Travel Guest Post: Tips for Traveling Long Term

As more people look to enjoy their life by traveling more, whether by working remotely or freelancing during their younger years or as a way to spend their golden years, there are many things that you need to think about before packing up and hitting the road.  Use this as a checklist as you prepare to begin your long-term travel.

Have Online Bill Pay Set Up
Switch all of your accounts to be paid directly through automatic withdrawals from your primary bank account.  If you plan to rent out your house, you’ll want to be sure that your mortgage and utilities are set up so that service can continue without interruption.  Arrange for a management company to take in the rent payment or have the renters pay you through an online bank transfer. Also set your accounts so that they are “paperless” meaning you get them delivered via email or can log in to the company’s site and see your current bill.  While online bill pay is pretty seamless, computer glitches and human error can cause problems, so be sure to monitor your accounts monthly.

Cancel Subscriptions
You don’t want to be surprised one day to find out that you owe for months of premium cable that you never watched, so be sure to cancel, and turn off the ‘auto-renew’ function on your account, any newspaper and magazine subscriptions as well as phone, internet, cable, lawn and garbage services that you may already be signed up for.

Notify Your Bank and Credit Card Company
If you are traveling long-term, especially if you are going out of the country, be sure to tell your financial institutions so they can put a notice on the account to allow out of area and country transactions. There’s nothing like being declined for an important purchase, even though you have the funds in your account, when you are abroad.  Also make sure you know what fees you will incur for using out of network ATMs and using your credit cards in foreign countries.

Have A Plan to Make Extra Money
Those who want to travel long-term should find some way to make extra money while on the traveling to prolong the life of their savings and add to their experiences.  Crafty people might sell their goods at craft shows throughout the country or bargain hunters can scope out thrift stores and garage sales for items to resell, at higher prices, online.  Freelance writing and web design are also other ways to earn some extra cash if you don’t already have a job set up.

Set Up An Emergency Fund
Before setting out make sure to have an emergency fund for true emergencies like when the heater in your RV quits during a mid-Western winter or you are abroad and suddenly need to return back to your hometown.  For each person, aim to have two months worth of your previous living expenses in a savings account that you can easily access.  If you are abroad, you’ll want to make sure that you include the cost of a plane ticket in that amount as well.

Plan to Start Your Travels in Southeast Asia
For those just starting out who want a lower cost of living area to stretch their money while starting to make extra money, try going to Southeast Asia where the cost of living, as well as the standards of living, are considerably lower than North America and Europe.  Your freelance income will go a lot further and you’ll feel less pressure to keep up with the latest gadgets.

Have A Budget
Before setting off, establish a budget to follow so that you can keep track of your money. If you are going abroad, check online to find out about costs in the country you’re headed to.  Expect to have to tweak it occasionally, especially the first few months. Be sure to add to your savings while you travel; don’t spend every dime you make.

Keep Up With Your Tax Responsibilities
Keep in contact with your tax preparer during your journey. Just because you don’t have a mailbox or a permanent job like before doesn’t mean you don’t owe taxes in your home country.  You need to keep up with your responsibilities to the IRS so that they don’t come at you with a bill in the future.

These are among the most important things to do before and during long-term travel to make sure that you survive financially.  Make connections with others who have done or are doing long-term travel to get their suggestions as well.

Author: Ryan McKenzie writes for http://www.infobarrel.com

 

You May Also Like