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How to Properly Budget for Your Next Vacation

How to Properly Budget for Your Next Vacation

No matter how much you want to travel and go on vacation, you need to, first, consider your financial ability to do so. Entering debt as a result of your trip is by no means a viable solution, and instead, you can simply spend a few extra weeks or months to ensure that you have the necessary funds saved up.

Keep in mind that there is a difference between a week-long vacation and a 2-month or longer backpacking trip, and these different scenarios will require you to save a completely different sum of money. Still, some of your initial considerations will remain the same. For example, you may want to visit India, but are you fully prepared to do so?

Regardless, you will need to save money and pick your travel destinations accordingly. Choosing to visit Santorini Greece, for instance, is completely different from traveling to Bled, Slovenia, cost wise, for instance. Remember to consider the daily costs associated with your trip and moreover have enough leftover money for any additional purchases, such as souvenirs and keepsakes.

Save money and cut back on extra expenses

Throughout your day to day life, you must learn how to start budgeting. In essence, consider areas of your life where you can cut back on unnecessary expenses, such as that expensive cup of morning coffee, and start saving money accordingly.

This isn’t something that you should do merely for the benefit of your vacation, but rather it’s a good habit to maintain at all times. Learn how to live within your means and spend less than what you earn.

Pick the right destination

It shouldn’t come as a surprise that certain destinations are more expensive than others. Thus, ensure that you pick one that you are able to budget for. Moreover, consider traveling to places when it is off-season! This will help reduce costs, and it furthermore means that it will not be over-crowded while you are there.

There is no doubt that the weather will impact your travels, as well. Why would you visit India during Monsoon season, for instance, when you could go during a time when you are able to spend more time outside?

Consider daily travel costs

There are certain daily costs that you must always keep top of mind when you are planning a trip, and these include:

  • Flights
  • Accommodation
  • Tour and activities

The sooner you start considering your options for the aforementioned, the more you can save on the costs associated with them. After all, purchasing a plane ticket a few months in advance will always be less expensive than waiting until the week before your trip.

Have enough money to purchase worldly travel souvenirs

In addition to your wide range of necessities, remember that you also need to account for spending money. No matter where you are going, you will want to bring back a memento with you.

Imagine you saved up money to visit India during one of its iconic festivals, for instance. Although the experience itself will be one that you will never forget, bringing something back with you will help remind you of your time spent there. This may include textiles, tea, or spices. You can now use online sites in order to find the best souvenir shops while traveling. This is especially useful in countries such as India where there are so many flea markets that you can choose to visit.

Learning how to budget is a skill that will help you at all points in your life. Thus, it’s not only useful to do for the sake of your vacation, but in order to learn how to be more financially responsible, as well. If you can’t remember the last time you took a break from work and went on vacation, it’s time to consider your next destination and start saving accordingly.

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About the author

Carmen Edelson is the Founder of Carmen's Luxury Travel. Carmen has been traveling the world for over a decade. Our travels allows her the opportunity to pursuit her itch to travel to the best luxury destinations, and experience those first class tastes from around the world.

14 Comments

  1. Amy Ambrosia
    Reply

    Great tips to consider. This was a very good read. Thanks for the tips Carmen!

    • Carmen Edelson

      Happy to share them, Amy!

  2. Carmen my saviour! I always struggle to manage my money abroad and end up not bringing enough funds. Considering my daily travel costs will be particularly useful when I jet off to Germany next week on a business trip with the company I work for GSE Solutions. Any travel recommendations whilst I’m out there? Safe travels! Luke

    • Carmen Edelson

      I haven’t explored much of Germany unfortunately, but I hope you have a wonderful trip!

  3. Great tips! I think the best one is to pick the right destination for your budget and do some research before on the costs! There are lots of surprisingly cheap places to visit around the world and your money can go so much further in them! It can be so frustrating, as we’ve found out being broke backpackers in NZ, to travel without enough funds to enjoy the place thoroughly!

    • Carmen Edelson

      Thank you for your sound advice!

  4. Marvi
    Reply

    With the expenses we have right now (at home) and our drive to travel, budgeting and saving up has been one of our major priorities. Cutting back on extra expenses has been one of our most crucial steps we have taken lately (though I do sometimes indulge with an expensive cup of coffee. 😉 ).

    • Carmen Edelson

      Ha, it’s hard to give up coffee! Thanks for sharing 🙂

  5. Great tips here. I wish I was better at planning for my budget every time I go away. I fly out from London (UK) to Calgary (AB, CA) tomorrow and forgot I dont get paid from my job until the following week. Credit card comes out. Sigh! Luckly everything is kinda paid for, just need food money! 😀
    Danik recently posted…Five amazing things to do whilst checking out CalgaryMy Profile

    • Carmen Edelson

      Have a great time in Canada, Danik!

  6. Some people think that I earn big time because I can afford to travel. What others don’t realize is that it’s just a matter of priorities. Your “cut back on extra expenses” works well for me. I don’t buy or upgrade on gadgets unless there’s an urgent need to, I would walk as much as possible, for a reasonable distance, to avoid extra costs on transportation, and so on. I also tend to do more research about budget estimates, especially when going solo (I have a fear of running out of money haha) and try the public transportation, if conveniently possible.

    • Carmen Edelson

      Sounds like you know what you’re doing, Jing!

  7. Carmen, this is a great post! Picking the right destination is really key. Sometimes places I think will be cheap end up being quite a bit and vice versa. It just takes practice and the realization that reputations for cheapness or expensiveness aren’t always the final word. And you’re absolutely right about cutting back in your daily life, as well. Fancy barista-prepared coffee is definitely something most people can cut back on if they need to save up!
    Kevin | Caffeinated Excursions recently posted…Exploring Bohemian Bogotá: A Colombian Adventure Part 1 of 3My Profile

    • Carmen Edelson

      You’re absolutely right! Takes a lot of practice and research.

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