How much money do I need to travel the world?

It’s a popular dream – to quit your day job to travel the world. No responsibilities, no schedule.

But, of course, nothing in life is free. How much does it really cost to travel the world?

Many factors influence the answer to this: how long you want to stay abroad; Which countries do you want to see? What accommodations are you willing to stay in?

The easiest way to figure out your budget is to work backwards and figure out how much you spend per day.

Many popular travel blogs, such as Little Adrift, Endless Trails, and Earth Travelers, all agree that $20,000 per person per year is a doable baseline. This averages out to over $50 per day.

Here’s how to find out your magic number.

Budget per day

If you’ve been on vacation before, the idea of ​​spending just $50 a day seems completely out of reach. Especially since it involves accommodation.

But traveling for a year doesn’t mean every day is spent in luxury; You don’t eat every meal in restaurants, you don’t go on picnics after a tour. Of course, there’s room in the budget for those treats every now and then — just like at home.

Traveling the world gives you time to slow down and immerse yourself in local life.

Hostels (some with private rooms, even), some hotels, and Airbnbs offer long-term stays that usually average up to dozens of dollars a day—especially in smaller towns outside major cities and in more affordable countries. More below.

Staying in a kitchen area is also a must to keep food costs down.

And, depending on where you’re staying, using mass transit instead of renting a car can help your budget, too.

Related: How much money do you need for a wedding in 2022?

The countries you visit are important.

If you are trying to stay on a budget, the easiest way to reduce your expenses is to prioritize traveling to more affordable countries. While Switzerland is one of the most expensive countries, Thailand is known for offering accommodation and food for just a handful of dollars.

Another thing to consider when talking about the dollar is the country’s currency and exchange rate.

For example, a trip to Europe always costs more because euros are bought in dollars. However, as of late, the two are now equal due to inflation, meaning that travel to many European cities is now relatively cheap.

However, budgeting $50 a day will not work as well in Europe as it will in Asia, Africa, or South America. Australia and New Zealand are the most expensive options.

How does it affect the budget?

Two big expenses to consider are flights and accommodation.

The average price of all flights in the combined budgets of the two travel bloggers mentioned above came to 18% of their total expenses. If you fly domestically in the US, that low price may seem unbelievable.

But domestic travel between European or Asian countries is incredibly cheaper than domestic travel in the US. You can often snag flights for less than $100 — especially if your schedule or destination is flexible.

Your accommodations take up a large percentage of your budget. If you are willing to stay, or stay in two or three star accommodations, it is possible to stay within a $50 per day budget.

Another tip: The more frequently you travel to a new place, the higher your daily expenses will be to keep up with flights, trains or taxis. Slowing down can help keep your costs down.

Related: How much money do you need to raise a child in the US?

Busy on your trip

If European countries are on your must-visit list, travel bloggers say you can expect your daily budget to at least double, maybe even triple.

That means you’re looking at spending at least $40,000 to travel for a year.

Choosing four- or five-star hotels will increase your price. Some high-end hotels can cost you hundreds of dollars just for one night.

To combat that, consider splitting your time between the most expensive countries. You’re traveling to see the world, which means a mix of cultures and continents.

Related: From the deep sea to outer space, tourism is now reaching the ends of the earth.

Consider sticking to high-end hotels for a night or two every now and then, and opting for more modest accommodations in between.

Either way, figuring out how you’ll spend each day can be a useful trick when you start planning the trip of a lifetime.

This story was reported from Detroit.