I left an MCOL US city to go on a five month trip around the world across 3 continents, and ended up spending less per month. Here’s the basic expenses and how I managed to spend less:
1. Transportation: The biggest cost along with accommodation, the main one being flights. If you are ultra flexible with your timeline and locations, you can find flights at a fraction of the typical cost of a typical American vacation.
E.g. let’s say you’re going to Warsaw, Poland for $1,200. You realize if you fly into Milan or some nearby airport and move your flight up a month, you can do it for only $400. Then, have an adventure getting to Poland or get on a budget EU airline like Ryanair from $50-100.
Using some advanced tricks, I spent $2.8k for the entire 5 months and 23 countries, on a trip that would normally require $17k. More details on my blog The ULTIMATE Guide to Cheap Flying.
2. Accommodation: Again, flexibility in timing and location is key. Typically, you can expect prices that are 2-3x cheaper if you are going off-season. I only spent about 20% of my time in hostels, other 80% was hotels and short-term rentals. Week and month stays got me nice discounts.
The cool thing is that property is ridiculously more affordable outside the US and Europe, which translates to lower cost short-term stays. Some areas in SEA and Central Asia I was paying the equivalent of USD $400/m for a decent apartment in a good area. If you’re going in a group, even better.
3. Food: You’re in for a treat, because USA food is quite possibly the worst value food I have ever eaten. If you want something cheap, you’ll be chewing down some real crud, overly processed and loaded with fat and sugar. Coming back was a real shock to my body.
Bakeries and meat in LATAM, Cafes and groceries in Europe, and pretty much anything in Asia are going to be good budget options. I ate at Michelin star restaurants in Bangkok for under $5. Overall I estimate I was eating out 50% of the time, compared to 5% of the time in the US. Don’t go to places obviously marketed to white westerners and you’ll get along with a very reasonable budget.
Tightwad Travelling 
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