Looking over your social media feed, I’m sure you’ve seen your fair share of travelers’ photos full of breathtaking views and amazing stories of great adventures to faraway places all over the world. If you’re anything like me, you’ve probably wondered to yourself, how on earth people that aren’t influencers or wealthy celebrities able to budget for travel to these lovely and exciting destinations?
I too, wondered how it was possible for the average adult on a budget to get away for longer than a quick camping trip the lake on a random weekend. Don’t get me wrong, I love a weekend road trip or a nature hike and sleeping under the stars at night, as much as the next person. Though, there are times when that’s just not enough and extended vacation to a faraway locating is much more appealing.
Creating an accurate budget for your anticipated vacation spending is a vital step to ensure you are staying within your budget and planning accurately for all expenses that you will incur is the simplest way to travel while without breaking the bank.
Table of Contents
- Make the Most of Your Travel Budget
- Make Your Travel Budget Go Even Further
- Breaking Down the Cost of Travel
- Budget for Dining Out and Activities
- Do Not Rely on Credit to Pay for It
- How to Save Money for Travel as a Student
How to Make the Most of Your Travel Budget
Traveling can be an expensive endeavor, but it doesn’t have to be. There are a number of ways to stretch your travel budget without sacrificing the quality of your trip. Here are a few tips:
Travel expenses differ by each person’s trip itinerary and travel size, so it is rather important to start planning your travel budget as early as possible each year. Here, I will outline the basics to creating a simple yet effective budgeting system to cover all costs for a worry-free and enjoyable trip that you always wanted to!
I can’t wait to share with you what a little bit of digging and researching has turned up for me and how you too can have that dream list of vacations spots checked off your destination bucket list!
Traveling can be expensive, but it doesn’t have to break the bank. With a little bit of planning, you can enjoy all the benefits of travel without going into debt.
The cost of traveling for pleasure can vary widely, depending on if you’re planning a long road trip, a vacation overseas, or solo trip alone, as a couple or with friends.
Planning in advance, can save you a great deal of money in the long haul and having a dedicated vacation budget will guarantee that you will not overspend while still enjoying your travel habits.
One important question to ask yourself is how much do you plan to save for your vacation budget? Setting aside a certain amount each month is a great way to start without feeling overwhelmed.
For example, if you are planning to save $2200 for your vacation budget for the year, you would simply divide that amount by 12. You will be saving approximately $183 per month. If you can afford a little bit more every so often then do so, remember even a little goes a long way.
Setting up an automatic transfer amount monthly or bimonthly from your checking account to a dedicated to travel savings account is a great system as well. At the years end, you will have access to that account for whatever trip you have planned without impacting any other money that you have for other expenses.
The benefit to setting up a separate savings account for travel will guarantee that you stay within budget, and you know exactly the amount that you have for travel.
Tips to Make Your Travel Budget Go Even Further
There’s no doubt that many of us enjoy the occasional night out on the town, whether it’s going to a nice restaurant, catching a concert or doing some shopping. However, these activities can quickly add up, and before you know it, you’re spending hundreds of dollars a month on entertainment.
If you’re looking to cut back on your expenses, a good place to start is by evaluating how much you’re spending on restaurants, concerts, shopping, golf memberships or alcohol.
You might be surprised to find that you can easily save hundreds of dollars each month by cutting back in these areas. So, if you’re looking to travel more or simply save some money, take a close look at your entertainment budget and see where you can make some adjustments.
Pick up a side gig, like driving for Uber eats or Doorsdash, to contribute toward your funds for travel.
Utilize recommendations from friends or coworkers on ways to save on accommodations, places to visit or avoid while traveling this can really be a beneficial way to save you money and time.
Take advantage of credit card rewards, but to pay attention to interest rates because if they’re too high this will not benefit you in the long run.
Airplane food can be an unnecessary expense so pack your own food and snacks for airplane rides this can be a really great way to save money.
Time shares and vacations homes are a great way to also safe money for trips. I have had friends offer up their timeshares for vacation stays and that really can cut costs for you when traveling. Splitting a hotel suite with friends is a great way to save money for meals and parking fees as well.
Find a good rate on a short-term rental or an Airbnb is also a great option to save money.
By researching the transportation options in the places you’ll be visiting will give you an idea of costs whether it is viable to use taxis, car rentals, public transport or services like Lyft/Uber.
If you will be traveling between cities in your itinerary researching the fare for ferries, boat or the cost of a train ride will help you to be able to budget the costs for your trip.
Breaking Down the Cost of Travel
Know the costs of a trip and figure out what you can afford, but planning a trip without a budget is a never a good idea. You can often end up spending a lot more than you originally intended or putting a great deal more on credit.
By taking into account the interest fees on some of these credit cards can cause you pay a lot more for a trip than you expect. With a budget you can avoid these common pitfalls.
Experts say the best way to travel on a budget is by planning and saving throughout the year. They recommend using the 50/30/20 rule, which allocates 50% of one’s income toward fixed costs, 30% toward discretionary spending, and 20% toward savings.
When it comes to travel, this 20% savings can be set aside each month specifically for travel-related expenses. This will help to ensure that there is enough money available when it comes time to book a trip, without putting too much strain on other areas of one’s budget.
By following this advice, anyone can enjoy the benefits of traveling without breaking the bank.
Budget for Dining Out and Activities
An easy way to cut costs for your food budget during travel look for accommodations that include breakfast or snack bar.
If you consider a hotel suite with access to a kitchen save money by buying your groceries and cooking the majority of your meals can help you save significantly versus eating out at meals.
Even eating at less touristy spots or hotel restaurants can help save on your trip budget.
By determining your itinerary and travel goals beforehand you will be able to anticipate your budget for travel.
Transportation to attractions, entrance fees, tours which add up so making sure what is included in advance will help you to determine cost. Excursions booked along with your travel packages often can also help you to save money.
Shopping on vacation might be too much of a temptation to avoid so plan ahead and by sure to factor in the cost of shopping in the cities or towns that you are visit into your budget as well.
This will greatly reduce the desire to overspend with credit card purchase when you have a set amount dedicated to purchases in your vacation budget.
Do Not Rely on Credit to Pay for It
Never go over your spending budget for your vacation. That is why it is recommending to always have a separate account for travel that you pay into each month. This way you won’t be tempted to dip into other accounts or use credit that you’ll be paying on for longer than you expect.
Credit card points can be a fantastic way to save money on travel and other expenses, but if you’re not careful, they can also lead to overspending. It’s important to remember that credit card companies are in the business of making money, so they’re constantly looking for new ways to get people to spend more. As a result, it’s critical to be aware of the traps that credit card companies can set with their point systems.
Some businesses, for example, will award bonus points for spending a certain amount of money in a brief period of time. While this can be a great way to quickly earn points, it can also lead to impulse purchases that you would not have made otherwise.
Similarly, be careful of using points towards anything that will depreciate, like hotels or flights. While it may seem like a good deal at the time, you could end up spending more than you would have if you’d just paid cash.
If used responsibly, credit card points can be a great way to save money, but it’s important to be aware of the potential pitfalls.
How to Save Money for Travel as a Student
Traveling during your student years can be an incredible experience and something you’ll never forget. But how to do it without breaking the bank?
The best way to afford travel as a student is to create a budget and stick with it. Start by determining how much money you have available for travel and how much you’re willing to spend. This can help you decide where you’re going and how long to stay.
Look for ways to save money on flights, accommodation, food, activities, and more.
Researching online is a great place to start – you might be surprised at how many discounts and deals exist that you didn’t even know about! Additionally, look into package deals or special offers through tour companies, websites like Airbnb, and airline memberships that can give you an affordable rate on flights.
Extreme budgeting can also be an option – try cutting back on expenses like clubs and nights out so that you can allocate some of that money towards things like train passes or discount cards.
For the most part though, it’s just understanding how to make calculated decisions while balancing your goals with the reality of costs.
Try visiting events with free entry or volunteering abroad for an even greater experience. With careful planning and budgeting, travelling as a student does not have to break the bank!
With these tips in mind, it doesn’t have to be complicated or overwhelming to go on adventures as a student – just figure out how to make the most of your resources and everything else should fall into place!
Planning out your budget and knowing what to pack are two essential elements of any successful trip.
Planning and research can help you stretch your budget as far as possible while also packing everything that’s necessary for the journey ahead. Taking the time to evaluate all costs, whether they’re immediate or not obvious, prior to departure can help prevent financial issues upon arrival.
Additionally, considering the length of your stay and convenience if staying in multiple locations have helped provide adequate space-saving solutions when it comes to packing.
Ultimately by planning ahead, researching extensively and with an open mind travelers around the world can make their budgets stretch farther than originally anticipated without having to compromise on exploring more sights or attractions during a trip away from home. I
f you want to know more about how to travel smarter, efficiently and expand your knowledge even further on what are the essentials for travel packing read more here!
Have you tried any of the tips that were mentioned? If so, please share your experience in the comments section. Share this article with your loved ones who are looking for cheap travel options; they’ll be grateful you did!
Till then, have a safe journey!