Among the big decisions you have to make to prepare to embark on this journey, the financial decision is likely the biggest.
Let's break down what you really need in order to afford to participate in the Wander Year Experience.
The total cost of the program is $29,400. We have divided this cost up into an initial fee of $3,000 and equal monthly payments of $2,200.
There is also a deposit of $2,000 paid along with your initial fee. That $2,000 will be refunded to you upon completed of the full year experience less any fees incurred on your behalf outside of the program benefits. For example, if you just happened to break a lamp in your apartment in Thailand, that cost would come out of the deposit.
We view the cost of the program as a replacement of your monthly living expenses. Based on our research, on average people spend about $2,000 - $2,500 per month on rent/mortgage + lights + electricity + water + cable + internet Instead of paying all those bills each month, you make one monthly payment to us, we cover all of those things AND you get to live and work on vacation every day for a year.
We'd like to go a little deeper than the cost of this experience and help you decide how much you need throughout the year to cover your personal expenses such as:
- Meals and groceries
- transportation within the cities
- side trips
- activities and excursions not included in the itinerary
- personal care items
- souvenirs and gifts
- baggage fees, upgrade fees, etc
In general, our Wander Year Alumni have spent anywhere from $600 - $1000 per month on their own. Huge range right? That's because it's truly based on each individual. We had some VERY frugal folks who set pretty aggressive budgets and people who often splurged on things like housekeeping service, fine dining experiences, and side trips.
Also, keep in mind any other things you'll need to pay for like:
- Storage facility
- Mail forwarding service
- Cell phone bill
- Travel Insurance
- Health Insurance
If you're planning to not work while you're on the trip, we suggest having savings and monthly passive income (i.e. rental income) that totals at least $36,200. If you're planning to work, your take-home pay should be (after taxes) is at least $36,200. That includes the program cost as well as the minimum amount you'd spend each month on your own.
We shared some great ideas to help you find more money for long-term travel. These should help with your personal expenses while on the trip and each of them can be started now to prepare.
If you need some help becoming location independent (securing a remote job, becoming a freelancer), we've put together a free webinar series on several topics to help you do just that.
We'd love for everyone to join us for a Wander Year Experience. We also want to be sure you're honest about whether or not it will be financially challenging for you. Your year abroad should be spent being adventurous, having fun, pushing yourself past your comfort zone, reigniting your passions, discovering who you truly are, and being part of a global community of exceptional people. We do not want financial concerns to negatively impact your experience.
If you've crunched the numbers and feel you're ready for a year abroad, GREAT! Go ahead and request an invitation to join us!
If you're not quite sure you can make this commitment just yet, that's fine too. You may want to consider our one month UpRoots to some incredible destinations.
In either case, we are excited that you're taking this step towards designing a life you don't have to vacation from. If you have any questions, shoot us an email at firstname.lastname@example.org