How to fund a big travel trip

Most of us dream about leaving reality behind and jetting off to travel the world. And adult gap years are a real thing. According to a survey by Sainsbury’s Bank 46% of those taking a gap year are over the age of 26.

Well, it doesn't have to be a pipe dream. Many companies offer sabbaticals if you’ve been employed for a certain period, meaning you can take unpaid leave and still be able to come back to your job. Or you might be lucky enough to work remotely and have the ability to work from anywhere in the world.

The hardest part for most of us is thinking about how to fund a large travel trip.

Start planning early

As soon as you’ve decided to embark on a big trip, start planning! Consider where you want to go, what you want to do, when you want to go, and how long you’ll be away. Also, consider how you want to travel as this will make a big difference on how much things will cost. For example, if you want (or need) to fly between numerous locations, this can be more expensive than taking trains or buses. Maybe you can drive? Think European road trip! Are you happy to camp out and save a lot of money vs hotels and hostels?

Working out all of these things can help you come up with an idea of how much you’ll need to save.

Come up with a budget

Once you’ve got a better idea of the where and when questions, start sketching out a budget for fixed costs like flights, transport and accommodation. Write them all down in a spreadsheet or note on your phone. Add them up. Try to reduce costs by playing around with different options. Use flight saving tips and seek out accommodation deals, but stay realistic.

Expand your budget with a rough day-to-day budget for food and activities. This price can differ widely depending on where you want to travel. For example, you may only spend a few pounds in rural parts of Asia, but hundreds in a European city.

And always factor emergency money into your budget, just in case. This could be an unused credit card balance that you can dip into if absolutely necessary.

Consider alternative travelling options

Accommodation can be a huge cost when travelling but there are alternative options such as home swaps, pet sitting and couch surfing. These options might not be for everyone - but can save you a lot of money, especially if you plan on being in one location for a longer period of time.

House swaps rely on you having your own home that you can swap with. But this might be a great option to get to a location you’d never be able to afford otherwise. There are some well-established websites out there, with the most popular being HomeExchange. Don't dismiss the idea out of hand. Take a look - the services are more professional than you might think.

House or pet sitting can be a great way to get free accommodation for little work (depending on the pet you may be pet sitting!) I love the idea of this as you get to stay for free and get the company of a pet. Take a look at Trusted House Sitters to get an ideas of what these services entail.

Start saving

Once you have a plan and an outline budget, work out how much you need to save each week or month and start saving. Open a dedicated account or "pot" if you have a Wise or Monzo account. Once you get started, the money will start to build up quickly.

If you need to save a lot, consider your life at home and whether there are changes you can make to save more. If you don’t need your car, can you sell it to make some money? If you live in a larger home can you get a flatmate to share living costs? Or could you take on a second job for additional income? Also consider whether you could rent out your house on Airbnb while you travel.

You can use apps to help you save more with roundups like Monzo, or AI apps like Plum to save as much as you can.