Every now and then you’ll come across stories where an entire family drops everything and lives a life of travel and fun. These families are not multi-millionaires. Their stories are often like ours. They went from sitting in an office cubicle to traveling all around the world with their family in tow, itching that Wanderlust impulse.
Take the story of the Dennings, a family of nine who sold off all their properties and eliminated all expenses, mortgage included. Or the Bucket List Family who quit their jobs and have so far traveled 50 countries so far.
That means any one of us can do the same thing given proper planning. Here are some ways you can fund your family’s wanderlust lifestyle.
Reduce your expenses
It comes as no surprise that you will need to limit your spendings if you want to save enough for your travels. That means cutting back on amenities you might have grown accustomed to but aren’t really all that necessary. Ask yourself: do you need cable TV? How much internet bandwidth do you really need in a month? Is it really worth paying for two cars when one would do?
Consider downgrading or eliminating all the things that aren’t essential.
You won’t be able to create any serious headway if you don’t erase your debt. Money that goes towards repayment is money you can’t use to fund your travels. The faster you free yourself from debts, the faster your family can take off.
Paying mortgage doesn’t really make sense if you’ll be on the road full time. Try selling it or better yet, rent it out for additional income. While you’re preparing for travel, you can rent a smaller apartment.
If you find it difficult to repay loans, you have options. You can refinance student loans, for example, to get a lower interest rate. Making bi-weekly instead of monthly payments also incurs less interest. It also lets you finish payments faster.
Document your travels
Use blogs, social media, and streaming sites to document your travel. When your site or page garners enough traffic, you’ll find the world opening up to you. You get offered free accommodation in exchange for promotion. You get advertising opportunities that can be another source of income.
Lauren, a travel blogger and owner of Never Ending Footsteps, has some tips on how to start a successful travel blog.
Find work while traveling
Just because you’re traveling doesn’t mean you have to stop working. There are plenty of opportunities that would help supplement your new lifestyle. Upwork and Fiverr are just two sites that let you find clients to work for. TakeLessons lets you teach people via Skype which makes it ideal for travelers.
Your full-time job may have you ties up but that doesn’t mean you can’t travel. Ask your office to see if working remotely is an option. This way, you’d still have a reliable source of income as you make your way around the world. There will be sacrifices and the time difference could be brutal for you but it’s one way of funding your goal of traveling with your family for an indefinite period of time.