First up is a very strict budget that we have adhered to for years. This was something we implemented into our lives about five years ago. We were in debt and couldn’t seem to break out of our bad spending habits. We decided enough was enough so we started having weekly meetings to figure out our spending habits. This is still something we do to this day! We usually meet on a Sunday evening for 20 minutes, we both bring our diaries and we chat about the upcoming week. This allows us to communicate where we are financially, what expenses are coming up that week such as birthdays, date nights, functions, etc, and what our food, travel, and entertainment budget looks like for the week ahead. This really helps us stay on track with our monthly budget and made a big difference to us both feeling more at ease with our finances.
Tip number two is to cut unnecessary costs such as new clothing, eating out, latest technology, etc., and rather save towards experiences and travel over material possessions. This isn’t for everyone and that’s totally okay! It’s just something that makes a big financial difference for us.
Our third tip is work-related. It made a big difference to both be self-employed and work full-time jobs remotely. This took time to build but allows us flexibility in our schedules. At first, it was just Josh being self-employed and I was an online ESL teacher for a company called KKTALKEE. But, in 2021 my company closed down which forced me to rethink my work situation. I was fortunate enough that our social media had grown to a point where I could make an income through hotel content creation and brand collaborations.
Next up is creating multiple revenue streams. For us, this looks like our Ebooks and digital products, investments, content creation, hotel work, and Joshie’s marketing company. Again, this takes time to build but it’s a great way to diversify your monthly income and ensure that if something does come up, you have alternative incomes to rely on.
The fifth tip we have is to live below your means. For us, this looks like living in a van/backpacking. Van life can be really affordable when you travel slowly and backpacking works the same way. You give up some comforts (hot water, privacy, lots of possessions) but save money. There are many ways to travel to a new place when traveling full-time… when you travel very cheaply it can mean being uncomfortable. When we weigh up the pros and cons - we would way rather give up some comforts but wake up in Thailand! This totally depends on you and there is no perfect way to do it. I know there is an initial big investment into buying a van/booking flights etc. This is something we save for long in advance to avoid going into debt.
Also on this topic is to travel to cheap destinations where your currency is stronger and you don’t need a visa (can find a list of these countries online).
A big one when traveling internationally is to eat local food. It’s delicious and WAY cheaper! This is something we always encourage people to do. I know it can be initially daunting to try unfamiliar food and eat at street cafes when traveling but with some online research, you can find lots of great cafes with good reviews.
Tip number seven is research, research, research! We don’t do any travel (van or backpack) without thorough research first. We learn about culture, food prices, transport prices, accommodation prices, and safety. We make sure we are familiar with which internet provider we need to secure so we can work in foreign countries. We learn some basic vocabulary to ensure we can communicate respectfully with locals. We watch endless YouTube videos, read online blogs, and scour the internet for information on the new location. This allows us to budget correctly for our visit, and it also ensures we plan our accommodation correctly