There is no doubt about it that travel not only brings you a lot of pleasure but also broadens the mind. However, if you are planning a round the world trip or just a weekend away, you need money. For the majority of us, this means that we need to budget for the cost of the journey and also the amount of money that we plan to spend when we reach our destination. It hardly makes for a great vacation if you end up running out of money half way through your planned two weeks. Creating a general travel budget can be fun to do and will also prevent disaster. Here are some tips.
Save money before you go
You can set yourself a logical travel budget and save towards your goal. This means taking all steps possible to get enough money together not only for flights, accommodation, and spending money but also essential items such as annual travel insurance. Sticking the money under the mattress is one idea, but I would suggest opening a bank account specifically for vacations.
Breakdown your holiday into sections
Set yourself a general budget but also look at the holiday in fine detail. Assuming that you know where you want to go to and for how long, you can start an analysis of expenses and budget for them. These will include:
- Projected airfares
- Car rental
- Petrol
- Parking
- Train and bus fare
- Accommodation
- Food
- Spending money
Remember, if you plan to visit attractions while you are away, you should spend some time researching free ones in the area. For example, if you went to Barcelona, museums are all free on a Sunday.
Those little extras
Incidentals can mount up when you are on holiday, so you can either decide not to spend money on them or budget them in. The first things that spring to mind are souvenirs and presents for family and friends. If you are going to buy them, set yourself a maximum that you want to spend. It is essential to have a bit cash set aside for emergencies. If something unexpected happens like illness, then you should have enough money put aside to deal comfortably with it.
Foreign exchange
Holidaymakers travelling abroad need to be aware of the exchange rate. Shop around for the best exchange rates, and also follow the market before you buy your currency to make sure that you get a good deal. Remember, never exchange money in the hotel that you are staying, because you will never get a good rate.
The best time to start budgeting is as soon as you arrive home from your last holiday. It doesn’t matter if you don’t know where you will be going because regardless of where it is, you will need to pay for it. Spend wisely and you will enjoy your break more.