How to create your travel budget properly
Travelling overseas can be an overwhelming experience, especially if you’re not a seasoned traveller or if you’re going solo for the first time. Getting on top of the travel budget is one of the best ways to relax and take it all in. To be open to experience the thrill of the new you have to plan ahead and, for at least a little while, focus on budgeting your trip. Working out how much you need for a travel budget does require some planning. Thankfully, you’re not the first person to budget your trip. Here are some ideas on making your travel budget planning a painless experience.
Before you go, get an idea of your destinations. Are they expensive places to eat, sleep and sightsee? Should you expect to be able to use public transport, or will you need to arrange private transport? Are you going during a peak travel season? Are you happy with basic accommodation, walking around a city and falling in with locals? Will you be able to spend a little more for some experiences? Going to Cambodia but skipping Angkor Wat because you can’t afford the entrance fee will give you a very different experience. The money you’ll need for a week in London could last months in another country. Once you get some more information, you can get an idea of how much money you’ll need and what you can plan for. For some people, using a spreadsheet to budget your trip is the best way to plan.
Setting a budget
There’s always one answer to the question of “how much money do I need to take a holiday?” and that answer is “more”. Regardless of whether you’re drifting through Europe’s five-star lakeside hotels or backpacking in Peru, you’re going to need to set a realistic budget. A lot of factors will determine how much you need. Are you able to share accommodation and travel costs with someone else? If you’re going alone, you’re likely to need more than if you’re in a group or with a partner. Travelling with kids? You’ll need to do a lot of planning and the extras will add up quickly. Calculating a daily allowance (and a maximum total budget) can seem like an oppressive act at first glance, but setting a limitation can let you be realistic, at least at first. You will certainly be able to adjust later on as you travel.
The best budgeting often comes from having the best information. Talk to people who have been to your destination to find out ways to make your budget stretch further. Are there local transport options? Should you stay in AirBnB or hotels? Is it worth taking online reviews into account?
Travel budget apps
Like so many things that are known for being formulaic and un-fun, there’s an app for that. In the case of travel budgeting, there are a lot. Many, like Trip Boss, Travel Budget App and Trail Wallet go beyond tracking expenses. They integrate everything from currency conversion, travel diaries, a tip calculator and weather news to make budgeting easier. This is a great idea for managing ongoing travel budgeting for your trip.
Before you go, it’s best to arrange a few options. A mix of cash currencies, a 28 Degrees travel card and traveller’s cheques can be the best way for some destinations, but each will have its own combination.
Insurance and incidentals
No matter how well you plan or budget, there is always the possibility of the unexpected. The unexpected is partly the reason you’re travelling, right? The most common way to protect against the wrong sort of unexpected incidents is travel insurance. You can source this from agencies, travel agents or even from vending machines at airports.
Make your next holiday less stressful and more enjoyable by following the above travel budgeting trips. It will do you wonders.
Detour the everyday with
Enjoy one-of-a-kind experiences and special offers in some of the world’s greatest cities, exclusive to Mastercard® cardholders.Find out more