Okay so this is maybe more 'structuring' then budgeting necessarily (well maybe a bit of both). We’re by no means experts or financial advisors, however we’ve found this system really works for us. It’s similar to how we managed our bills in a house and was really easily adapted to living on the road.
We sold our house and almost everything we own so that obviously went a really long way to enabling this kind of set up. Everyone's baseline is different, but if travel is something that's on your heart to do, you will find a way to do it.
- Create seperate accounts with a card each for site fees, fuel & groceries. This works amazingly for us for tracking expenditure. It also means we don’t need to be shuffling money around with upteen transfers between accounts.
- Minimise weekly expenditure or ‘bills’ by paying insurances annually. You’ll get a lil discount and don’t have to worry about covering them each week/month.
- If you’re selling up or have a ton of savings - work out roughly how much you expect to spend on each of the above categories per week. Put the entire amount for the length of your travels in the account. Check in monthly with the tally. Adjust accordingly. That way you also know your critical expenses are covered.
- Aim for an ‘overflow’ account with a healthy buffer in case of emergencies.
- Look at ways you can bolster your accounts along the way such as working online, tapping into some long service leave, picking up some casual work as you go. That little top up of ‘play money’ as you go just makes your travels all the more enjoyable .
We’re a family of 4 - one still in nappies and drinking formula. Our baseline is $1k per week. Sometimes this is more like $1.5k per week depending on experiences, eating out, shopping - all things that can be tightened up if and when needed.
We also have an online Young Living Business that enables us more flexibility like supporting small and local businesses of the towns we visit. That extra wiggle room in the budget and income coming in is sooooo nice!
If you’re travelling (or planning to) and have been looking for a way to monestise online, get in touch with me and we can chat all the things. I’m a complete open book and happy to share the ins and outs.
I hope these tips were helpful and give a little more insight into how we structure our finances for life on the road.