How to budget for your travel plans

2/24/2016


Starting this year, I'm planning on going on trips quite often. Mostly travel to other countries, like London next month. To make that happen, I have to have a budget because as the poor college undergrad that I am with all the student loans to pay, it can be quite hard. Here's a few things to think about when budgeting for your next big trip!

1. Browse through the countries and see travel costs around the world! View average daily expenses and sample costs all in one page. If you scroll down the page, you'll get to some local travel tips. Very helpful!

2. Categorise your trip into parts like transportation, accommodation, entertainment/events, nightlife, air fair + baggage and parking, meals + tips, souvenirs/shopping to have an overview on what to save towards.

3. Consider your lodging expenses. Compare the costs of hotels, hostels, local accommodations. And consider alternatives, like couchsurfing.

4. Check the travel budget calculator.

5. Think of the pre-travel costs, which would include visas, travel insurance, immunisations, quality luggage, clothes, footwear and all that jazz.

6. Take into consideration currency conversion when you travel internationally.

7. Allow for an occasional splurge! Sure it's good to stay on the 'safe side' but you're on a journey and nothing should stop you if you could go skydiving at Lake Taupo right now.

8. Set your goal and look at it every day. Write it down and hang it on the door, set the number as your screensaver, however you do it, just keep it in mind. Especially when you're about to purchase something.

9. Open a savings account. Or a savings jar. Putting money away day by day is so helpful because it physically and therefore mentally puts aside an amount of money that you cannot touch for your daily expenses. It restricts you and makes you go more conscious about your spending. Even better: have money automatically deducted from your checking account each month!

10. Tuck that credit card of yours away. A credit card can create the illusion of having more than there actually is. Seeing money physically helps you make better decisions.

11. Saving is tough, but there are some apps to help you with that. The best ones that work for me are Spendee (iOS, Android), Wally (iOS, Android) and Mint (iOS, Android). It gives me the overview on what I'm actually spending and the apps themselves help me figure out where I could cut down some expenses to save more money.

What do you do when budgeting for your travel plans? Let me know in the comments and it might help out fellow travellers! And do tell me about your next trips, I'd love to know.

Until then – keep saving,
Arden.

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