Travel: How to budget for your trip

travel-budget

Everyone loves an adventure. Setting off to see and experience new things in some far-flung place.

It’s incredibly exciting, and planning the journey can be just as much fun as the trip itself. But how do you work out you can afford a big travelling trip? And what parts of the trip impact the budget you’ll need to set yourself? I’ve worked with Logbook Loan provider Auto Advance to explain the key things to keep in mind.

Picking a route

The first thing you need to do is decide exactly on where you are going. Are you touring around one particular place, or are you going to visit multiple countries while you’re away?

This influences several aspects of your trip. Particularly how many flights you might need, how many hotel rooms you will be staying in and how many attractions and activities you want to see.

Working this out early helps you to figure out what sort of budget just going on the trip will involve. You might have an idea of how much you can afford to spend on your trip, keep in mind that you might have to look at alternatives if you don’t think the amount can spend will stretch to cover absolutely everything you want to do.

How long are you going for? And when?

Once you know where you are going, the two biggest ways to influence the price, and therefore the impact on your budget are how long you decide to go for, and when.

Certain times of year aren’t seen as busy periods for holidaymakers. Prices for accommodation and travel can be noticeably lower during these periods, usually outside of late spring and summer.

The length of your trip also impacts on the price, the longer your trip the more hotel stays that will be required. There’s no point rushing through everything you want to see and failing to relax in order to secure a bargain, but keep the costs of a lengthy holiday in mind when you are planning.

5 star or rough and ready?

Now this is the biggie. You have to decide if you want to travel in the lap of luxury or if you want to enjoy a holiday that is a bit more frugal.

Improving the class of travel and opting for hotels that are high up the star rating can cause the cost of a budget to skyrocket and make budgeting and saving for a trip nigh on impossible.

If you’re planning to stay or travel in style it is best to pick one or the other and limit how much you do it. If you’re dead set on at least a little bit of luxury then maybe opt for a fancy hotel for your final few day to help you to relax before returning home.

The dreaded budget

Once you’ve figured out your holiday plans, the where’s, whens and how’s, you can build an idea of how much the trip will cost. Then you can factor in other costs like spending money, luggage and everything you need to take with you.

This gives you your overall cost for the trip, and the first of several budgets. The first one covers the way you save up to pay for the trip. Do you book bits of it as and when you can afford them? Or do you pay for it en masse? Either way you will likely have to look at your spending and amend it to save to fund the trip.

Once you’re on the holiday the second budget takes over, this manages your travellers cheques and spending money to make sure you can afford to eat, enjoy yourself and buy souvenirs while you’re away.

Both budgets follow the same plan, look at what you are spending and if needs be cut back on things which might not be necessary. Before the holiday this might be nights out or frivolous spending (or even going OTT on holiday shopping). While you’re away this might be drinking less on a night out, not buying every souvenir you see and thinking carefully about where you decide to eat.

The aim should be to live comfortably at all times, with sensible decisions helping you to save up for your dream holiday but also to allow you to enjoy it once you’re there.

*This is a collaborative post but all budgeting ideas my own*