How many times have you heard stories about people socking away large sums and setting out on grand journeys?
Rationally, you know they probably didn’t inherit money or sell a business to fund those adventures, so technically you could do the same. Yet you may not know how to build that kind of travel fund yourself. I’ve been there — I always wanted to fund a trip around the globe but didn’t know where to begin. Fortunately, we don’t need to figure it out alone.
Alex and Jenna Mercer ofOne World One Year, who set aside $40,000 over two years so they could leave their jobs and explore the world, have a lot of practical tips to offer. I interviewed them to discover exactly how they accumulated that kind of money and prepared for their journey.
Ready to follow their blueprint and begin saving for the trip of your dreams?
Before You Leave: Practical Savings Advice
If you’re beginning now, take stock of your monthly earnings and decide how much you can funnel into your travel fund. As your disposable income increases, raise the amount you add to the vacation account and watch the balance climb.
You don’t need an outrageously high paycheck to make this work. Before departing, Jenna worked as a communications manager at Thanksgiving Point, a nonprofit garden, museum and farm complex in Lehi, Utah. Alex held the Photo Editor role at the Daily Herald in Provo, Utah.
Eliminate Debt First
“The first major move was paying off all of our debt,” Jenna said. The pair dipped into savings to clear two car loans and some credit-card balances. “It stung to watch several thousand dollars in savings vanish quickly, but freeing up $500 a month was worth it. The cash we saved from those payments flowed straight into our travel fund.”
To speed up payoff, you might consider consolidating your debt (here’s how to do that). Rather than suffering under 20%+ credit card interest, you can save substantially by shifting balances to a personal loan (where rates can be as low as 5%).
Increase Your Income
If your fixed monthly costs are hard to trim further, grow your savings by earning extra money.
One smart path is freelancing in areas that match your skills. Alongside her day job, Jenna took on clients for social media and writing work. “Even though many evenings and weekends were spent working from the dining room table,” she said, “it paid off knowing it would fuel our dream of traveling.”
Cut Everyday Costs
Eat out less, stay in more. It’s advice you’ve heard often, but what does it look like in daily life?
For Alex and Jenna, it meant tuna sandwiches for lunch and cooking extra dinners to bring leftovers to work. It meant streaming shows instead of seeing new releases at the cinema. It meant hosting friends at home instead of meeting at bars.
“Luckily,” Alex said, “we love outdoor activities — hiking, climbing, mountain biking and camping — which are already inexpensive or free.”
Keep Separate Savings Goals
Unlike many married couples, Alex and Jenna chose to manage their savings goals individually. That approach made each person accountable for every dollar they saved and spent. Jenna said it “forced both of us to stay on the same page, each aiming to save $20,000.”
The outcome was less nagging and more financial responsibility. “We agreed to put at least half of our paychecks into travel savings each month and then split bills and groceries. What remained was ours to use however we wanted,” she explained.
Shift Your Perspective
They used a helpful mindset shift to stay motivated. We all know swapping a $4 coffee for a home brew saves money, but that doesn’t always make the choice easier.
To strengthen their resolve, they linked specific sums to travel experiences. “When tempted by a $40 shirt, we’d think about what that same money would get on the road — four nights in a hostel in Nepal,” the couple told Adventure Journal. “After that, choices became much simpler.”
While Traveling: Stretch Your Funds
Heading off? Use these strategies to make your money go further.
Pick Better Bank Accounts or Cards
The last thing you want is to waste hard-earned savings on bank fees and poor exchange rates. Call your bank or card issuer and ask about traveler perks. If your account lacks them, consider switching. There are cards and debit accounts designed for people on the move.
“I can’t overstate how helpful the Charles Schwab high yield investor checking card has been for us,” Alex said. “It refunds ATM fees and charges no foreign transaction fees. I can’t imagine how much extra we’d have paid in fees without it.”
Slow Down Your Itinerary
Travel costs pile up not only from food and lodging but also transportation between places.
When they reached Europe, Alex and Jenna dropped some planned stops so they could linger longer in a few cities, spending less money moving around. The slower pace also let them better absorb the places they visited.
Balance Expensive Stops with Cheap Ones
Once they realized fully enjoying certain places, like Paris, would be costly, they balanced those pricey stops with extended stays in low-cost regions like Nepal and Southeast Asia.
“For example,” Jenna said, “we spent only $36 total on a month’s worth of accommodation while trekking the Annapurna region in Nepal.” She added, “But don’t let budgets prevent you from savoring experiences you’ve worked hard to earn.”
Back Home: Cushion Your Return
Unless you plan to earn money on the road or never come back, you’ll want some funds to restart your life after returning. Alex and Jenna set aside a bit extra on top of the $40,000 — enough to cover at least three months of living expenses when they returned to Utah. “We hope to find full-time work, but it’s reassuring to have something waiting just in case,” Alex said.
Ready to Start?
As Alex and Jenna’s experience demonstrates, it is achievable to save enough to see the world. It’s not a sprint, but the process of preparing for a big trip builds solid money habits and gives you more control over your finances.
“Budgeting for this trip and carefully tracking spending while traveling created a routine we’ll carry home — whether for the next vacation or saving for a house,” Jenna said. “We don’t know exactly what life will bring after we return, but we’ll be thankful to be near family and friends and will cherish this year of adventures.”
Your Turn: Could you save this much to travel or toward another major goal?
If you’re a student or someone balancing school and wanderlust, consider practical strategies tailored to your situation — see tips for a full time college student save to travel to get started.
