The desire is often followed by the question: How can I finance my world trip? Most of the time it takes less time & sacrifice than you think, because there are many potential savings hidden in everyday life. Here I show you how you can quickly and easily come closer to your wish!
Depending on the itinerary and selected countries, you can start a world trip with a good mix from 12,000 – 15,000 € per year. To be able to finance the world trip I have collected many saving tips from my personal money saving phase!
1) Analyze your expenses
At the very beginning you logically have to make an inventory to get an overview.
So: Write down your fixed monthly income, as well as fixed expenses like rent and compare them. Also record your ‘flexible’ expenses from the last 30 days (movie tickets, eating out, shopping, gas…). Break it down into income, fixed expenses, flexible expenses.
2) Separate account
This step is very important, it lays the foundation for your travel budget. To make sure that you don’t mix your daily expenses and income with your savings, you should open a separate account.
So: open an account without account maintenance fees and other obligations, which you will use from now on only for deposits. It’s best to use an account model that allows you to make uncomplicated withdrawals abroad when you travel.
3) Reduce rental costs
Often the rent is the highest factor in your expenses, if you can save here it means a lot of money in your savings account…month after month!
So: check if you can downsize, e.g. move into a shared apartment or even move back in with your parents (I know this is often not easy, but this is how you save the most time and money!).
4) Deregister (& sell) your car
This step is especially advisable if you live in the city, there are a lot of costs attached to your car: insurance, high fuel costs, repair costs…
So: look around for alternatives – public transport, carpooling or even biking. If you can even sell your car, this could bring a lot of new money into the cash register.
5) Nature instead of gym
A gym membership often costs a lot of money. For example, I paid around 50€ every month – a whopping 600€ per year! Sports in nature, especially in the summer, is a good alternative that costs nothing.
So: Change your fitness plan a bit and look for free alternatives e.g. jogging, cycling/mountain biking, climbing or playing soccer with friends in the park.
6) Cancel memberships / subscriptions
Do you really still read your newspaper/magazine regularly, can you do without your soccer club/ADAC membership? Many of us pay a lot of monthly dues of which we are often not aware. There is a lot of potential for savings here.
So: take a close look at your account statements and cancel the contracts you haven’t used for a long time.
7) Superfluous insurances
Many of us spend our money on expensive or nonsensical insurances. It is not uncommon to have two insurances for the same thing without even knowing it.
So: take a good look at your insurance policies, cancel the unnecessary ones!
8) Sell your treasures
Even better than saving expenses is to earn money, there may be real treasures in your basement that you haven’t used for a long time!
So: Take an inventory of your possessions and sell your most valuable items on eBay, at a flea market or possibly at a specialized dealer who also buys.
9) Additional job
Let’s stay with the idea – do you have the energy and time to do a little extra work? If so, this can fill your travel fund quite quickly noticeable.
So: Ask your friends and colleagues – help out at events like festivals/concerts, tutor, deliver newspapers or bartend on weekends. It would be even better if you can also earn money on the side with your current job e.g. as a web designer/consultant.
10) Temporarily rent out your apartment
You are often on the road or on weekends not at home and live in a popular, tourist region? Then you are giving away cash, because you can rent out your home as a vacation home during these times.
So: first discuss this possibility with your landlord and use services like AirBnB, create an appealing profile with photos and rent out your apartment during the time you are on the road – it’s also best to ask a friend for help with the handover.
11) Borrow instead of buying
Many of your friends may already have the DVD, console game or book you’re thinking of buying.
So: before you buy, check to see if someone in your circle of friends has already beaten you to it and ask to borrow it.
12) Lunch with colleagues less often
In the workday, the lunch break is the most important, so people like to spend more money here. Especially when you’re out with colleagues, you don’t want to embarrass yourself.
So: Lunch breaks are important for the working atmosphere, but reduce your participation in restaurant visits to a maximum of 2 per week – bring something delicious from home on the other days.
13) Coffee to go – Don’t go!
For many, the morning visit to the coffee shop is part of everyday life. A coffee there usually costs between €2.50 and €4. With about 250 working days per year this means 625€ to 1000€!
So: make your coffee at home and get a fancy coffee-to-go cup for on the go 😉
14) Cook yourself instead of using a delivery service / going to a restaurant
If you cook your own food more often, you will save yourself the significantly higher bill for the pizza delivery service or even the restaurant.
So: If friends ask you for dinner together, suggest a dinner party – it’s cheaper and more fun to cook together!
15) Private party instead of club
The same applies to nightlife – entrance fees and drinks can quickly turn an evening into a cost trap.
So: Go preferably to private parties such as WG parties or throw one yourself – here everyone saves. A good idea is a “bottle party”, where everyone brings their favorite drinks – or how about a round of Looping Louie?
16) Buying more cheaply
The weekly purchase of food represents another significant cost block, although we are quite well off in European comparison here.
So: See if you can buy certain products cheaper at the discounter and change the supermarket if necessary.
17) Give up vices (smoking & drinking)
Not only from a money point of view, but also from a health point of view, this point is extremely advisable. Spending on both tobacco products and alcohol can add up to a veritable fortune in a short period of time.
So: reduce the consumption or stop it completely (for some time). You’ll be amazed at how much money you’ll save!
18) Do without expensive trips
Actually, this step goes without saying, but you should also include festivals and short trips here – after all, you will soon be traveling for a long time.
So: use your vacation time to see your family and friends, get a part-time job – soon all your sacrifices will pay off!
19) Get money as a gift
Every year there are gifts from your loved ones – birthday, Christmas maybe even Easter. Do without useless things and let them give you money!
So: Explain your intention and wish for money or even an Amazon voucher to buy important equipment later. In return you can make immaterial gifts e.g. invite to dinner in your apartment.
More? How were you able to finance your trip around the world?
I would love to enrich this article with more practical tips, can you think of anything else? Comment and give me a thumbs up if you liked the article!