Travel Budget: Tips to Help You Plan

01 June 2019 by National Bank
travel budget

Before you fly off for that long-awaited vacation to a foreign destination, it’s always a good idea to map out your itinerary and make a travel budget plan. Read on for some helpful budget travel tips.

Properly planning your trip ahead of time will allow you to travel with total peace of mind and avoid common pitfalls, like credit card overload.

Figure out your main expenses

If you’re planning your trip yourself, you should budget for transportation, lodging, food and activities. Even in the case of an “all-inclusive” trip to a sun destination, you should still budget for expenses like taxi rides to and from the airport, tips, excursions, and gifts.

If you plan on renting a car, you should think about getting car insurance abroad. Another thing you should consider when making travel plans are the benefits of travel insurance so that you’re prepared for anything. Always carry cash and your credit card in the country that you’re visiting: they’ll come in handy during an emergency situation. Also, don’t forget to contact your bank to inform them of your travel plans.

Spend less once you’re there

If you’re on a tight budget, save on travel expenses by booking last-minute travel deals if at all possible. Sure, it may mean traveling at irregular times, but you could save hundreds of dollars in the process.

In terms of food, avoid eating in restaurants three times a day. Stock up on groceries at the local market or corner store, and pack your own breakfasts and lunches. Another good idea is to pack snacks, like dried fruit and granola bars, and buy fresh fruit locally, so as to curb hunger pangs throughout the day.

When it comes to lodging expenses, renting a hostel is always a cheap option, but if you want more privacy, renting a local’s room or apartment could work out even cheaper. And as an added bonus: you’ll be able to cook your own meals there.

As for transport, opt for walking whenever you can (apart from when it could be dangerous). Not only will you save a ton on fares, it’s also the best way to experience the destination and ensure you get a good night’s sleep.

Make a travel budget (and stick to it!)

A crucial step to saving while you travel is establishing a vacation budget. Without one, you can ramp up expenses rather quickly.

A way to organize and plan your expenses is to track them in a spreadsheet or via an application intended for this purpose. For example, in the case of a two-week trip to France and Italy, you should budget for accommodation in each of the cities you plan to visit, transportation between destinations, and the activities that you’ll take part in. For food, allocate about $50 per person per day if you’re traveling to Europe, and half that amount if you’re visiting Asia.

By determining the budget for each city, it’ll be easier to regulate your expenses and keep control of your finances.

Before you take off

Be sure to lock up your home, regardless of the duration you are away. An empty house is vulnerable to burglars. So make it look like someone is actually there, even when you’re not—that way it’ll fly under their radar.

Just follow these tips, and you’ll only need to worry about one thing—having fun once you’re there!

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