Full-Time Travel Is Possible — Here's How To Afford It
Your job's a grind, your rent just went up, and every fiber of your being is screaming "get me out of here." The only thing standing between you and a life on the road? Money -- or so it seems.
Turns out, full-time travel is a lot more affordable than it looks. With the right budget, smart money habits and a little income flexibility, a growing number of Americans are exploring the world year-round without draining their savings or racking up debt.
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Here's how to travel full-time without going broke, plus the practical (if not entirely foolproof) strategies to help you see more of the world while keeping your finances intact.
Think Long-Term To Spend Smarter
Full-time travel doesn’t come without strategic financial maneuvering and the ability to plan ahead. Brian Rooney, founder of Getcruiseinfo.com, knows his way around a travel tip or two.
"The people who successfully travel long-term aren't necessarily spending less—they're spending smarter. They know their daily budget, avoid peak-season pricing, use travel rewards strategically, and choose destinations where their money goes further. Long-term travel is more about discipline than income," he said.
Don’t Forget To Discount Dive
Who says you have to pay for hotels, Airbnbs or even long-term apartments when you can set sail for semi-permanent accommodations? Rooney insists you should think outside the box.
"One strategy many travelers overlook is taking advantage of repositioning cruises and heavily discounted promotional sailings. There are times when a cruise costs less per night than a budget hotel while also including meals and entertainment. Travelers who stay flexible and watch for those deals can significantly reduce their overall travel expenses,” he said.
Or you can flip the script and try housesitting to stay for free at upscale homes, usually in exchange for caring for pets while the owners are traveling. Check out TrustedHousesitters.com or MindMyHouse.com to get a feel for it. Keep in mind that many of these sites have visa requirements depending on where you go, so you need to deal with that beforehand, but they are a great source to see what’s available once you have your paperwork in order.
Alternatively, you can look into home exchanges or even volunteer opportunities that provide free accommodations.
Build Multiple Income Streams
The greatest hurdle to living as a digital nomad is location-independent income. Chris Oberman, long-term travel blogger at Moving Jack, recommended creating multiple streams of income. "If you're going to work abroad, don't bet on one horse," he said.
It's not a good experience to lose your only source of income in a foreign country. In addition to launching a travel blog, Oberman has worked as a consultant, taught English, produced electronic music and promoted stage performers.
Corritta Lewis has lived as a digital nomad for five years and documented her family's travels through "It's a Family Thing" and also ditched her job to do the same work as a consultant. "That switch allowed us to go from $80,000 to over $200,000 a year in income," she explained.
Live Like a Local
Don't expect to save much money living like a tourist, even in the regions above. Caitriona Maria has lived in Southern Europe and Southeast Asia as a digital nomad and founded "The Facts Institute" along the way.
"I try to avoid tourist traps and live like a local," she said. "Ask where other digital nomads and workers are living and how to negotiate the best rates. When you find somewhere affordable to rent in a good location near a co-working space and other amenities, that's half the battle."
Buy International Health Insurance
You still need health insurance, but you don't necessarily need to pay for expensive U.S. health insurance.
"One of the biggest ways to transfer financial risk when living the digital nomad lifestyle is by purchasing an international health insurance plan that will pay for illness, injury and transport," said Andrew Jernigan, founder of travel insurance company Insured Nomads. "Some policies even pay for trip interruptions and delays, as well as relocation if there is political unrest, terrorism or a pandemic or natural disaster."
G. Brian Davis contributed to the reporting for this article.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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