Whether you are traveling as a family, couple, or by yourself, it’s important to establish a vacation budget. Before you set off on your next big adventure, make sure all your financial affairs are taken care of. Taking a vacation is a big money commitment, but budgeting correctly for it can make a huge difference. Here are a few budgeting tips to make sure your next vacation goes smoothly:
Start Budgeting Early
Before taking off, start budgeting for your trip early. When setting up your budget, balance your total costs based on where you’re going, how you plan to get there, and what you’ll do when you are there. If you’re on a budget while on vacation, plan a trip that won’t cut through too much of these spending areas. Think of how much you would like to spend in each of these areas and be realistic about how much you can afford.
Transportation Spending
Many people tend to only budget for the major transportation of getting to their destination. They usually save enough for the ticket for their plane, train, or bus ride. When budgeting for a vacation, be sure to keep in mind all your transportation needs. When you arrive at your destination, chances are you won’t be able to walk everywhere. Do your research and come up with an estimate of how much it costs for taxis service or public transportation in that area.
Food and Beverage
There needs to be separate funds set aside for food and drinks. Often times when you are in a new place or culture, there are new foods and cuisines to try. Bills at restaurants, bars, and other eateries will really begin to rack up, especially if you are traveling as a family. Create a spending limit for dining and stick to it. In order to help yourself stay more on budget with food and beverage, consider taking snacks made from home with you.
Spontaneous Fun
No matter how much you plan it out, there will always be activities you didn’t plan on doing. Instead of skipping it, set aside a budget for spontaneous activities. That way when a fun new adventure is in front of you, you’ll be able to afford it. Budgeting may sound boring at first, but it’s the best way to ensure you have a fun and memorable vacation without having to worry about your finances.
