Travel Experts Weigh In On How Much Money You Need To Travel The World, Starting at $18K

Traveling the world for a year seems like a far-fetched idea to many of us, but it might not be too far out of reach.

Of course, money is a primary focus when thinking about all the factors when traveling. But travel experts say it’s possible. GoBankingRates spoke to a few travel experts who have achieved it, including Joe Band, who traveled for a year for $15,000.

Band is the founder of A Backpacker’s World and told the company, “In my year of travel, I visited 13 countries, spending roughly one month in each,” he said. “I visited Thailand, Vietnam, Cambodia, Laos, The Philippines, Indonesia, Taiwan, Singapore, Malaysia, Nepal, Australia, and New Zealand. As you can tell, I was pretty focused in Asia and ended in Oceania.”

He added that there are two main things when living out this dream, where and how you travel. “For example, traveling in Asia is a lot cheaper than traveling in Europe. On top of this, if you are staying in four-star hotels every night, your expenses are going to be a lot higher than someone staying in a hostel, like I did. You can find hostels for as cheap as $2 a night in Asia.”

Mark and Kristen Morgan came up with the idea for a cool honeymoon, an 18-month trip across the globe.

The couple, who are the creators of the blog “WhereAreTheMorgans,” had a $45,000 budget, and with the amount, they were “able to interrail Europe, backpack through Asia, explore South America and drive a bucket list three-month road trip through the entire United States,” they said. “We were on a VERY tight budget, but we were able to accomplish a few incredible experiences like hiking the Inca Trail to Machu Picchu, experiencing fall in the Japanese Alps, and watching the World Cup in the summer of 2018 from various places in Europe,” they told GoBankingRates.

With so many factors to weigh in, several key things include the length of the stay and what you’re willing to sacrifice to make it happen.

“I would recommend adopting the mindset of a budget traveler or backpacker,” Band added. “Sacrifice the luxuries of normal vacations for experiences. For example, take a 24-hour bus instead of a two-hour flight. The bus will be a nightmare, and it won’t be pleasant, but remind yourself that the destination will make the journey worth it.” He also added that hostels can be an affordable option over other accommodations.

“Not only do they save you tons, but they are a great avenue for meeting new and like-minded people.”

And while you may want to visit Bora Bora, Thailand might be the destination more in your price range. Charles Breitbart, the founder of the travel site TripTins.com, traveled the world from March 2019 to March 2020 with a $30,000 budget. And for him, it was all about choosing what would fit his financial plan.

“Spending a year traveling just to places like Switzerland, Iceland, Norway, and Japan will be much more expensive than visiting places like India, Nepal, Vietnam, and Cambodia. Finding a middle ground between the two will be key,” adding that travelers should think about daily essentials like food and drinks and come up with what works best.

For example, travelers can save money by cooking their own food.

Lastly, the time of year matters. Destinations have peak and off-peak seasons. Finding out when is financially beneficial. “If you continuously visit countries during their peak seasons, costs are surely going to be more expensive. But if you can visit during off-peak or shoulder seasons, that is where savings can begin to happen,” Breitbart added.