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Warning: There is math ahead, but if you’re a liberal arts major like me, I’ve included a super-fancy interactive calculator at the end so you don’t have to do the calculations yourself!
Making even just a little bit of money on the side while you are traveling can have a significant impact on your travel plans and length of your trip.
There are three primary financial factors you should look at when setting out on a long term trip and how you can maximize your time spent traveling and on the road.
How much money you have in the bank will, for most people, form the foundation for setting out on a long term trip (3+ months).
Though lots have made the case that having a very minimal safety net will get those creative side hustle muscles working overtime.
The best advice is always to save up as much as you can before leaving, but don’t fall into the trap of “If only I had X more dollars in the bank” and you just keep working and working and never leave.
There is never a perfect time to leave your job to travel, and there’s never a perfect amount of money to have in the bank… You could always have more.
Read More: How to Save Money for Travel
Getting a really solid idea of your expected expenditures on the road is supremely important. The cost per month will obviously depend a lot upon the nature of your particular trip, where you are going, and your personal style of travel.
People can get by for $600-700 per month in Thailand, for example, which makes it a hot spot for aspiring location independent freelancers.
In Medellin I was able to spend about the same by hacking my housing situation. Your costs will vary if you are bicycling across the United States or partying across the European capitals.
I was also spending about the same while living in my truck and road tripping around the USA for a year.
Average budget travel figures would probably clock in around $1,000-1,5000 per month, which for most can be quite a bit less than we spend at home.
But I recommend targeting $1,200 per month for budget travelers.
This is where the magic happens.
If you can earn money in dollars while keeping your expenditures low (while living in a truck or by spending in pesos or in other places where the dollar goes further) while earning even a little money on the side, you can draw your savings out for a much longer time.
You could use your new found budget to live a slightly more luxurious lifestyle while you travel (less noodles and rice, more meat!), or you could use it to simply travel for a longer period of time (which I think is a better approach).
With the extra time you could obviously simply just see more and experience more during your trip, and/or you could use this additional time to ramp up your freelancing or other income earning endeavors (here’s how I get paid to travel the world) to further yet extend your travels.
Doing the Math
Let’s look at some simple math.
If you have $5,000 in savings when you leave and are expecting to spend $1,200 per month on your trip, you can expect to travel for about 4 months.
Add in a small, but not insignificant side income of just $200 per month and you’ll be able to travel for a full five months, nearly a month in extra time on your trip.
Obviously the closer you can bring the expenditure and income numbers, the more profound the effect.
This is the benefit of the Big Adventure Side Hustle.
The Long-Term Travel Side Hustle Calculator
I put together this handy dandy and interactive calculator so you can punch in your expected savings and expenditures and see how even a few hundred on the side would benefit you in terms of your travel itinerary and the possible length of your trip.
You can edit the figures in yellow to arrive at different results.
Next we should dive into more logistics about launching your side hustle and why you should do it, even if you don’t have any immediate plans of setting out on a big adventure.
Your mission for right now is to begin brainstorming what skills you could offer as you travel, or what skills you’d like to learn in a short amount of time that you could offer.
Read Next: 40+ Side Hustle Ideas to Earn More Money
You may also enjoy reading:
- Budgeting for Adventure: Save Money, Make Money, Make it Happen
- It’s Cheaper to Travel the World than Stay Home
- How to Travel the World on a Budget
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