How much money do I need to quit my job and travel?
“To be safe, I'd say to save up at least $20,000 per person for a year-long trip,” she says. Even if you're planning to avoid expensive destinations, err on the side of caution budget-wise or you'll end up having to come home early.
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Many people set aside 5-10% of their net yearly income for leisure travel, but this can vary greatly based on the type of vacations they're planning. Another popular budgeting option is the 50/30/20 rule: 50% of net income is spent on things you need. 30% of net income is spent on things you want.
All it takes is a just little more effort and planning for any 30+ year old to fit traveling in their lives. And when they do, they'll find that it's a way better experience than traveling in their 20s. Because traveling in your 30s is amazing. It's also much more meaningful, at least for me.
Generally, $20,000 is the baseline cost for a trip around the world for one person for one year. This estimation falls in line with popular recommendations that budget travelers can spend an average of $50 a day on the road, and allows additional budget for flights and vaccines.
Examples of jobs that pay to travel include cruise ship workers, flight attendants, and tour guides. These jobs often dictate when and where you get to travel and often provide free accommodation.
But for long-term budget travel, I usually recommend planning to spend at least $1500 per month. So that means to backpack around the world for 6-months, you should have at least $9000 in your bank account before you leave. See my Travel Banking Tips & Guide for more info.
That 20% is an average, and what it represents can vary dramatically by career, so make sure you ask your hiring manager to tell you exactly what the travel percentage means for the position you're applying for.