Budgeting for a Year of Travel: What It Really Costs
How we’re planning (and saving) for a year of family travel — with numbers, mistakes, and a dose of real talk.
Why Is Budgeting Important for Long-Term Travel?
If you’ve ever shared your plans to travel for a year, you’ve probably heard some version of this:
“Wow, must be nice to be rich.”
It’s the most common assumption that long-term travel is only for people with trust funds, six-figure savings accounts, or some secret passport to luxury.
But here’s the truth: We’re not rich. We’re just choosing to spend very intentionally for this next chapter of life. And if you’re thinking about doing the same, you don’t need to be rich either. You just need a plan (and a spreadsheet or two).
This post is exactly what I wish I’d found when we started: a no-fluff, practical breakdown of what it actually costs to travel full-time as a family and how we’re making it possible.
How Travel Style Impacts Your Yearly Travel Budget
Let’s set the scene. Here’s the style of travel we’re planning, which greatly influences budget:
2 adults, 2 kids (aged 5 and 7)
1 year across Latin America (starting in Colombia)
Slow travel, staying 1–3 months per place
Renting homes/apartments (not hotels)
Cooking most meals
Flights only between countries — buses or local transport in between
Working online part-time during the trip
This isn’t a luxury sabbatical with five-star resorts. It’s the version of travel that focuses more on connection and culture than convenience and cocktails.
What Does It Cost to Travel for a Year with Kids?
We’ve based this on lots of research, talking to other families, and spreadsheets that now have their own spreadsheets. Here’s what we’re expecting, per month:
| Category | Estimated Monthly Cost (USD) |
|---|---|
| Accommodation | $800 – $1,200 |
| Food (groceries + eating out) | $600 – $800 |
| Transport (buses, taxis, flights) | $300 – $400 |
| Travel Insurance | $150 – $200 |
| Activities & Excursions | $150 – $300 |
| SIM cards / Internet | $30 – $50 |
| Subscriptions / Tools | $50 – $100 |
| Misc (clothes, kid stuff, repairs) | $200 – $300 |
Total Monthly Estimate: $2,300 – $3,350
Total for 12 Months: $27,600 – $40,200
Yes, that’s a wide range. But it gives flexibility for splurges (volcano hikes, surf lessons, etc.) and slow stretches (eating rice and beans for a week straight).
Read our full article: Monthly Budget for a Year of Family Travel
How Do People Afford to Travel Full-Time with Kids?
We’re not going into this blind. Here’s our rough income/savings plan:
Savings: We’ve saved for over a year by cutting back on extras and selling a lot of our stuff (turns out, people will buy anything on Facebook Marketplace).
Renting our house: This gives us passive income that covers a big chunk of monthly expenses.
Freelance work / online income: We’re both working part-time remotely — writing, content creation, some brand partnerships.
Side hustles: Printables, affiliate income, blog monetization (fingers crossed), and yes… maybe a few awkward sponsored posts.
No, it’s not guaranteed. But we’re treating this year as a blend of adventure and building something that lasts beyond the trip.
How We’re Saving Money for a Year of Travel (Without Feeling Broke)
This is the unsexy stuff that’s actually allowed us to save:
Selling the car: One less thing to insure or worry about
Cancelling unnecessary subscriptions: Goodbye Netflix, hello YouTube Spanish shows
Pausing gym memberships, classes, services
Renting out our house furnished: Means we didn’t have to pay for storage
Choosing slower travel: Fewer flights = major savings
Packing light: Less luggage means fewer fees and more freedom
Every little bit adds up. Even $50/month saved = $600 over the year. That’s a week of accommodation in many countries.
Read full article: How to Budget for Long-Term Travel with Kids: Our Family Prep Plan
Packing Mistakes That Cost Us Money While Traveling
Quick tangent — but trust me, it’s connected:
Overpacking = overweight luggage fees
Buying gear we didn’t test first = wasted money
Not checking airline bag policies = chaos at check-in
Bringing books/toys that didn’t get used = extra weight + clutter
If you’re budgeting for long-term travel, don’t forget: every thing you bring has a hidden cost. Luggage fees, back pain, lost space, or needing to buy replacements when your “cheap option” breaks.
How Much Should You Save Before Long-Term Travel?
This is the big question — and one that has a lot of “it depends” baked in.
But here’s what we aimed for:
Our Target Savings for a Year of Family Travel
$15,000 – $20,000
Here’s why:
Covers 3–6 months of full expenses without income
Emergency cushion (because kids + travel = surprises)
Gives breathing room to get freelance/online work flowing
Peace of mind — especially when far from home
We didn’t need that much to get started, but we wanted enough to not feel constant pressure to earn right away.
If you’re traveling shorter-term or already earning consistently online, you might not need as much. But for us, it was key to long-term sanity.
Whether it takes 6 months or 6 years to plan, this kind of experience is possible.
Best Tools for Tracking Travel Spending and Budgets
Yes, we budget — but we try to make it simple and flexible. Here’s what’s actually working:
1. Notion (custom travel dashboard)
We track fixed vs. variable monthly expenses
Keep a log of country-specific costs
Great for reviewing patterns: where we overspend, where we saved
2. Revolut / Wise
Use for travel-friendly banking and tracking transactions
Easily set monthly budgets by category
Instant currency conversion helps avoid overspending
3. Google Sheets
Shared with both of us
Each tab = new country, with breakdowns for accommodation, food, transport, activities
Color-coded = satisfaction level (because not all splurges feel worth it)
How to Budget for Travel Insurance and Emergencies
This is the stuff that feels boring—until you need it.
Travel Insurance:
We haven’t finalised our provider yet (research in progress), but here’s what we’re looking for:
Covers long-term travel, not just short vacations
Includes kids, natural disasters, political unrest
Reliable customer service
Decent gear coverage (laptops, cameras)
Common family-friendly options people recommend:
SafetyWing (monthly subscription style)
Genki
World Nomads (for more activity coverage)
👉 Tip: Double-check your insurance if you’re earning money abroad some policies exclude “working while traveling.”
Emergency Fund:
We’ve kept $2,000 aside (Yes this is not a lot), totally separate from our main travel fund. This is for:
Flights home
Medical emergencies
Gear replacements
Bail (just kidding… kind of)
You hope you never touch it, but you’ll sleep better knowing it’s there.
What It’s Like Budgeting for a Year of Travel with Kids
Traveling with kids? It’s not just you and a backpack anymore. Kids bring joy, chaos and a thousand tiny, sneaky expenses no packing list ever warned you about.
We’re not talking theme park tickets or luxury strollers. We’re talking:
Emergency entertainment: New coloring books, a random toy at a market, downloaded Netflix episodes for that 8-hour bus ride with no AC.
Snack inflation: When you’re buying extra snacks just to buy time, not because anyone is actually hungry.
Mini-admissions: Those little entry fees that seem cheap until you’re paying for four people five times a week.
Growth spurts: Clothes and shoes they’ve “suddenly” outgrown mid-trip (bonus points if it’s mid-rainy season).
Birthday ice cream x10: Because every small-town bakery suddenly feels like a must-visit to celebrate your 7-year-old’s half-birthday.
👉 We built a small “kid chaos” buffer into our budget. Usually around $100/month just for stuff we couldn’t predict but now expect.
Read full article: Is Long-Term Travel Actually Cheaper Than Staying Home?
Visa + Entry Fees That Can Blow Your Travel Budget
Here’s the not-so-fun part of long-term travel: visas aren’t always cheap, and sometimes they’re a total pain.
A few things we’ve learned:
Not every country lets you waltz in for free — some charge $50–$100+ per person just to enter or exit.
Overstaying (even by accident) can rack up fines or ban you from re-entry.
Some countries require proof of onward travel, even if you’re winging it. (We use OnwardTicket to cover this affordably.)
If you’re bouncing through several countries in Latin America, plan on setting aside $300–$500 total for visa-related admin stuff. It’s not fun, but it saves a lot of stress and last-minute scrambles.
Surprising Expenses That Blew Our Budget (And How We Adjusted)
Here’s the stuff that isn’t in most travel budget blogs:
Kids Still Need Stuff
Clothes that fit (because growth spurts ignore your plans)
Birthday/holiday surprises
Homeschooling supplies or learning apps
Visa Fees + Border Surprises
Some countries charge visa-on-arrival or tourist card fees
Proof of onward travel sometimes means last-minute flights or bus tickets
Currency exchange fees in surprise places (hello, airport ATMs)
Double Expenses
If you’re still paying for things back home (like a mortgage), even if you’re renting out your home, don’t forget to factor this in.
Internet Workarounds
We’ve had to upgrade data plans, buy SIM cards multiple times, or get VPNs — all small costs that add up.
What We’ll Keep Spending On (Even If It’s Not “Budget-Friendly”)
We’re not trying to win any awards for the cheapest trip ever. Some things are just worth the money, especially when you’re traveling with kids.
We’ve decided we’re always going to spend on:
Health + travel insurance
Because nothing wrecks a trip like panic in a foreign hospital.Family experiences
Whether it’s a cooking class, a chocolate-making tour, or a chill boat ride memories first, budget second.Comfortable beds
If we’re sleeping badly, no one is having fun. We’ll pay more for a decent night’s sleep.Spanish tutors or apps
Because learning while traveling is part of the adventure and the chaos.
This is where our values guide the budget. We call these non-negotiables not because they’re necessary, but because they make the journey meaningful.
@travelventurefour We're prepping for a year of travel with two kids (5 & 7), and these are the lesser-known MVPs we're adding to our packing list👇 🔦 Motion sensor light pucks (no more middle-of-the-night flashlight chaos) 🛍 Ziploc bags — for snacks, toiletries, emergency ice buckets, you name it 🪢 Velcro straps — to keep bags and gear from going rogue 🚿 Suction hooks — for tiny Airbnb bathrooms with no towel space 💨 Toilet spray — no explanation needed if you're sharing a room 😂 🧺 Mesh laundry sack — better than packing cubes for breathability 🌬 Portable fan/torch/power bank combo — one tool, three wins 🧼 Rubber bands — because you’ll always need one, and never have one 🌊 Dry bag — for swimsuits, laundry, or keeping your gear dry in a storm 🧣 Turkish towel — sarong, picnic blanket, towel, you name it These things take up barely any space but make a huge difference. What’s your weird-but-essential travel item? We’re still packing 👇 #familytravel #fyp #travelhack #travellingwithkids #traveltiktok #familyadventure #travelfamily #dadlife ♬ Original Sound - Unknown
Sample Yearly Travel Budgets (Real Numbers)
A few examples from other families we talked to or researched from Reddit and Quora:
| Family | Region | Monthly Spend | Notes |
|---|---|---|---|
| Couple + 2 kids | Southeast Asia | $2,000 | Rented apartments, traveled slowly |
| Solo Mom + 1 kid | Central America | $1,800 | Stayed in smaller towns |
| Family of 5 | Europe | $3,500+ | Fast travel + car rental |
| Our Plan | Latin America | $2,500 avg. | Slow travel, kids learning Spanish, working remotely |
Your style of travel matters more than your destination. Go slower, and you’ll spend less. Stay longer, and you get better deals.
Is It Worth the Money?
Let’s not sugar-coat it, this is a huge investment. But for us, the return is more than financial.
Here's what we’re actually buying:
More time with our kids while they still want to hang out with us
A shot at raising open-minded, resilient, bilingual humans
The kind of memories we don’t need souvenirs to remember
A reset, for us as a family and as individuals
We’re not paying for a holiday. We’re investing in a year of growth, learning, challenge, and connection.
And honestly? That feels pretty priceless.
Why Travel Budgeting Isn’t About Sacrifice, It’s About Freedom
We’re not here to say “anyone can travel the world if you just skip your latte.”
But we are here to say: If this is something you really want there’s a way.
Whether it takes 6 months or 6 years to plan, this kind of experience is possible.
It just starts with clarity, commitment… and probably a few spreadsheets.
Follow along @TravelVentureFour for the honest breakdowns — the wins, the wildcards, and the ways we’re making this dream happen (one receipt at a time).
