Everything You Should Consider When Preparing a Travel Budget

So you’ve chosen your ideal summer holiday spot and are ready to depart? Or are you still finalising plans, making travel arrangements, and planning your upcoming trip? Or are you simply putting money aside for a much-needed break? Whatever the situation may be, you will require a travel budget!

Orange and Green Label Airplane Ticket
Photo by Torsten Dettlaff from Pexels

You might be wondering why. Some of you may be frugal with your money and would avoid overspending while on holiday. Others may choose not to waste their hard-earned trips worrying about their finances! A travel budget will only help you plan better and enjoy a stress-free break, regardless of where you are in the planning process or how you handle money.

Let’s be honest. How often have you returned from a holiday and regretted your spending choices? How often have you wished you had some more time and money to stop by a nearby attraction on your way somewhere? Say, a couple of times?

We all want to get the most out of the amount we spend while travelling, and we also want to enjoy ourselves without the stress of worrying about money. This is why you must have a strategy… and a TRAVEL BUDGET!

A travel budget relieves the burden of continuously worrying about money, allowing you to enjoy your trip.

Who needs a Travel Budget?

Anyone who wishes to travel or is currently travelling or plans to travel will need a travel budget, and a trip budget will help you build a more realistic travel plan if you’re still planning. A travel budget might help you set a reasonable savings target if you’re merely saving for a holiday. If you’re ready to fly, a travel budget will assist you in making the best spending decisions while on the road. 

Recognise that your trip budget is a guide, not a set of rigid guidelines. Accept that you will make estimates based on your knowledge and likely make mistakes. Also, don’t cling to the budget as if it were gospel.

How Will You Get There? 

The cost of getting to your destination is usually the most significant expense you’ll have while travelling, and your mode of transportation will differ depending on your destination. Start your investigations and consider the many possibilities available to you before determining a projected figure based on your decision.

Determine the expenses of flying, getting on a train, renting a car, or taking a cruise to your location. If you intend to travel to more than one location, calculate the cost of each journey separately. Total everything up and write it down.

Where Will You Be Staying?

The second major component of your travel budget will be your accommodation. Investigate the many hotel alternatives available at the destination. When we travel, we all look for different things, so check for the pricing of the experiences closest to what you want to get a decent estimate. For example, if you’re on a tight budget, consider hostels, economy hotels, or Airbnb’s. Look for hotels that can meet the needs of all the family and that might include at least one meal during your stay. Alternatively, if you’re on a tight budget, look for hostels or even consider camping or caravans.

How Will You Explore? 

Every traveller, like every destination, is unique. So the next stage is to consider and figure out how to get around once you’ve arrived at your destination. Some may want to explore your destination on foot, while others prefer to travel by car, public transportation, or taxi. Whatever the best accessible alternative is for your preferences, figure out how much money you’ll need to travel freely in your area.

Woman Sitting on Rock Near Body of Water
Photo by Taryn Elliott

What Will You Eat?

We’re not expecting you to make a detailed inventory of everything you plan to consume throughout your trip. Instead, get a sense of how much a lunch will cost in the places you’ll be visiting. Some people have a rough estimate of how much they would spend on meals in a single day, and it’s best to do some study before coming up with this figure. Travel guides like Lonely Planet, travel websites like Trip Savvy, and Nomadic Matt blogs are terrific locations to start your search. Alternatively, you can use apps like TripAdvisor to locate the most up-to-date costs.

If you don’t have time to investigate, plan on spending at least 2 to 2.5 times the price of your hotel per night on food for one day. For cheap travel, this rule of thumb works well.

Cook at least one meal daily if you’re on a long journey. You’ll be astonished at how much cash you’ll save. Always choose locally consumed and seasonal foods. To obtain an affordable sense of local culture, meet with locals and eat home-cooked food using meal sharing apps.

What Will You Be Doing? 

Have a rough idea of what you will do for most of your trip. A beach holiday or a hiking excursion, for example, would be less expensive than a city tour or a music festival. So, based on this, figure out what things you’ll be doing on your trip. Some people compile a list and rank them in order of priority based on time and expense. Go ahead and do anything you want. What matters is estimating how much these attractions or activities will cost you.

Booking such activities ahead of time can often save you money and even allow you to dodge big queues at tourist attractions. Many nations have specially designed tourist cards that cater to various interest groups (such as art lovers, sports fans, and so on) and include special discounts and deals on such activities.

What Will You Be Buying?

We all like to take something home with us from our trips. You won’t know how much items will cost until you arrive at your destination, so save aside some money to spend on goods you want to buy while you’re there.

Making a list of the individuals you want to buy gifts for will save you time, keep you organised, and prevent you from overspending or making impulse purchases. Use a simple notepad or if you don’t want to carry any extra weight, use Wallet’s Shopping Lists to generate a digital list, crossing off names as you purchase each item. Isn’t it simple and effective?

Woman and Man Riding on Motorcycle
Photo by Ajay Donga

Think Of Emergencies

So, why are we making a plan? Be ready for whatever comes your way. Wouldn’t it be silly not to plan for unanticipated events or emergencies? The last phase or item in your budget is this. Set aside money for things you neglected to budget for, such as medical crises, unexpected bills, or even pleasant accidents, such as an impromptu function you could be asked to while travelling. It may also be worth ensuring you have the information on accessing things such as a £100 loan when you need emergency cash. If you’re unsure how much to set aside, start with two to three days’ worth of living expenses per person.

This guide should help you to make a solid budget for your travels. Is there anything else you think should be considered? Please add them to the comments below. 

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