in an automobile, that's a lot of driving, a lot of gas money, and a lot of CO2 emissions.

Let's say you're looking into traveling around the world for a year, and you want to start your adventure a year from today. Just take that $20,000 and divide it by 12 months to set your monthly savings goal. You'll need to save a bit more than $1,600 each month to make that happen.

How much cash should I bring to Europe for 2 weeks? ›

A good rule of thumb is to carry $50-$100 a day in the local currency while travelling. Remember, though, that cash may not be the best option to pay for travel expenses. Credit cards offer great rewards, lower transaction fees, and can help you get a better exchange rate.

Budget Travel is part of the Club Travel Network, Ireland's largest travel agency, and was acquired in February 2010. It is Government Licensed & Bonded by the Irish Commission for Aviation (aviationreg.ie) Licence No: TA054 so all your holiday money is fully protected.

Ms Bowler, who became one of Ireland's best-known business figures, was a pioneer in the Irish travel trade. After coming to Dublin from London in the early 1970s, she founded Budget Travel from a basem*nt in Baggot Street in 1975.

Cynthia Matthews von Berg, founder of the travel blog Sharing the Wander who is currently traveling the world, recommends saving $100,000 to travel the year as a family of four. “This should be more than you need if you are careful, but it allows you a cushion,” she said.

While it's technically legal to travel domestically with this kind of money, it can arouse suspicion from law enforcement. And to reiterate, if law enforcement suspects your money is tied to illegal activity, they can seize it.

Several popular travel blogs, such as A Little Adrift, Never Ending Footsteps, and Earth Trekkers, all agree that a baseline of $20,000 per person for one year is doable. This averages out to just over $50 per day. Here's how you can figure out your magic number.