Travel costs money.  Probably not as much as most people imagine, but it’s best to keep these expenses to a minimum, especially during an economic downturn.  Is it still possible to enjoy traveling in these financially unstable times?  My answer to that is a big resounding “yes”.  Here’s how we can do that:

Plan for your expenses in advance. This may sound like a no-brainer, but many people, especially the ones that are new to long term travel, tend to think that they need to have thousands of dollars in “extra money” in one go.  The truth is, most long term travelers save up for their trips years or months in advance.  Doing this successfully also requires a lot of planning.

Make sure that you have enough income or savings to cover your travel expenses as well as the bills at home.  Remember that it’s better to overestimate your expenses by 30% rather than underestimating them.

While I work online and can earn money on the road, I prefer saving up for a long term trip a year ahead, as I have no guarantee that I’ll be able to make money wherever I’m going.  Plus, I find that saving ahead helps me enjoy the trip more, as I don’t have to worry constantly about whether I have enough traveling funds stashed away.

Take the slower route. If you can, get there via bus or train rather than flying in.  This tends to be cheaper, and since you’re a long term traveler, you’re not in a hurry to get to where you’re going (unlike vacationers who only have less than a week to spare).  This is a great choice if the slower route is scenic, or if you can stop by some interesting places along the way. I find that the slower route also opens you up to more unexpected experiences that will make your trip more memorable and unique.

Rent your apartment or home to someone you trust. If you’re not giving up your home or apartment, but you’ll be away, you can rent it out to friends or family who would like to stay in it for a little while.  You can rent your place to them at a reduced cost, so it’s like having a house sitter and a tenant at the same time.

Pick a destination with a lower cost of living than your current residence. For example, if you live in New York, it makes more financial sense to visit Bangkok rather than London.  Mostly because your dollar will go a little further there, and your basic needs will also cost a lot less.

Whether you’ll be on the road for a week or a few months, it wouldn’t hurt to try out these tips as a way to lower your expenses.  Doing this makes the idea of travel seem more realistic and reachable, even in these trying times.

What do you do to save money on long trips?  Please share your tips and experiences in the comments section.