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This video is about How Much Does It Cost to Travel the World in 2024? The Retirement Travelers, John & Bev, give travel advice and 10 Tips for Staying within a world travel budget. We share the main cost factors that drive the cost of world travel like cost of country and speed of travel. We share monthly and yearly budgets for low-cost and high-cost countries as well and show how we try to balance these to maintain our travel budget. We also share a good budgeting website below that can help you customize your plans for each country you want to visit.
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Video Number 149
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Creating a budget for a year-long world travel adventure requires careful consideration of various factors to balance enjoyment and financial responsibility. Here are some key aspects to consider when developing your world travel budget:
Destinations and Duration:
Research the cost of living in each destination you plan to visit.
Consider the duration of your stay in each location, as more extended stays may provide opportunities for lower daily expenses.
Accommodations:
Look for various accommodation options, including hostels, guesthouses, hotels, and short-term rentals for world travel.
Consider the average accommodation cost in each destination and balance comfort with budget constraints.
Transportation:
Estimate the cost of flights, trains, buses, and other transportation modes between destinations.
Consider purchasing transportation passes or cards for potential savings. Also consider how many trips home each year.
Budget for local transportation within each destination, such as taxis, public transportation, or rental vehicles.
Food and Dining:
Research the average cost of meals in each destination and plan your budget accordingly.
Explore local markets and street food for more affordable dining options.
Allocate funds for occasional splurges on unique or memorable dining experiences.
Consider only eating 2 meals per day.
Activities and Entertainment:
Research the cost of attractions, tours, and activities in each destination.
Prioritize activities that align with your interests and budget accordingly.
Look for free or low-cost events and attractions in each location.
Do as much DIY planning as possible.
Insurance and Health Expenses:
Include costs for travel insurance, vaccinations, and any necessary medications.
Research health services and potential medical expenses in each destination.
We will be doing separate videos on these topics.
Visas and Documentation:
Budget for visa fees and other entry requirements for each country.
Consider any travel-related documentation costs, such as passport renewals.
Communication:
Include each destination's costs for eSIM cards, data plans, or internet access.
Consider communication tools like VPNs for security and budget accordingly.
We use Google Fi, Airalo, and Express VPN.
Miscellaneous Expenses:
Set aside funds for unforeseen expenses, emergencies, and incidentals.
Budget for personal items like toiletries, laundry, and small purchases.
Currency Fluctuations:
Be aware of potential currency fluctuations and build a buffer to account for changes in exchange rates. Always use local currency rates for transactions.
Financial Management:
Consider using travel-friendly bank accounts or credit cards with low foreign transaction fees.
Keep track of expenses using budgeting apps or spreadsheets.
Flexibility:
Allow flexibility in your budget to adapt to unexpected opportunities or changes in your itinerary.
By carefully considering these factors, you can develop a comprehensive world travel budget that helps you make the most of your journey while staying financially responsible.
Safe travels,
John and Bev
