You have worked hard for years and have reached retirement. As many folks do, you have some ideas of how you want to spend your time now that the time is your own. If your plans include traveling the world, this time is both exciting and perhaps a bit nerve-wracking. You want to have the experience you have been waiting for, but are nervous that you will spend too much of your retirement savings. Fortunately, there are ways to travel economically, that will allow you to experience what you have been looking forward to, without your hindering the rest of your retirement.

How to Travel the World without Draining your Hard-Earned Retirement Savings

#1: Determine Exactly Where you want to go and the Cost to Get There

What does traveling the world mean to you? Which cities and countries are important to you to visit? Make a list of the places you want to see. Also consider how you would like to travel; would you like to take one long trip where you go from place to place? Or would you like to see a part of the world, come home for a bit and then travel again? Make sure to have a good idea of what you want to do and how you want to do it. Otherwise it may be easy to waiver and include places you were not necessarily interested in visiting.

#2:  Get an Idea of the Cost to Travel to and Spend Time in the Places you choose

Price flights to the places you want to visit; whether from your home or from another place you plan to visit. Make sure to learn which airlines provide service to where you intend to travel so that you can compare the cost for each carrier, not just the different flight days and times. Remember that the cheapest flight may not be the best option. If it requires multiple flight transfers or long layovers, you may wind up with less time at your destination.

Cost of living calculators are great to help you tally the approximate cost of staying in a particular place for a certain amount of time. You can try Numbeo by clicking here. These calculators are great and will give you an idea of how much you are looking at having to spend for all aspects of your trip to that particular place. This will be very helpful when planning your trip as you try to decide how long you will stay in each place.

#3:  When Planning Accommodations Consider Camping, Hostels or Apartment Rentals

Of course it is enjoyable to stay in a nice hotel. But it is expensive. In most cases camping will not cost much and even if you have to buy camping gear, you will save money in the long run. Research camping options in the places you plan to visit. For those who are not experienced campers there are plenty of tips on camping available online and in books. Through camping, you will add another element of adventure to your trip and be able to experience places you might not if you were staying indoors. If you are not comfortable camping, consider staying at a hostel if one is available, as this will cost much less than staying in a hotel. You will likely have to share a bathroom and possibly a sleeping space, but depending on the type of traveler you are this might not be an issue. It is likely when you are exploring a new place that you will be doing just that…exploring!

Another option is to rent an apartment. Renting an apartment will likely be less expensive than a hotel and will provide you with the space to cook your own meals, which should lead to an additional cost savings.

#4: When it Comes to Food, Go Shopping

Be creative when considering your meals. Even if staying at a hotel, rather than paying for a large breakfast, stop at a grocery store for some fruit and a pastry or roll. You can purchase cereal bars and keep them in your room as well. This is even easier if you are camping or if you have rented an apartment as mentioned above. Not paying for eating out for every meal will make a significant impact on your budget. You can pack your lunch and bring it with you and make your coffee in your apartment

If street vendors are available where you are traveling, give those a try. Meals from a street vendor will cost less than at a restaurant and you will gain an authentic experience.

If the water is not safe to drink, purchase a case of water and bring a few bottles with you each day so you don’t have to pay the premium price for a bottle of water. If the water is safe to drink, fill a water bottle each day before you head out exploring.  Carry snacks with you so that you can eat when you are hungry and not tempted to spend more money than you need to.

#5: Research Transportation Options and Deals

Taxis are usually not the most economical way to get to where you want to be. Research options in the place you will be visiting. Ask about discounts that may be available. The availability and cost of transportation may impact your choice of accommodations. A particular hotel may have a room for what seems like a great price, however if it is nowhere near the places you want to visit, or affordable transportation, a more expensive place to stay may save you money in the long run.

Often, hostels are located near places that visitors are interested in seeing. This makes them an affordable option not only for a place to stay, but for transportation.

While air travel is expensive and options are minimal, once arriving at your destination there are many options available to you to keep your costs down. Achieving your travel goals does not mean that you have to worry about your retirement savings. The tips above will help you to travel the world without draining the savings you have worked so hard for.

What travel tips to you have to keep costs down? Please share your experiences!

Note: Guest Post by William from Pandaneo.com.  A site dedicated to all things camping.