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The content provided in this post is for informational purposes only and is not intended as financial advice.

We’ve been there, done that, and now we’re here to share the tale.

Our budget was $100,000 for a year of travel around the world with 2 kids under 5.

This may seem like an ambitious number at first, but depending on your family’s financial situation and the currency of your country, it really is achievable for an average working family in a developed country to save $100,000 in as little as 2 years (or less).

In this post, we’ll share the top 15 things our family quit buying leading up to our trip around the world in 2022, spending around US$10,000 per month.

Without further ado, let’s get started with the big ticket items first.

1. Cut Accommodation Costs

Let’s be honest, in countries like the USA, UK, Canada and Australia, it’s pretty common for an average family to have $100,000 in the bank.

The difference is, most families choose to save that money towards a down payment for a home instead. Very few are willing to put that money towards travelling, agree?

Although we would also like to contribute $100,000 as a deposit for a home, we value our time and experiences with our kids more.

Moreover, we live in an expensive city in Australia where housing prices for a family home is well over a million, if not multi-million.

Although $100,000 is a lot of money, it’s not quite enough for a down payment here.

And since banks don’t like approving SAHM like me for a loan, we choose to make the most of NOW, while seeking alternative business and investment opportunities to fast track our earnings.

The keyword here is ‘seeking’.

So by quitting buying a house, we’re able to free up our cash to save towards a RTW trip.

Consider downsizing your current home, whether it’s rented or owned. Rearrange the bedrooms, change the location, and make it work for the short term.

If this idea isn’t for your family, no worries, as we have 14 more things you can quit buying to save that $100,000.

2. Sell Your Car

Selling your car may not be for everyone, depending on your personal situation, but…

At least take the time to evaluate and run some numbers and see if owning a car or upgrading a car is actually worth it.

• Is it a necessity?
• How often do you use your car?
• How much of your life is within walking distance or a bike ride away?
• Is public transport convenient near you?
• Is rideshare or carshare widely available in your area?

Cars generally depreciate in value over time, so owning a car is considered an expense, not an asset. Of course you know that.

Although it’s convenient to get around in a car, is it worth the money when factoring in parking, fines, maintenance, petrol and fees?

So, save that $20,000 and you can explore around Europe for 2 more months!

3. Stop Upgrading Tech

It’s tempting to chase the latest gadgets, but technology can easily become a financial drain.

New phone models and high-end gadgets come out every year, each with fresh features and shiny updates. But, let’s be real—many of these features are things you probably won’t use anyway.

Instead, stick with the tech you have, especially if it still does the job just fine. Invest in protective cases and keep your devices well-maintained.

Did you know? Each skipped upgrade could save you thousands over time.

Imagine redirecting that extra $3,000 towards a few unforgettable weeks in Thailand or a dreamy island escape to the Maldives.

4. Cut Back on Buying Toys

This one might feel tricky if you have kids, but here’s the truth: children thrive on interactions and experiences more than they do on endless toys.

Instead of regular trips to the toy shop, focus on a few quality toys that encourage creativity or outdoor play.

Better yet, create moments that don’t rely on toys at all—explore parks, go for nature walks, or try DIY crafts.

You could easily save around $500 a year here, which could cover part of a family road trip or an adventure in a nearby national park.

Woohoo!

5. Rethink Shopping Therapy

Shopping for clothes, shoes, bags, or even makeup can be therapeutic, but it’s also a quick way to drain your savings.

Try replacing shopping days with activities that bring joy without the price tag—like a relaxing day at the beach, a picnic, or a hike.

When you do shop, consider sustainable brands that offer quality without the high cost.

And scrolling through shopping apps like Temu or Shein late at night is a big no no! We all know how things just… somehow fall into our carts!

Cutting back on retail splurges can make a surprising difference. With some mindful choices, you could save around $1,500 a year, perfect for a couple of extra weeks exploring the stunning coastlines of Italy or Greece.

I know we’re talking about saving money here, but,

6. Skip Eating Out and Deliveries

Eating out, grabbing a coffee, or ordering delivery may feel like small expenses at the moment, but they can add up quickly.

Instead, focus on home-cooked meals or prepping snacks to bring along on busy days. Not only will you save money, but you’ll likely enjoy healthier options too.

Cooking at home can become a fun activity for the whole family and even open up opportunities to try dishes from places you want to visit!

Skipping a couple of takeaways each week can save you about $3,000 over the year—enough to enjoy a month in Southeast Asia or explore the vibrant cities of South America.

Yes!

7. Scale Back on Social Outings

Socialising is a big part of life, but there are ways to keep it low-cost.

Swap nights out for a cosy night in with friends or family, or find local free events like community concerts, outdoor movies, or festivals.

You can even make a day of exploring nature trails, beaches, or parks with loved ones.

Cutting down on expensive dinners or bar tabs doesn’t mean giving up social fun; it just gives you more intentional, budget-friendly ways to connect.

By adjusting your social calendar, you might save $1,000 a year—perfect for a weekend escape to Bali or a scenic getaway in the New Zealand mountains.

8. Cancel Subscriptions You Don’t Need

We all have a few subscriptions we hardly use, whether it’s streaming services, magazines, or app memberships.

Review your subscriptions and see what you can let go of. Maybe even challenge yourself to stick to just one streaming service for a few months.

You’d be surprised at how little you miss them when you’re focused on a big goal like travel the world.

To be honest, I didn’t miss a single subscription service while lazing on the beach of a remote island in Fiji or the Maldives!

Ditching a couple of subscriptions can save around $500 a year, enough for a few nights in a beautiful beach resort or some unforgettable city experiences in Japan.

9. Quit Buying Duplicates and Repetitive Items

We often buy things like multiple water bottles, phone chargers, or kitchen gadgets we don’t truly need.

Taking a “use what you have” approach can make a big difference. Focus on investing in just 1 quality item of each category, and avoid the temptation of “just in case” purchases.

Over a year, cutting out duplicates could easily save around $300. That’s enough to cover a few days exploring ancient temples in Cambodia or visiting stunning landscapes in Vietnam.

10. Replace Paid Events with Free Events

It’s easy to spend money on entertainment: concerts, sports games, theme parks. But there are also fun alternatives that won’t cost a thing, and it’s okay to opt for those while your travel goals are within reach!

Here are some ideas:

• local fairs
• farmers’ markets
• library events
• free museum days
• art galleries
• nature reserves
• community events
• volunteer opportunities

Discovering hidden gems close to home can feel just as exciting.

Swapping out one or two pricey events a month could save you around $1,200 a year. That’s an entire week exploring the rich history and lively street markets in Morocco!

11. Ditch Daily Coffees

As a huge coffee lover who can’t go a day without it, I know how tempting that morning coffee habit can be. While it seems harmless, grabbing a coffee daily can really add up over time.

Instead, try making your coffee at home or swapping coffee for tea or home-made smoothies.

Cutting back on daily coffees could save $1,000 over the year. No, really! That’s enough for a couple of extra weeks soaking up the sun in Mexico or enjoying the views along Portugal’s Algarve coast.

Trust us, it’s worth it!

12. Say No to Fast Fashion

It can be tempting to grab new clothes with every season, especially with fast fashion trends constantly changing.

But instead of constantly buying new, consider creating a capsule wardrobe with timeless, quality pieces you truly love.

For those special occasions or Insta-moments, consider renting high quality fashion items instead.

Stepping back from fast fashion could save around $800 a year, which could fund a few days in Paris or a scenic road trip through the Irish countryside.

13. Reduce Beauty Splurges

It’s easy to get drawn into buying new makeup, skincare products, or salon treatments, but did you notice the cost of these services just keep going up each year?

Goodness me! I can’t afford to be beautiful these days!

Anyway, try simplifying your beauty routine with a few trusted essentials, or look for DIY options like home facials or hair treatments. You might find you can achieve a fresh look without the hefty price tag.

Cutting back here could save more than $600 annually, which could cover a few relaxing days at a wellness retreat or a beachside stay in Bali.

Look in the mirror at your resort when that day comes, and watch the natural glow on you after that trip!

14. Skip Gym Memberships and Get Active Outdoors

Gym memberships are great if you’re using them regularly, but they can be costly if you’re not fully committed.

Instead, try outdoor workouts like hiking, running, or cycling, or look into free fitness apps and videos.

Not only does it save money, but it also lets you explore new areas around you.

I follow Fit with Sally on Youtube, and she’s a gorgeous mum of 2!

Choosing outdoor activities over a gym membership could save around $500 a year. That’s enough to fund a few unforgettable days exploring the fjords and mountains of Norway.

15. Embrace Minimalism and Declutter

This one has to be my favourite! I walk the walk before I talk the talk. Here’s a photo of our family, on our last leg of the world trip on a backpack each.

Minimalism isn’t about living a frugal life, but about living more intentionally and choosing quality over quantity.

Take some time to declutter your home and assess what you truly need and value.

This practice not only clears up physical space but can also help you see how much you can save by avoiding unnecessary purchases.

Host a garage sale or donate items to those in need, and watch your space and budget improve.

Regular spring cleaning not only clears out the clutter but can also refresh your mind and create a sense of freedom.

By embracing a minimalist mindset, you could save around $400 a year, which could contribute to a memorable trip exploring the stunning landscapes of Patagonia or the vibrant culture of Brazil.

Last Notes

There you have it – 15 effective ways to save for your dream world trip. Do you have what it takes to make it happen?

By quitting these 15 things, your family can potentially save $100,000 or more for your dream round-the-world trip.

With a little focus and determination, you can turn your travel dreams into reality.

Remember, it’s all about prioritising experiences over things and making small changes in your spending habits. If you want it badly enough, you’ll find ways to achieve it!

Now, it’s time to start planning your adventures. Imagine all the incredible memories waiting for you just beyond the horizon!

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