Money is the crucial component to any trip, but in particularly if you are looking at travelling longer term; the savings and planning needs to start well before you leave home. Figuring out YOUR balance of having the right amount of money, really can be the difference of having the most memorable, life changing trip OR being stuck somewhere you really don’t want to be!
So the big question, how much should I leave with?
This is the question that we are most commonly ask, but unfortunately because this varies on an infinite amount of factors personal only to you, this is not a question we can answer for you. We can however tell you, what we have done and also leave you with some questions so you may help yourself determine your best amount of money for you.
There are many travellers budgets out there at the moment, and most of them range between $500 to $1,500 per week.
We are very clearly the $500 per week BUDGET family, which means we work hard to keep every extra dollar in our bank. For us this suits us perfectly, because we would like to travel as long as possible, and as such makes it cheaper for us than living in a house!
If you’d like to know more, read our 7 month budget post: http://bit.ly/2mVhf7Y
But do you think you could travel like us, on a tight budget for a cost of $500 per week for a family of four?? We don’t feel like to miss out on much!
On our first lap of Australia with a toddler and a baby, we left with $35,000, didn’t work, were as always mindful of our money, and returned with money in the bank.
Our current trip is different to our first. Since for us this is a lifestyle of WORKING and EDUCATING our kids as we travel indefinitely (local and overseas), we decided to strictly abide by one financial rule:
Never let our everyday savings account go under $10,000.
We have a few other assets under our wings, but this $10,000 to us is our minimum buffer and what keeps us sleeping soundly at night.
But how much do YOU need to save is a completely individual question.
9 questions to help you determine your bottom line.
1. How much can you survive on per week?
2. How long will you be travelling?
3. How many kilometres will you travel per week?
4. How many are in your family?
5. Do you already have existing loans?
6. What activities will you be doing?
7. What do you need before you get yourself on the road?
8. Will you be working on the road?
9. Are you willing to make sacrifices for travel?
There is absolutely no right or wrong answers to these, but they will help you determine the money you need to save for a trip.