HOW WE SAVE & MAKE MONEY TO TRAVEL

When we set off traveling full time in 2016 everyone wondered how we could afford it. So many people dream of traveling on a really big trip, and now after the pandemic I think it seems possible for more people. Money, however, is often a key factor in whether you feel you can travel full time. I recently wrote about how we afford to travel on short trips also as there is a lot of interest in that too!

I think a big part of it for me is prioritising travel. I would rather travel than spend money on material things, and sometimes just a readjustment of priorities can free up extra money to put towards your next trip. This is why I drove an old corolla for years and why I don’t spend money on new handbags for accessories anymore – save, save, save.

 

How I funded our years of traveling full time:

SAVINGS

I had savings I could use that I had built up over time. They were planned for something else, but I decided to use them on travel instead. Savings really are important, even if you just build a tiny anoint each week, it all adds up. Read our huge list of saving tips here. 

REFINANCE YOUR MORTGAGE

I had saved most of the money I allocated for travel, but when I refinanced my mortgage I got a little extra that I popped into my account. If you own your own property it’s worth it to take a little extra out of it for renovations or the like, and then you may find there is some left over that can go towards your travel.

RENT OUT YOUR PROPERTY

I’ve been working for 20 years so I have a house with a quite small mortgage that we could rent out while we are away. The rent pays the mortgage and there is usually a bit left over for us too. I wouldn’t sell to and travel, I think the risk is too high.

WORK WHILE YOU TRAVEL

I often get writing work or advertisements on Instagram that helped us a lot as we travelled. There are so many jobs you can do while you travel, from VA work to using your skills – like hairdressing or labouring for cash in hand along the way. And now post pandemic all you need is a laptop and a reliable VPN to travel and work.

Other options to help fund your trips:

Sell your stuff!

When I was packing up the house I discovered so much stuff we had never even used – everything from shoes and clothes to toys, kitchen and dining ware. I had two market stalls at the local markets, making over $1000. I sold Emmie’s old bike and car seat, books, an old TV, children’s clothes and toys and lots of knick-knacks.

I also advertised a lot of furniture online and on the local Buy Sell Swap pages on Facebook. I made another $800 from these sales and I wasn’t even as ruthless as I could have been with what I sold. We still have a storage unit at home and soon I’ll be selling lots of stuff from there too, to make more money.

 

Rent out your spare a room on a short term homestay website or to a tenant.

A lot of people do this nowadays – rent out a spare room in their home on short-term homestay websites. It will give you a regular income that you can pop into the travel kitty and build over time. It can be work, and it will be a change, but every penny helps. I know people who rent their house out on weekends through AirBNB and stay with their parents and it’s helping to grow their travel savings.

Stop spending on things you don’t really need.

Every time you want that extra coffee or to buy lunch at work, reconsider. Change your everyday routine to become more budget focused and every time you don’t buy the coffee put the $5 you’ve saved into a travel jar so you can see your money growing. I have just started back at work while we are saving and in the first week I spent $15 a day on coffee! That’s $75 a week I could have saved – and the equivalent of three nights in a guesthouse in Asia.

 

Reuse and upcycle

Back in the day when things broke we got them fixed, when clothes were torn we had them mended. In our age we are such a disposable society that if something doesn’t work we throw it away and buy another. Start reusing, fixing and upcycling what you can.

When we cleaned out our home I was so shocked at how many toys I’d bought for Emmie that she had never used. I’m ashamed to say that whatever she wanted she got. And then she didn’t use it. What she would have loved more is craft to make playthings, time devoted to a few special items, or a weekly trip to Vinnies to pick out a toy (for cheap) or a toy swap with friends.

Book cheap flights

We use Skyscanner for all our flight bookings, it’s the best way for us to compare prices and save money. Read our tips for how to find the cheapest flights on Skyscanner here and here.

There are so many ways to save money and fund your holidays – from working towards long-term goals or racing towards your holiday sooner with a personal loan. I’d love to know how you make your holidays happen. Let me know in the comments below.