5 Financial Guidelines for Budgeting a Trip

You’ve picked your travel destination and you’re over the top with excitement! Now it’s time to budget your trip, one of the less fun activities related to travelling. However, it’s a necessary evil because the last thing you want is to skimp on your trip because you didn’t plan ahead, you’ll only be there once after all. By making a realistic budget, you can enjoy your trip to the fullest and fit in all the things you want to do while abroad.

See below for five tips to budgeting your travels.

1. Transportation

A big part of your travel budget is how you get to and from the destination. Transportation can be really expensive or cheap depending on how you plan on commuting. Naturally, a plane ticket will be much more expensive compared to driving a few hours to your destination.

Do your research ahead of time to determine the cost of your transportation. If you book ahead of time, you can usually get discounts on buses, trains and airfare which is a bonus.

While you’re traveling, you will also need money for transportation to commute within the city, country or town. Everyone has their own preferences, some prefer taxis and others would rather take the local public transportation system. Be sure to look up what the average cost of different modes of transportation are within your destination.

If you’re going to a variety of cities while you’re abroad, be sure to plan how you’re doing this and how much it will cost. These fares will be pricier since you’re not just travelling within a city’s or town’s limits.

2. Accommodation

Another large chunk of your travel budget will be your accommodation fees. Some people prefer to get a more authentic travel experience with a hostel or Airbnb, others prefer the comfort and luxury of a hotel. The location you want to stay in has an impact on the price and experience too.

You should do your research ahead of time in order to find a place you can afford and has good reviews. By doing research, you should consider what neighbourhoods are good to stay in and close to the activities you’ll be doing while you’re there.

3. Meals

This area is more challenging to budget for because you probably won’t plan every meal ahead of time. However, you can do some research to get a general sense of how much an average meal will cost in the destination you’re visiting.

For example, if you’re going to Europe, each meals will be around the same price as Canada or the US. But if you’re going to Southeast Asia, it will be less expensive than Canada or the US.

If you want to save some money on food, consider finding accomodation that has a kitchen or breakfast included. This can be particularly helpful if you’re going away for a long period of time and don’t want to pay for meals out everyday.

4. Activities and Events

Without a doubt, while you’re abroad, you’ll be doing many things and going to a bunch of events. There are tons of things available to do at any destination, certain things will be more expensive than others, be sure to plan ahead.

Museums, tours, sightseeing, shopping and scuba diving are all examples of activities you may do abroad, the pricing for each will vary. In some instances, it might be wiser to use a travel agency, as they might offer bulk discounts by travelling in a group.

5. Track Expenses

Either while you’re abroad or after your trip, you should take the time to track all your expenses by category. It’s likely that you underestimated or overestimated some items in your budget. By looking at what you actually spent versus your budget, you can learn how to budget better for your future trips.

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