Budgeting for travel is a thing to get excited about. People do budgeting as the 1st step when they plan. Few people are, obviously, certifiably insane. For most of us, budgeting for a trip is like going to the dentist after bingeing on sugar for some months. But budgeting is better than running out of money halfway via a trip and having to make an embarrassing call home to friends and parents. Nomadgirl.co has compiled some answers to the big questions around how to successfully save money as well as budget for the next dream trip.
Make a budget for major transportation
You will go to a vacation destination and will be driving away from the house, this will be a big part of the budget. Begin your research here to get an estimate for what this will cost you. If you are going from one continent to another, this likely means looking at airfare. If you are going a very short distance, it is worth looking into other forms of transportation to see which works great for you.
Make a budget for your accommodation
Lodging may be a big part of your budget depending on where you like to stay. Decide what type of accommodation you prefer, whether it is apartment rentals, hotels, guesthouses, read the reviews, hostels, see what the costs are for the place you should visit. Make sure to multiply by several nights you’ll be there. Remember that the point isn’t to select the exact place you’ll stay, but to get an idea of what lodging prices in the destinations you are going to.
Make a budget for food
Food is a hard area to estimate what one will spend. But think about where you are going. If you are travelling to western Europe, New Zealand, and Australia, eating out will likely cost you around the same as it does in the United States and Canada, perhaps even a small bit more. If you are going to Southeast Asia and South America, it needs to be cheaper in most cases. Since it is very hard to get precise numbers for food, use your good judgment. For travel in Europe, a great estimate per day per person US$15 for lunch, US$20 for dinner, and some more dollars for extras like a bottle of water and soda during the day. This doesn’t involve alcohol. Remember that you can eat for less if you do not eat at expensive places. And remember that most areas outside of the United States do not do free refills.
Luggage and Travel Gear
This’s a broad category, and it’ll depend completely on what you have as well as what you personally deem essential. Suitcases, neck pillows, backpacks, money belts, cameras, activity-specific gear, international phone plans, basically whatever you should make life simple and more enjoyable while traveling goes in this category.
Tours and Activities
A great way to plan for this’s to create a list of all the activities and tours, you will like to do while you are vacationing and how much they will cost.
Small Transportation
Consider whether you will be walking and whether you will need a taxi or other means of transportation within your destination city and how much that’ll cost you. Other choices can involve bicycle or motor scooter rentals.
Souvenirs
This will depend on how several souvenirs you plan to buy and what types. Get yourself familiarized with Customs Duty regulations so that there are no surprises upon re-entry to your home country. The upside is that this part of your budget needs to be much more fun to plan. Once you have a total for this part, divide it by the many days that you’ll be traveling.
Emergency Funds
Ultimately, we have Emergency Funds. It is the money, that will be available but in case of emergency: stolen or lost credit cards, unforeseen costs, etc. It is suggested to keeping emergency funds in cash and separated into 2 to 3 different stashes, kept in separate areas during the trip. The reality is, unexpected costs come up more frequently than not, and you need to have a backup plan. Budget at least sufficient money for a couple of days’ meals and a couple of nights’ accommodations and an emergency plane ticket back home, you should leave early.
Track your travel spending
While you travel, it is a better idea to track what you are spending. This will aid you to know how exactly your original budget was. Perhaps you underestimated how much you did spend on food, or you thought you did spend a lot more on activities. That way you will have a great idea of what your spending habits are when you travel. Then you can take this info and utilize it to budget your trip good next time around.
Travel out of season
Do not go for trips during the school holidays, because in this duration when the travel industry increases the prices to take benefits of families who will travel during these weeks. Research the good time to visit the intended destination, and then travel before and after these dates. This’s known as the shoulder season, where you will have a good trip but perhaps the sun will not shine quite as brightly. Hotels or airlines low their prices to attract clients during this time.
Book flights in advance
Particularly return flights; running out of money abroad without a guaranteed ticket house is not ideal. Airlines release their flight seats up to a year in advance and the closer you get to the departure date, the more the prices rise, particularly in the last month.
Earn while you travel
Working holidays are the best way to afford to spend various months of the year living the travel dream: Teach skiing on the winter season, take care of holidaymakers travelling to the Mediterranean in the summer, and earn by teaching a language in Thailand; you can freelance while travelling if you are capable of work on the go. The opportunities are literally endless.
