How much money is required to travel the world?

30th December 2018by Joanna White

When it comes to determining how much money is required to travel the world, there really isn’t one set answer for everyone.

Many factors will influence the amount of money you need to travel the world; including where you’re going, how long you’re going for and what you plan to do while you’re there. Before you even begin saving and making more money to travel the world, you need to have a rough idea of the costs you can expect to pay for when travelling.

What’s included in the cost of a trip around the world?

The cost of a trip around the world can set you back by thousands; there really is no maximum amount that you can spend on travelling.

Whether you want a cheap, backpacking trip or you’re looking to splash out on a more luxury trip, there are a few basic things that are essential for you to be able to travel successfully.

How much money is required to travel the world - before you go

Before you even set off for your travels, there’ll be quite a few things that you’ll need to purchase. Of course, it will depend on how long you’re going for and where you’re travelling to, but if your trip is going to be classed as ‘travelling’ as opposed to just a ‘holiday’, then you will need a bit of cash set aside to purchase the necessary things.

Travel gear

Wherever you’re travelling to, you need to make sure that you’re fully equipped with all the necessary gear to make your trip as successful, comfortable and enjoyable as possible.

Your travel gear is an incredibly important factor to consider when thinking about how much money is required to travel the world.

Essential items that you may need to purchase and bring with you will include backpacks, walking boots, sleeping bag, phone, torch, all the climate-appropriate clothes, plus anything else you deem as necessary.

These initial costs of travel gear may be fairly high but once you’ve got everything, you’re unlikely to need to purchase many more things while you’re on the road if you’re fully prepared before you embark on your trip.

Vaccinations

Depending on where you live, and where you plan to travel to, you may have to pay for the relevant vaccinations so that you’re protected against any diseases or infections when travelling to different countries.

Some vaccinations will be free from your doctors’ surgery, but some of the less common injections may be quite expensive.

Even if obtaining injections costs you quite a lot of money, it’s still incredibly important to make sure you have them as the cost of getting ill while you’re travelling will be much greater.

Visas

Again, this will depend on which countries you’re planning to visit and how long you plan to spend in each place as some countries don’t require a holiday visa at all.

However, some countries may require you to actually purchase a relevant visa during your stay there; something which is non-negotiable if you want to visit that particular country.

Currency

Physical cash may not be your preferred way of carrying money with you when you travel, but you’re still likely to need at least a little bit of currency for the country that you’re travelling to.

Whether you purchase money in cash or opt to use a suitable travel credit card instead, you should think about whether you need to purchase this before you set off travelling, or if you plan to exchange your money when you land in a certain country.

Travel insurance

Travel insurance is an imperative thing to have, regardless of where you’re going or for how long. It can really be beneficial to have when travelling in case of an emergency and you need to claim back money for things like delayed flights or medical bills.

In order to get fully comprehensive travel insurance, you can expect to pay quite a lot of money for your policy, but it’s definitely something that’s worth investing in as it will ensure you’re fully covered in the event of a medical emergency while travelling.

How much money is required to travel the world – while you’re travelling

Now that you’ve considered the money required to travel before you even go on your trip, you need to start thinking about the costs you can expect to pay while you’re actually travelling the world.

Plane tickets

Your plane tickets will probably be the most expensive thing you need to pay for when travelling. If you plan on travelling the whole world, then you’re guaranteed to take at least a couple of flights in order to get from one destination to another.

For example, if you’re travelling from London to Sydney at the start of your travels, then you’re likely to pay around £600+ for your plane ticket.

Internal flights, such as within Australia itself, or within countries in Europe, will be much more affordable but you still need to factor the cost of these into your budget.

Other means of transport

As well as the cost of plane tickets, you will also need to think about the cost of other means of transport when thinking about how much money is required to travel the world.

You may find yourself taking a vast range of transport methods during your travels including trains, buses, coaches, bikes and cars.

Of course, transport in some countries will be much more affordable than in other places, so just make sure you carry out the necessary research for transport in the places you plan on visiting.

Accommodation

The cost of your accommodation will really depend on the type of place you want to stay in. Once you’ve paid for your plane tickets, your accommodation will probably be the most expensive factor of your travel budget.

You can find some incredibly affordable cheap accommodation offerings in the form of hostels or dormitories, or you may want to splash out on luxurious hotels for your travels.

Wherever you decide to stay while travelling, you must make sure you have the sufficient travel budget to suit your requirements.

Food and drink

Food and drink shouldn’t be too much of an issue when it comes to money on your travels. Again, it depends on the type of experience you’re looking for as if you want a more luxury trip, then you’ll probably be eating out at restaurants almost every night.

However, cheap destinations will have food options for such incredibly affordable prices, so you may find yourself not spending very much money on it at all in some countries.

Activities

As travelling is all about enjoying as many adventures and experiences as possible, of course you’re going to have to pay to take part in some activities while you’re travelling.

You don’t have to have a huge travel budget for activities and excursions, particularly if you’d prefer to do as many free things as possible. However, there will be certain things such as museums, tours and skydiving activities that you’ll have to pay for if you really want to take part in it.

Conclusion – how much money is required to travel the world?

Travelling the world is such a fun, rewarding and memorable experience to enjoy, but it certainly doesn’t come for free.

There are a number of things you’ll have to pay for before you go as well as while you’re travelling, so it’s important to have a good idea of your budget requirements in advance.

If you’re looking to embark on a cheaper, backpacker style trip, then you should aim to budget for around £50 per day. Of course, some countries will be more expensive than others, but £50 per day can be a good place to start when it comes to how much money is required to travel the world.