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Do you think that long-term or full-time travel is an extended vacation?
You’d better think again and approach the idea of traveling for a long time in an entirely different way. If you don’t, you’ll be setting yourself up for major disappointment.
When you take one or two yearly vacations, you estimate how much you’re willing to spend during the time you’ll be gone and then choose a destination that fits within that budget. Or you might choose a destination and then figure out whether you have enough money for that spot.
In either case, your daily spending on a vacation of a few weeks will most likely be more than it would be if you were going to be gone much longer. In fact, short-term travel allows you to have lots of splurges on accommodations, restaurants, shopping, and so on – with the idea that you’ll pay off your credit card bills when you return home to your job.
Yes, vacations provide the perfect opportunity to treat yourself to luxuries that might normally be out of reach. By giving yourself these special treats, you return to your daily routine refreshed.
However, unless you have an untapped trust fund, long-term travel doesn’t permit that kind of spending since you won’t be returning to work for quite some time. In fact, you'll probably need to change many of your current spending habits before you even depart on your adventure.
Hitting the road for an extended length of time gives you a lot of freedom in some ways, but it may require you to pull in the reins on spending for a kind of budgeting that you haven’t done before. You may not generally like to follow a budget, but it is this budgeting that will help you make your money last as long as possible.
Yes, becoming a modern nomad can be very liberating in some ways, but are you ready and willing to restrict your spending? Are you willing to forego many of the pleasures you currently take for granted — dinners and drinks out with friends, designer coffees, clothing purchases that aren’t really needed? I think you get the idea.
And then when you're actually traveling long term, you will not be splurging on yourself on a regular basis. You will certainly treat yourself from time to time, but in general, you will need to look for ways to not spend money, such as:
Does the sound of any of this bother you? Do you think that none of these tips are really necessary? Please do not be naïve. It is important to be realistic about budgeting so that you can decide whether this type of travel will suit you.
My next post But Is Long-Term Travel the Right Road for You? goes further into whether long-term travel will suit you.
Don’t forget to make sure the regular bills that arrive for your home get paid while you are away. Either by pre-approved arrangements or prepaying them before you leave. Now with electronic banking, it is possible to look after them while on vacation.
Right. Doing everything online has made my life so much easier. I live in Indonesia and came here during the ancient days of travelers checks. What a pain it was to get those cashed here. You had to go to a bank and you had to have the purchase order with the checks even though I showed them the instructions that said never to carry them together. Yay for technology. Thanks.
So much of those guidelines are also true if you relocate after retirement. We moved from a life in the United States to life in Puerto Vallarta, Mx. and soon learned not to eat along the beaches during the tourist season when the prices are much higher. We also buy our snacks and drinks and back-pack it when we go out for the day.
We have found there is a special card if you are of a certain age that get’s you a 50% discount on transportation and a discount on your meds.
Everything work fine if you have a budget and stick to it but without a budget you will over spend and regret it later.
So very true about the guidelines being applicable to retirees a well. Sounds like you’ve got it figured out. Thanks.
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