If you haven’t traveled for a while, you may not know where to start when it comes to financial planning for your trip. Don’t let this intimidate you though. Budgeting for your trip is easier than you might think. Here are some tips:
Have a backup
Before you begin budgeting, make a decision. If you suddenly need cash, what will be your backup plan? You have a few options- maybe you have a trusted family member or friend who could help. Perhaps you have a credit card you could use, or maybe you’d be relying on a service like 24Cash.ca. Whatever it is, make sure that you’ve researched anything you need to research, and you can easily access extra money in an emergency.
Consider your destination
Your money will go a lot further in Thailand than Tahiti, and much further in Budapest than Barcelona. Choose a destination where you won’t be constantly dealing with sticker shock. Then, do your research. There’s plenty of information online which will detail how much you can expect to spend in a variety of destinations. Add up accommodation, tours, food, gifts, transport, and tips. Then add on ten or twenty percent. This will give you some wiggle room, and help you understand how much you can expect to spend.
Track on the go
When you’re in vacation mode, it can be easy to slip into a “YOLO” attitude. This can lead to some after-travel regret.
Once you’ve set yourself a daily budget, you need to make sure you stick to it. You can do this in a few different ways. Take out cash, and only let yourself spend what’s in your pocket or wallet for the day- when it’s gone, it’s gone. Or, write down every dollar you spend and keep a running total. Another good option is to use an app. There are some great travel apps which will convert your currency into the local currency so you’ll know exactly how much you’re spending and how much you have left each day.
With the above tips, you’ll be able to enjoy your trip without blowing your budget- so you’ll be able to start saving for your next trip instead of paying off your last vacation when you return home.
What are your tips for traveling on a budget? Leave a comment below and let me know.