Budget Roundup - AKA How Much Did We Really Save?

by Tasha in Pre-trip, Budget

 

The Goal:

We set out with the goal of saving a base of $35000 total approx. At the time we started saving we had a personal debt (credit cards/uni/wedding) of approx $13000 which we intended to pay off in full (eliminating any necessary future payments) before we started putting aside money for actual travelling. So from that base goal of $35000, we planned to leave ourselves with approx. $22000 to travel with.

photo by: 401(K) 2013

For an average daily spend of between $50-100 (depending on country) - this could keep us going for anywhere from 8 to 14 months before we would need to stop and work again.

So...how much did we save?:

First we paid off $14759 of debt (our original debt plus accumulated interest) over the course of 8 months. It was tough and although it felt somewhat satisfying - it wasnt until we crossed over to $1 in the black instead of red that it became exciting.

photo by: Tiz

Over the remaining year we managed to scrimp, save, and sell most of our possesions. We cut out nearly all luxuries and stopped going out with friends or to dinner. It wasn't easy, and there were several times I wanted to either scream, pull my hair out, and/or go comfort shopping. But instead, we knuckled down and managed to save a whopping $31276.

No, you didn't misread that - we managed to save a combined total of just over $46000. That is over $10000 over our original goal!

How much is that really?:

 To put this all in perspective - $31,000 is:

photo by: epSos.de

$35,033 New Zealand Dollars
€21,078 Euro
฿875,242 Thai Baht
₭218,346 Lao Kip
₫591,407 Vietnamese Dong
$217,023 Hong Kong Dollars 
¥171,535 Chinese Yuan Renminbi
₮41,628 Mongolian Tughrik

What does that mean for our travel plans:

There are still a few last minute expenses such as travel insurance, however we are still going to be leaving with almost $30000 under our belt. It's definately more than we originally expected and enough to fund 10-19 months of continuous travel. However other than giving us a nice safety buffer - it likely won't change much of our original plan. Although it allows us to do some more of the once-in-a-lifetime experiences than we expected.

Honestly the main benefit is the peace of mind. Its one thing to go out into the world with maaaybe just enough to last awhile, or to leave knowing that you can comfortably weather a few storms or a few left turns.

photo by: Christine Ricks

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