Financial Advice For A Backpacking Adventure

There are few experiences more enriching, life-affirming and eye-opening than a backpacking adventure. In addition to seeing and exploring new places and cultures, this is also an opportunity to develop important life skills and learn more about who you are as a person. A backpacking experience will always prove to be an unforgettable and highly valuable life experience, but it is also one which can cause a great deal of concern when it comes to finances as travel is certainly not cheap and you may still have financial obligations at home. Here are a few tips for managing your money while traveling which will help you to make the most out of your trip.

 

Save As Much As Possible Beforehand

 

The most obvious step to take is to save as much money as possible before you set off. You should start saving from the moment that you have decided to go on a backpacking adventure, and you can do this by creating and sticking to a budget. This will involve making changes to your current way of living but a few effective ways to save include:

  • Buying non-brand or second-hand products
  • Only driving when necessary
  • Having friends over instead of going out
  • Cutting out unnecessary expenses

 

Book In Advance

 

Although it is a good idea to have some flexibility for your trip, it can be helpful to have some of the major costs booked as far in advance as possible as this will be much cheaper. As an example, you could book your flights out and return flights as well as accommodation in your starting and finishing spots and then figure out the rest as you go.

 

Rent Out Your Room

 

It can be frustrating to have to pay rent for your current home while you are traveling and this will put a serious drain on your funds. You can avoid this by finding somebody to rent your room out to while you are away – this can be easy if you live in a major city but always check with any current flatmates first.

 

Earn As You Travel

 

Earning money as you travel can be a great way to support yourself and alleviate a lot of financial concerns as you are not constantly eating into your funds. Bar work can be a terrific way to earn money, meet new people and socialize, but if this is not an option, then you could look into online jobs which you can complete when you like and anywhere provided that you have a computer with internet access.

 

Banking

 

It is important that you let your bank know that you are going to be traveling but you should also look into whether it is worth switching accounts, as many banks are not particularly travel-friendly. Look into key aspects such as:

  • Foreign transaction fees
  • ATM fees
  • Transferring money
  • Financial emergencies
  • Travel credit cards

 

There are some banks which can alleviate concerns when it comes to banking, so that you can easily manage your money and not incur any huge fees during your trip and you can find the best banks here.

 

Avoid Tourist Traps

 

No matter where you are traveling, there will always be tourist traps which can be ridiculously expensive while not giving you an authentic experience of the area. Research each area beforehand to find the places that the locals go and do not shy away from asking them for recommendations.

 

Stay In Hostels

 

The costs will quickly escalate if you are staying in hotels at each stop along the way. Hostels are much more affordable and also a good way to meet new people, get some recommendations and have some fun. A hotel can be nice (particularly after an arduous journey) occasionally, but you can make big savings by booking into a hostel where often you can cook your own food (another huge expense).

 

Free Activities

 

Some activities will be worth paying for, but often you will find that there are free places and activities which can be just as fun and interesting. Additionally, avoid paying any expensive fees for guided tours when it is easily somewhere that you could explore yourself.

 

As such an amazing and life-changing experience, it would be a shame to go on a backpacking adventure only to worry about money the entire time and limit yourself because of finances. These tips should help to alleviate your financial concerns and make sure that you can travel sensibly while also making the most out of this once-in-a-lifetime experience.

 

 

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