How To Balance Budget With Luxury On Your Around The World Trip
When it comes to planning an around the world trip, you may have your mind on all things frugality. Because if you’re going to enjoy the luxury of a getaway like this, surely you need to save up as much money as possible and try to get through the trip by spending consciously. Well, in some cases, you may need to. Because, let’s be honest, an around the world trip isn’t going to come cheap. You have your accommodation to pay for, the travel, and then your living expenses too. And if you still have to pay for bills at home while you’re away, you have to make sure that the money you have stretches.
However, you don’t have to be incredibly frugal for the entire trip. If you quite like the luxuries in life and you specifically like luxury travel, then you can definitely make room for some luxury in your round the world trip. But if you are on a budget, then you need to find a great balance for this. And this is something that you need to be quite conscious of during your planning, and not just as part of your travel experience itself. So how exactly can you make sure that you get to enjoy a bit of both during your trip?
Let’s walk through some of the ways that you can make room for luxuries in your round the world trip, and make sure that you’re balancing your budget well with cheaper alternatives.
- Make A List
The key to making this work is going to be organization. So it’s important that you get your ideas together now, during the planning stage. If you suddenly decide to add in a luxury last minute, you may not have the budget for it. So, it’s best to work out the luxuries you want to include now. From a night in a Singapore penthouse to a first class flight, write everything down that you would absolutely do love to do on your around the world. Even if they’re extravagant or once in a lifetime style things, write them down!
- Overestimate The Cost
Now we’re going to get on a practical level with things. Because you’re going to want to allocate a cost to each thing – and be realistic. Don’t think that you might be able to get it for a lower price. If anything, overestimate. That way, you’ll have a better chance at making room for it in your budget.
- Work Out What You Can Justify
Now, you’ve got your list and you’ve got your costs. You may even be terrified by the figure that you’re looking at, but that’s okay – because now you’re going to work out what you can justify in your budget, and what you’ll forego. If you’ve always wanted to stay in a 5* hotel in Paris, then keep it in. If you’re not too fussed with a helicopter ride over the Grand Canyon, then leave it out. You’re going to want to focus on the things that you can justify in your budget, and the things that matter to you the most.
- Set A Savings Budget
And then it’s time to set your savings challenge. Because you know what your luxuries will cost, you will have worked out what your living costs and traveling costs for the trip will be, and so it’s time to get the one figure in your mind ready to start saving.
- Cut Your Expenses
You know what you need to save, and now you’re going to have to get that money together. We’re going to talk about how you can do that in the next point, but for now, let’s take about the money you’re paying out. While cutting your expenses is going to help you to do that (and is a huge part of point six), this is something that is important to you during your travels too. Because you may still have to pay for things, like your mortgage or your phone bill, when you’re traveling. So if you can reduce your expenses now, you’ll have less to pay for when you’re away on your around the world trip.
- Work To Get The Funds
When it comes to getting the funds, you’re going to want to really work for this. Yes, you will want to cut down on your expenses where you can to try and allocate more money into your savings, but you will always want to try other money-saving tactics, or even working longer hours to get it done.
- Plan In The Luxuries
It’s safe to say that you’re not always going to be able to plan in all of your luxuries for the trip before you leave – particularly not if you have a loose schedule. But, if you do plan in a few things, such as your first luxury hotel, a first-class flights, or a Michelin star restaurant, then you know that you have a few things set in stone that are already paid for. This can also help to give you peace of mind when you’re on your trip.
- Make Sacrifices
So you’ve planned in the luxuries that you want, and now it’s time to make a few sacrifices for that. If you know that you want to stay in a handful of luxury hotels, then why not balance that out with some hostel stays along the way? Or if you want to make sure that your accommodation is something that is where you invest, sacrifice in other areas, such as your travel choices by always taking the cheapest deals.
- Cut Costs Where You Can
By this, we’re talking about cutting back on your spending when it comes to things that don’t matter to you. Don’t overspend on day to day travel, on groceries, or simple necessities that you can get for cheap. Shop around for hotel deals, cheaper flight or travel dates, and just be smart about bringing down the costs where you can. By being frugal in the areas that don’t really matter to you in this way, you’ll be keeping funds back to put towards the experiences that you want to have or the luxuries that you’ve planned in.
- Work Where You Can
It’s always going to help you to allocate the money towards your luxuries and boost your budget when you work while you travel. Whether that’s freelancing on the go or doing some casual work while in California, this money is going to help you to get in those extra luxuries where you can.
- Utilize Your Frugality
If you’re really great at being frugal and you love to land deals, then use this part of your personality to help you work in those luxuries too. Because your frugal mind doesn’t have to just work to keep your costs down. This part of you can work to get last minute deals or better rates for the luxuries that you want, so be sure to keep an eye out on deals, shop around, and just be smart before making your bookings along the way.
- Make Trips Within Trips
When it comes to getting around the country and packing in as much as you can, why not take trips within your trip? You don’t have to move on and incur more expenses by traveling, instead find a cheap base and book a weekend getaway so that you can see more of the country in a cost-effective way.
- Learn To Negotiate
It’s also going to really work in your favor if you can get comfortable with negotiating. And we’re not just talking about bagging yourself better rooms or finding great deals, but bargaining like a pro when it comes to your experiences. From bartering in the Middle Eastern Souks to working your way to a better price for travel, if you can cut costs here and there, you will be able to allocate more funds to your luxuries.
It’s always hard to know where you’re going to be on your trip, what you’re going to be doing, or who you’re going to meet. And that’s exciting. Because if you put yourself out there and you network while on your trip, you should find that you’re able to meet people that have local hacks, travel tips, ideas, and even connections themselves that can help you to work in those luxuries. So get talking, because you may find your next luxury this way.
- Check In With Yourself Along The Way
Finally, it’s also going to be really important for you to be able to stay on track while you’re away. Whether you’re going for three months or a year, you need to have checkpoints. When you’re able to look at your budget and see how much you have left, you can then make judgement calls on whether or not you need to cut back in certain areas or whether you can afford to splash out a little more on your next leg of the trip. Being conscious like this can really help you to find that perfect balance.