How To Make A Travel Budget
Budgeting Travel || Tags: budgeting, travel advice ||If you’ve ever planned a trip, you know how hard it can be to budget. I want to break down two ways for you to make things easier!
Method 1 – Save Then Decide
If you have some money saved and you’re ready to book a vacation this may be the easiest method. You could look at all-inclusive resorts, or start pricing out flights and accommodations until you find somewhere that fits your travel budget. Don’t forget to factor in daily activities, food and souvenirs.
The basic formula is money saved – flights – accommodations = money left for food and souvenirs ÷ days of vacation = daily budget.
Let’s say you have a $3000 travel budget and you want to head to Florida for 6 days. Flights are $500 and accommodations are $1000. That leaves $1500 left, divided by 6 days is $250 per day for meals, daily activities and souvenirs.
Method 2 – Decide Then Save
This is usually the way we go. We decide where we want to go and research how much it will cost. Your major costs are going to be flights, and accommodations. You will also have to look into any tours or daily activities, as well as estimate food and souvenirs.
After you’ve guessed how much the vacation will cost you need to decide when you will take the trip. Then divide the cost by the number of months and that’s how much you need to save. Then you can add this expense into your monthly budget!
For example if you want to go to Italy and you guess it will cost about $5000 and you want to go in 10 months, you have to save $500 a month. Keep in mind when you book your trip, you usually have to pay for flights immediately, and possibly for hotels depending on who you book through.
Bottom Line
You need to budget for trips! I know how tempting it is to pull out the credit card and figure it out later but you’ll be much better off saving regularly in order to travel. Plus I love the anticipation of planning and saving!
I’ve made you a super fun printable that you can get here!
How do you budget for travel?
One response to “How To Make A Travel Budget”
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Awesome. I’m more of a method two person … always with grand travel plans until I look at my bank account. HAHA.