One of the most frequently asked questions about long term traveling concerns the funds needed to make it a reality. Based on our experience; rapid inflation, volatile exchange rates and lack of online information in many countries make it difficult to accurately predict costs. In order to reduce the risk of returning home earlier than planned it’s important to keep track of expenses, and if needed, to be prepared to make changes in the manner in which one travels.
We chose to travel in a way in which we would keep many of the habits and relative comforts of our daily lives back home. This involved frequent meals in restaurants, private accommodation (sometimes dorms in larger, more expensive cities), covering large distances in comfortable buses, frequently going out, and visiting famous attractions.
Based on the above, we came to realise that a multiplier of 3 times accommodation gave us a fairly reliable guide to establishing total daily costs. Example: $30 per night accommodation multiplied by 3 = $90 total daily cost. This multiplier can often be reduced to 2 if staying in dorms, choosing hostels that have a kitchen and cooking meals, minimising guided tours, and avoiding going out frequently.
At the end of each month we reviewed our online bank statements to calculate expenditures and to keep track of our spending in relation to budgeted funds. The table below includes all costs (local transport, accommodation, meals, entertainment, etc.) but does not include pre-travel expenses such as flight tickets, insurance, vaccines, etc.
COSTS FOR TWO PEOPLE (COUPLE) IN $US
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