How Much Money Should You Save To Travel World In 2024?

One of the most popular travel inquiries is 'how much does it cost to travel the world?' and how to save money to travel? still, people tend to put world tours nearly at the end of their bucket list or keep putting it off primarily because it's expensive.

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But, in reality, it costs much less than you'd imagined. The trick is choosing your destinations and prioritizing.

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In this article, we are going to demystify the cost of traveling around the world in 2023 so that you can finally plan that world tour you’ve been dreaming of since your teenage years!

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Let's dive in!

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Choose your destinations smartly

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There are 195 countries worldwide; many are developed, some are developing, and many are still underdeveloped. But what determines the cost of your world tour is where you are interested in traveling.

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Traveling in developed countries (North America, Europe, Japan, Australia, etc.) would increase travel costs. 

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If you are venturing out to popular European countries first on a mid-range style, your per day, per person cost could be ₹8,000-₹11,000. But at the same time, you can keep your expenses in check if you travel to Asian countries, where per day the cost of living tends to be ₹2,000-₹4,000. 

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Tips:

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• We suggest you map your way around the countries to cover the farthest nations you're most unlikely to visit later in life.

• Use links like budgetyourtrip.com to get an idea of the average cost of living in the countries you are interested in visiting. This will give you an idea of possible expenses.

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H2: How much time you spend in a country

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Your expense and the trip's overall cost are determined by how much time you spend in a country. For instance, if you spend a whole month traveling to Mongolia on a cheap backpacker's budget, on average, you may spend ₹51,749. 

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Similarly, a week-long trip to the USA would cost you ₹48,123 (excluding flight tickets and visa fees). Ultimately, it boils down to your destination and how much time you are spending there.

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Tip: It’s not about visiting popular destinations, it’s all about choosing your duration in a place smartly if traveling on a tight budget.

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H2: Mode of transportation

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Your primary mode of transportation has an immense effect on your travel budget. Plane fares are far more expensive than bus or train fares. 

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Domestically, try to travel via road or train. You can rent a car and have a road trip. For instance, many people love road trips within Iceland or New Zealand.

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Similarly, you can travel to neighboring countries with a good rail network. For instance, you can travel to 33 European countries via train with a single Eurail Pass. 

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It allows you to get off and on the train as often as you want within a predetermined time frame.

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But planes would be a better deal if you are going to far away countries, like from North America to Asia or Africa.

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Your pace of travel

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The slower you travel, the lesser your cost. If you are country hopping too quickly, spending only a handful of days at a time in one place, your travel expenses will increase.

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Tip: If you are visiting a big country, try to stay there for at least a month. This way, you could explore more and experience the culture better, giving a new meaning to traveling around the world.

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H2: Type of accommodation

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Besides traveling, accommodation takes up the majority of the total cost of your travel budget. So, you can save money. 

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Unlike in old times, there are many types of accommodation options available. You can choose from the below options based on your budget:

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Tips:

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• Instead of staying at low-budget, economical places to cut costs everywhere, it's okay to splurge occasionally. List out the countries or places you look forward to splurging and balance it with other expenses.

• If you are traveling as a family, instead of staying at a hostel, it's more economical to rent a mid-range BnB or rental apartment since hostels charge per head.

• Another way of cutting costs is by combining transportation and accommodation, such as by taking overnight trains or buses.

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Map your food expenses

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Food is as much a necessity as an aspiration. But you can't dine in a restaurant every time if you are touring the world on a limited budget. 

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Otherwise, even a glass of wine or a beer bottle can seem like breaking the bank.

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You can cook in your hostel or BnB if you want to keep your bills down. Minimize your restaurant visits and explore local grocery stores and street food stalls. 

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Alternatively, you can stay in places that provide at least one or two meals.

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Your activities & tours

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The primary aim of traveling the world is to experience the unique offerings this world has to offer. Hence, it's imperative that you set aside money for activities and going on multi-day excursions.

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Entry fees, guided tour fees, adventure sports activities, concert tickets, excursions - you should include everything in your budget. 

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One of the most inexpensive ways to explore a place is by hiking or renting a cycle. But remember to enjoy and soak in everything a place has to offer. 

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Do not fall into the trap of not indulging in an overtly expensive touristy activity. Just keep in mind why you're traveling in the first place.

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Pre-travel expenses & miscellaneous costs

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While traveling, there are some unavoidable costs you must keep in mind. 

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It can be getting a local sim card and internet plan, visa on arrival fee, laundry, souvenirs, and replacing/repairing torn or damaged items. Hence, set aside ₹30,000-₹50,000 for this.

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There's more. When planning to travel around the world, you are likely to spend one or two years on the road (What? You can't expect to cover 195 countries in 6 months, can you?) 

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Hence, preparation is necessary. Here's a list of things you need to get done before you hit the road.

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• Get vaccinated
• Buy travel insurance
• Check and renew health insurance
• Purchase all necessary gear and clothes
• Apply for visas
• Book flights
• Arrange preschooling materials if you are traveling with your kids

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H2: Final Words

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In general, to travel around the world on a moderate budget, you can eyeball ₹20-₹30 Lakhs per person. 

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It can also be done a lot cheaper (if you can hitchhike, couchsurf, or take up house-sitting gigs). It all depends where you wanna travel, how you wanna travel and for how long. 

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Happy travels!