The Best Budgeting Advice When Planning To Travel
Traveling is exciting but can also be costly, so budgeting beforehand is the best way to get the most out of your trip. Along with creating an itinerary, developing a financial plan to cover the costs of your travel will help you avoid overspending and reduce money-related stressors during your trip. We’ve put together the best budgeting advice you can use when planning to travel, so you can focus on making memories that will last a lifetime.
Why Budget?
Let’s face it; budgeting doesn’t come naturally to most people. The vast majority of schools don’t adequately equip students with proper money-management skills, so they have to figure it out on their own. While resources are available for those seeking to manage their finances, many are still outspending their means. Creating a budget, especially before traveling, is the best way to stay out of debt and save money. Yes, it takes patience and discipline, but the benefits are worth the effort!
The Top Budgeting Tips When Planning To Travel
Create A General Spending Budget
If you’ve never stuck to a budget, you may find it challenging to allocate money for travel, so start by creating a monthly general spending budget. To do this, you’ll want to allot a certain amount of your income for monthly expenses, including bills, gas, rent/mortgage, miscellaneous, and savings. Once you’re in the habit of staying within a pre-determined budget, setting money aside for your travels will be easier.
Pro-Tip – Check your budget for areas where you’re overspending, like unused gym memberships, streaming services, etc. By eliminating unnecessary expenses, you can put more money toward your travel budget!
Look To Past Trips
One of the best indications of the cost of future travel is how much you spent in the past. Going through your past expenditures will give you a fairly precise estimate of how much money you should save for your next trip. You’ll want to include expenses like airfare, gas, rental cars, food, and hotel. The more precise you are, the better, so don’t forget to include smaller purchases like souvenirs, outings, and anything you bought to prepare for your trip.
Look For Savings
Once you see how much traveling can cost, you may want to find ways to cut down on expenditures and save money. Fortunately, there are ways you can spend less without missing out by using these money-saving tips.
Compare Transportation Costs
Depending on where you’re traveling and the length of your stay, you will want to compare the costs of renting a car vs. using services like Uber or taxis’. Often renting is the less expensive option, especially if you have discounts through companies like AAA, discount sites like Hotels.com or Priceline, or member benefits with your credit card or bank. Keep in mind many urban areas charge a daily parking fee, which can add as much as $50 per day or more to
your budget.
Eat Local
Food is one of the most substantial expenditures during travel, especially within airports or service stations. Many chain restaurants increase their prices, especially in high tourism areas, simply because they can; one of the best (and most delicious) ways to save money on your trip is eating at local “mom and pop” restaurants. Research your travel destination, searching for locally owned and operated restaurants, and checking out their menu beforehand. Doing this will give you an accurate estimate of the amount you will spend on food during your trip and allow you to discover the local flavor and culture.
Consider Your Transportation Options
While it may be tempting to simply book a flight and be done, you may find it financially beneficial to consider all your transportation options. While flying may be faster, you could save money by driving or even taking a train, so be sure to research all available choices before purchasing a ticket. If you’re traveling alone, you may feel safer flying, while group travelers may appreciate driving. Using discount sites that offer flight and hotel bundling can save you money, or if you have a credit card with rewards points, you can cash them out for a free flight or a night’s stay.
Pro Tip – Many credit card companies offer rewards you can redeem for flights or hotel stays, making them an excellent option for travelers. If you are able to pay off your credit card bill monthly, these cards can save you hundreds of dollars on your next trip.
Designate A Daily Budget
While it’s easy to account for large traveling expenses like transportation and accommodations, nickel-and-dime expenditures often do the most damage. It’s way too easy to spend $20 here and $30 there, and before you know it, you’ve overspent and gone into debt. Designating a daily budget for food, souvenirs, drinks, etc., will keep you from mindless spending. One way you can do this is by setting this amount aside in cash and only taking the allotted amount with you each day; just be sure to carry an emergency credit card as a safeguard against unexpected expenses.
Use A Budget Planning App
Many great budget planning apps are available to help you prepare your travel budget. Use them to determine how much money you should save each month, set up your daily budgeting expenses, save for transportation and hotel costs, and plan for any additional expenses you may encounter. Not only can these apps help you save money before you travel, but they are excellent at keeping your expenditures in check during your trip.
Creating a budget is the best way to get the most out of your next trip. Using the budgeting advice above, you can avoid overspending and set yourself up for success. At Premier Resort Services, we proudly provide travel-related services to help you get the most out of every trip. Whether it’s a weekend getaway or an international voyage, we’re here for you. You can find Premier Resort Services at GetawayPRS.com and let us help you make your next trip unforgettable.
