Savings Strategies Full-Time Traveling Families Use to Fund Their Trips

Did you know there is a world of families out there that are traveling the globe FULL TIME?! You read that right - these families don't have a brick-and-mortar home; instead, they have prioritized traveling together and seeing the world - and their home might be an RV, a van, or whatever hotel or campsite they are staying in for the night. Just try searching "Full time traveling family" and you'll be shocked at how many families are out there doing this at this very moment. 

Since any travel can be incredibly cost-prohibitive, most people imagine that only those with extreme wealth can afford to travel full time. However, that is not the case. So, how do they fund their trips? Here are 6 of the most common strategies that full-time traveling families use.Keep them in mind when debating your next dream vacation. 

1. Make Travel a Priority 

If you want to have enough money for travel, place travel at the top of your list. It sounds so simple, but the truth is, we all save money for things that we really really want. So if you prioritize travel over a furnished patio or a new car, you will be much more likely to have the necessary funds you need. 

2. Minimize Your Grocery Expenses

Grocery shopping is a large expense for any family, so taking steps to minimize these expenses can help you save quite a bit of money. In 2018, Americans spent an average of 9.7 percent of their disposable personal incomes on food.¹ Compare prices across different grocery stores in your area to find your favorite foods for a cheaper cost. You can also consider eliminating meat from some meals and  meal-planning in advance based on what is on sale or in-season. Sticking to your meal plan alone can drastically save you money - and eliminate food waste! If you can trim just $30 a week from your food budget, that would put an extra $1,560 at the end of the year in your pocket toward another vacation! 

3. Cook at Home 

If you constantly eat out in restaurants, it's time to make a change. Over a third of the U.S. food dollar is spent on eating out services.² Cooking at home can be a fun family activity and it’s not only a great way to save money, but it is also healthier and can serve as a great way to explore other cultures. 

4. Earn Miles With Your Credit Card 

Find a credit card that lets you accumulate airline miles. There are many cards that you can choose from such as Discover it® Miles, American Airlines AAdvantage MileUp℠ Card, Gold Delta SkyMiles® Credit Card from American Express, etc. Pick the right card for you and fly for free!

5. Cut Costs Elsewhere 

If you find yourself getting Starbucks every morning, re-evaluate and see if you can lower your intake. If you have both Netflix and Hulu, pick one. If you have a monthly house cleaning service, cancel it. It’s important to look at your recurring monthly expenses to see where you have unnecessary costs that you can limit or even cut. 

6. Earn Some Extra Cash

If you’ve taken the proper steps to cut costs wherever you can, but still don’t have sufficient funds, try earning some extra cash on the side. For example, you can take a hobby of yours and turn it into a revenue earning business. Whether it's photography, writing, painting, etc., use your skills to your advantage! Driving for Uber or Lyft or renting out one of your rooms through Airbnb are a few other ways to earn extra cash on the side. 

Sorensen Wealth Management strives to show you how to build a solid foundation for financial security and well being headed into retirement.

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