3 Ways to Stretch Your Budget

3 ways to stretch your budget

People don’t realise how much every little cost adds up

If you were travelling around Central America and you could get a taxi for $5, or take the bus for $0.75c what would you do? If you could get a bed for $4 or a private room for $15, what would you get?

By being conscious of how each little cost adds up, you will get much further with your money. 

This blog will explain how to cut back on accommodation, food and transportation expenses, and the benefit of doing so.

Accommodation

To save money on accommodation, always book a hostel.

Hostels are not only cheaper, but much more social than hotels. I have met some of my best friends in hostels and always have a much better time than I would if I was in a hotel room by myself. If you are travelling solo, the savings will be huge. For example in Vancouver you will get a bed in a hostel for around $30. The cheapest hotel in the same area would be around $1oo. In Central America, you can get a bed in a hostel for around $5. You can get a cheap hotel for $30.

Staying in hostels will reduce your accommodation expense by at least 50%.

Food

Food is a massive expense when you are travelling, and one you can reduce significantly if you are prepared.

To save money on food, always book accommodation with a kitchen. When you arrive to a destination, go straight to the grocery store and buy yourself some snacks and ingredients to cook with. You will be tired, and you will want to eat out, but don’t. If you are serious about making your money last, you will go buy yourself some eggs, bread, fruit and nuts etc.

Every $8 meal adds up, so does every $3 coffee and $5 juice, so be aware of this and try to cut back on the things you don’t need. I always carry a water bottle and some snacks that can satisfy me until I get back to the hostel where I can cook.

If you are eating out, depending on where you are in the world, you will spend roughly $30+ a day. If you are preparing your own meals, you can spend as little as $10 a day. Again saving you over 50% of your budget a day.

In new destinations you should always try the local food. Go to the local restaurants or eat street and market food rather than going to an expensive restaurant.

Transportation

If you can walk rather than taking a taxi, walk. If you can get the bus rather than flying, get the bus. Every small transportation costs adds up, so whenever possible, walk or take the bus.

When I was backpacking through Central America, the temptation of taking a taxi was sooo high as the taxi might cost $5 and the bus costs $0.75c. If your thinking, the taxi is only $5, I would get the taxi, well you just spent your money 5 times quicker than me! Always opt for the cheaper form of transport, you will still get to your destination. This small saving over a long period will add up tremendously.

By simply taking these three steps, you will travel for at least twice as long. 

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