Money Matters

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

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4 Responses to Money Matters

  1. Tracking expenses is a great tool and a good way to figure out how to cut spending if necessary. When we started traveling we began noting our daily expenses (Richard spreadsheets them too 🙂 just because he can!) and the habit of tracking our spending makes us much more conscious of our impulse purchases. It’s also interesting to compare what it costs to live in one country versus another. Anita

    Liked by 1 person

    • timannehall says:

      Thanks Anita. Right now we’re relying on advice and insights from people like you so it will be interesting to see how we actually make out. Monthly rentals seem to be the best way to keep our expenses at a point we can afford, but that will give us the time to experience each area in at least some detail. Tim

      Liked by 1 person

  2. Joe says:

    Your budgets seem very realistic. Congratulations on coming in under budget. Here’s hoping you have many happy travels for years to come.

    Liked by 1 person

    • timannehall says:

      Thanks for checking in Joe. We spent a lot of time on our budget and researching where we can actually afford to “live” for a while. We appreciate your month at a time approach and staying in one place long enough to establish a better understanding. Happy travels. Tim & Anne

      Liked by 1 person

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