5 Things to Know Before You Travel Full-Time

Table of Contents

1. Create a Realistic Travel Budget (and Stick to It)
2. Decide Whether to Keep a Home Base or Go All In
3. Build an Emergency Fund Before You Go 
4. Make a Plan for Insurance and Big “What-Ifs”
5. Use the Right Financial Tools for Remote Travel

Financial Freedom Starts with Smart Planning

With the rising popularity of van life as a digital nomad for both the younger generations as well as retirees, there is more interest in understanding what it takes to live life on the road. While traveling full-time can bring a sense of freedom, it requires careful planning with your finances to execute and maintain. While the team at Addition Financial is always a trusted source to manage your finances wherever you roam, let’s dive into how you can start by making a plan to make this long-term travel life a reality for you. 

1. Create a Realistic Travel Budget (and Stick to It)

Budgeting is the first step. By breaking down your major expenses, you can map out an idea of what you would need regularly to sustain this lifestyle. 

Each of these items will break down further based on your specific travel plans. For example, if you plan on using a recreational vehicle (RV) to get around, your accommodations and transportation costs are lumped together in one category. Plus, your utilities might be higher to consider maintenance on the vehicle. In addition to these, you should consider unexpected costs (more on that later). Digital banking tools will be your go-to while you are on the move, with features like expense tracking and budgeting to keep your plan in check, especially if you are doing remote work. 

Ask yourself, how can I stay financially responsible while still enjoying the experience? By tracking your transactions regularly, prioritizing needs over wants, and checking back with your original financial plan and budget on a set schedule, you can have peace of mind that you can enjoy the sights without financial strain. 

2. Decide Whether to Keep a Home Base or Go All In

One of the biggest decisions you'll face when preparing for full-time travel is whether to maintain a home base or fully commit to life on the road. This choice has a major impact on your financial plan, and it’s important to weigh the trade-offs carefully.

Keeping a permanent residence, whether it’s a home you own or an apartment you rent, means you’ll have ongoing expenses like mortgage/rent payments, property taxes, utilities, maintenance, and security if the property is unoccupied. While this option offers stability and a place to return to, it also limits how far your travel budget can stretch. You’ll need to factor those fixed expenses into your monthly spending, which could reduce the amount available for travel experiences.

On the other hand, choosing to go all in by selling or renting out your home and living full-time on the road can free up a significant portion of your income. You might redirect those funds toward travel essentials like accommodations, fuel, food, and activities. But keep in mind, this route also means taking on more risk and requires strong financial discipline to manage unexpected costs without a fallback location.

No matter which path you choose, the key is to use our first recommendation of building a realistic budget that reflects your decision. Factor in both the lifestyle you want and the responsibilities you’re keeping (or letting go of). Tracking your spending habits and being clear about your priorities will help you avoid surprises and stay financially grounded, even if you're constantly on the move.

With Addition Financial’s digital banking tools, you can easily monitor both fixed and variable expenses, automate savings, and adjust your budget on the go. Whether you’re managing two homes or just one on wheels, we’re here to help you keep your finances flexible and secure.

3. Build an Emergency Fund Before You Go 

While full-time travel may offer the freedom to explore new places at your own pace, it also comes with financial uncertainties. From mechanical issues with your vehicle to last-minute itinerary changes, having a financial safety net is essential. That’s where your emergency fund comes in.

We recommend setting aside at least 3–6 months of living expenses before hitting the road. This gives you peace of mind knowing that if something goes wrong, you’ll be prepared without derailing your long-term travel plans.

A few smart ways to build your emergency fund are:

• Setting up automatic transfers from your checking to your savings account each payday.
• Using round-up savings features, where your everyday purchases are rounded up and the spare change is deposited into savings.
• Redirecting non-essential spending (like subscriptions or dining out) into your fund as you prepare for the road.
  
  

Having this cushion means you can focus on enjoying your journey, rather than stressing about surprise expenses. And with Addition Financial, it’s easy to track your progress and access your savings when needed through mobile and online banking tools.

4. Make a Plan for Insurance and Big “What-Ifs”

While your budget might be mainly built for fun and adventure, it would be nothing without protecting what matters most. Insurance is that essential safety net when things could go wrong. 

If you are investing in an RV or van to live in, look into specific policies that have your back. Make sure you explore policies tailored specifically for full-time use, not just occasional recreation. These often include additional coverage for personal belongings, roadside assistance, and liability in case of accidents or breakdowns. Medical insurance for full-time travelers is important to research based on where you’ll be spending your time. Standard health insurance may not fully cover you if you’re traveling across state lines for extended periods or internationally. It’s worth consulting with an insurance professional to find a policy that aligns with your travel style, destinations, and any existing medical conditions. You may also want to consider rental insurance if you plan to stay in short-term rentals or use rental cars frequently.

From a financial perspective, these policies may seem like an extra cost, but they are a critical part of your overall financial plan. Including insurance in your budget protects you from larger, unexpected expenses down the road. It's not just about covering losses; it's about maintaining your ability to continue your travels without a major financial setback. At Addition Financial, we encourage our members to think beyond just the daily costs of travel. Our team can help you evaluate the right savings goals, emergency fund contributions, and monthly budgets to ensure you're covered, literally and financially, no matter what happens.

5. Use the Right Financial Tools for Remote Travel

Managing money while on the move requires reliable, flexible financial tools that travel with you. Whether you’re working remotely from a mountain town or backpacking through international cities, you’ll want to make sure your financial setup supports a mobile lifestyle.

Before you hit the road, consider setting up accounts that offer:

• No or low foreign transaction fees if international travel is in your plans.
• Mobile banking access with the ability to pay bills, deposit checks, and transfer funds from anywhere.
• Fraud protection and real-time alerts to keep your accounts secure while you're in unfamiliar locations.
  

With Addition Financial, you’ll have access to a full suite of digital banking features designed for flexibility and control. Our mobile app makes it easy to check balances, monitor transactions, and set up account alerts. Plus, as part of a credit union network, you’ll have access to thousands of shared branches and ATMs nationwide, so you’re never far from your money.

Traveling full-time doesn’t mean leaving financial security behind. With the right tools in place, you can keep your finances organized, protected, and ready for whatever the road brings.

Travel Smart with a Strong Financial Foundation

Full-time travel is possible with the right preparation. Reaching out to our skilled team at Additon Financial Credit Union can help you set up the right accounts and familiarize you with all of the tools we provide before you jetset away. If you are interested in hearing more about switching to a remote lifestyle, check out our podcast episode, “Financial Tips for Sustaining a Remote Lifestyle.” 

If you are ready to pack up and go as a full-time traveler, let Addition help you build your travel-friendly financial plan today by visiting your local branch or contacting us.