We all love to travel – there’s nothing better than sitting on a beach with a beer in hand and watching the sun go down. However, sometimes getting there can be a problem! Budgeting for a holiday can be a hard endeavour and it sometimes seems like you will never quite make it. So to help you out on your next adventure we’ve compiled some suggestions for travel budgeting.
The most important thing to know before trying to budget is knowing that what you are saving for is really worth the effort – and believe us travel always is! So here we have our 5 rules of travel budgeting.
Rule 1: Always do your research.
Research is a very important part of any holiday. You have to know what you are getting yourself in in for, especially on longer trips. Try to think of everything you may need and do on a daily basis, and this will help you estimate your trip cost. Once you have travelled a bit more you will know what you can live on in a day for that particular destination you are in.
Rule 2: Don’t get overwhelmed.
In the early stages of budgeting and research, it is quite easy to get overwhelmed by the estimated cost of your trip. Just remember there are always ways to save a few dollars, for example cheaper accommodation and land-based travel (rather than flying). If money is tight you can get out and explore the world anyway! Try to pick your destination wisely there are many places in the world where the average cost of living may be lower than your home country. This means your dollar will stretch a lot further – wahoo! Also try to give yourself enough time to save for a trip, there’s nothing worse than paying for your holiday with credit to find you have to come home to pay it off later, yuck!
Rule 3: It’s budget time.
At this stage you should have most of your research done and you will be starting to get an idea of how much your holiday is going to cost. It’s now time to set a budget. This can be weekly, fornightly, or monthly, but whatever way you do it you know how much you need to save to get to your end goal. To help us save for a trip, we hunt out a cheap flight to our destination quite a way in advance. We find this gives us the motivation and a deadline we need to get our saving going.
Check out this great site for the best ways students (and non-students!) can save money while travelling.
Rule 4: Spread it out.
During the time you are budgeting for your trip try to spread out your spending. You can slowly book and pay off things towards your trip as your savings increase, whether it’s accommodation, transport, or activities. The big benefit in doing it this way is that by the time you leave on your holiday it’s all booked and paid for! It’s more preferable to shell out money in smaller sums over a longer period of time rather than seeing huge lump sums leave your bank account at one time – the blow to your savings doesn’t seem so bad. This way, it’s only your spending money that is left to save. You will find that if you have done your research and booked and paid for activities you may not need as much spending money as you may think.
Rule 5: Rein it in.
If you’re having trouble saving for your trip there are always ways you can increase that bank balance. Take your weekly spending at home into account and try to figure out what is in that week that you really could live without to get to where your savings need to be. That could be just one less dinner out, maybe cutting back on a bought coffee or two – you would be surprised how how every little bit can help! Just remember one less mojito now can mean two more on holiday!
So there you have it, our five rules for budgeting and saving while planning your next adventure. If you have any budgeting advice or ideas or even budgeting questions please feel free to contact us here at The Global Couple – we would be happy to help. Send an email to firstname.lastname@example.org – we always love to get emails from our readers!
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