Contrary to what most people feel about it we actually enjoy budgeting and tracking our expenses. We did it for many years on a regular basis and continue now that we are on the road. It is a great habit that opens your eyes to how you are spending your money and like most everyone we do not have an endless supply. In fact we have pretty limited funds so it will be interesting to see if we can actually afford the lifestyle that we want.
Below is the budget that we set for ourselves to work with. Our initial goal is to spend 5 years traveling without having to dip into our remaining retirement funds. We are fortunate to have a pension that we hope will support our lifestyle. It is fairly similar to the $50 per person per day target that many budget travelers suggest. Accommodation is going to be the most challenging so we hope to offset some of that by house sitting on a regular basis.
Average projected monthly expenses (CAD)
- Accommodation – $1250
- Transit Travel – $500
- Groceries/Food – $800
- Health/Travel Insurance – $200
- Communications/Utilities – $200
- Local Transport – $100
- Miscellaneous – $100
- Logistics (bank, mailbox etc.) – $200
Total Monthly Costs – $3350