How much money do you need to go travelling?

Planning a trip around the world? Working out how much money you'll need can be tough, which is why we've made it easier for you.

Updated

From backpacking around the exotic rainforests of South America to taking in the stunning scenery of New Zealand, travelling the world is a priceless, adrenaline-filled adventure.

But, there’s a catch… you will need money, and lots of it.

There are several costs to keep in mind before you set off on your travels, they include:

Accommodation

The price of where you stay will vary, depending on where it is you choose to explore.

Hostels and boarding houses can be an affordable solution, as well as offering great social activities and chances to meet new people.

But if you’d prefer a little more privacy, you will either need to shell out for a single hostel room, or save more cash for an appropriate hotel room or private home/villa.

Food and drink

Think of all the new delicious cuisines you will want to try. Again, prices will vary depending on where you’re travelling to, how much you like to eat and whether you have self-catering facilities.

A good rule of thumb is to budget for at least three meals a day.

Transport

It’s unlikely you’re going to be able to walk everywhere, so budgeting for getting around every day is going to eat away at your travel money unless you plan for it in advance.

Think ahead and check out the public transport facilities at each of your locations, as well as the cost of taxis and private transport rates to get an idea of how much money you’ll need to set aside.

Entertainment

Travelling just isn’t the same if you can’t afford to get involved in the local activities.

Our advice is to research each of your destinations, list any must-do activities and set a daily budget for how much you’re likely to need.

Save an extra 10%

Once you’ve got a ballpark figure, it’s a good idea to add an extra 10% to your budget as a precaution, just in case you encounter any unplanned expenses.

This will not only give you a little breathing space while you’re away, it can also be used as an emergency fund.

Work abroad for extra cash

You could even make money while travelling. Getting yourself a part-time job to help support yourself can provide even more breathing space to really explore where you are, without worrying about your finances.

In most cases, the jobs on offer are likely to be low-paid, but they could really make a difference to your spending power.

What about any extra costs?

If you’ve budgeted correctly, you shouldn’t need to fork out for anything extra. However, some countries charge an entry fee or visa fee before they let you in.

These fees change on a regular basis but can easily be as much as £100 or more, so it’s a good idea to ensure you’re on top of the numbers.

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