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6 Tips to Help You Create a Budget for Your Next Vacation

Estimated reading time: 5 mins

When you’ve been contemplating going for a vacation, one of the questions that hang on your mind is the amount required for the entire trip. The aspect of costs is not only important in determining the quality of the vacation, it can also dictate the time when you’ll be able to travel.

Because travel expenses are unique to your style and preferences, it’s quite important that you create a budget early in the planning stages. Here, you’ll find some useful tips to help you come up with a great vacation budget.

Create a provision for transportation

Unless you are going to a destination that is just a few miles from your residence, transport expenses can be high. If you are going to board a plane, you should get the facts right and figure out the exact amount that it will cost you to get to the destination.

On the other hand, if the destination is within the continent, you might want to consider alternative ways of transport apart from air. This will keep the cost down while at the same time maximizing the quality of the travel experience.

Once you are at the target location, you still need to move around and public means can be a potential fit. Basically, it will help you save some money in addition to giving you an ideal opportunity to experience the locality. You can do a quick online search about the cost of moving between towns and cities in your destination.

Accommodation budget

Depending on your accommodation preferences, you must adjust the amount you intend to spend on lodging. First, settle on the ideal form of accommodation. You can choose between hotels, guesthouses, apartments or a hostel. Look for several relevant reviews that can point you towards a realistic cost in your destination.

Factor in the duration of stay in all the places but don’t get distracted from the main objective of finding a workable estimate of accommodation costs. Make sure you look at all the available options and see if it’s a good match for your preferences and budget.

Budgeting for the food

Getting the exact estimate you will be spending on food can be tricky. Nevertheless, you can use the destination to draw a rough estimate. For instance, you should expect to spend the similar amounts in the US, Western Europe, Australia and New Zealand destinations. On the other hand, destinations in Southeast Asia and South America tend to have cheaper foods.

If you want to save money on food, you can choose to eat at places built for locals and not expensive tourist hotels. Alternatively, you can spend your nights at hotels that include breakfast as part of the package. If you can get an apartment, you will have your own kitchen which is great if you want to cook a meal.

Basically, unless you only want to dine at high-end hotels with flashy bars, your budget will be less since street food is quite cheap. However, this doesn’t mean that it’s inferior in quality. The main difference is in the experiences within the premises.

To make sure you get the most out of a vacation, you can do a combination of the available options. To illustrate, you can prepare your own breakfast, eat lunch in a backpacker restaurant, and finally have dinner in a fine hotel.

Budgeting for activities

If the vacation includes some tours, you need to find out the cost of tickets. If you are not sure where to start, try getting a guidebook with a list of activities and cost in your destination. This is easy and it gives you a clue of what you might want to engage in once you arrive.

The total amount spent on this item is determined by the destination since some places tend to have more attractions than others. If there is too much on the list, try to see if you can get a half day tour to keep the cost down.

Shopping

Different people will spend varying amounts on souvenirs and other local merchandise. At the same time, some people keep off this activity but others take it as an integral part of the vacation.

Knowing early what you might want to buy will allow you to have a rough estimate of how much you will part with. To make sure you have enough funds to make the purchases, start saving early and accumulate enough money for the vacation.

It’s important to restrain yourself from going on a spending spree while on vacation. While this may happen with people carrying credit cards, it can put you in a tricky financial situation. But if this has already happened and you are already in debt, it’s not a death sentence. You can take an advantage of debt consolidation loans and clear the credit card balance. The good thing is that you will be paying a lower interest rate than other high rates short -term loans plus you will clear the debt quickly.

Additional expenses

Definitely, there will be some extra expenses that need your attention. Purchasing your travel insurance cover is critical to having a fulfilling and safe vacation. The exact amount you will be paying largely depends on the destination as well as your preferred cover.

In addition, if you are just getting prepared to travel for the first time, you’ll need to buy some luggage. Here, your best option would be to compare different options and determine the most appropriate deal.

Leaving a tip has become a norm for vacationers. However, most people don’t plan for the money they’ll be tipping. Before leaving home, make sure you’ve included an amount you will use for tips.

Final words

When planning a long-awaited vacation, it’s imperative that you create an applicable budget. It will tell you whether you can afford to take the vacation in the near future. Most importantly, you get an idea of the amount you have to save as well as drop from the budget to make it affordable.

 

 

 

About the author /


Simon is a creative and passionate business leader dedicated to having fun in the pursuit of high performance and personal development. He is co-founder of Applied Change, a Business Change consultancy based in the UK. Simon is also an Ambassador for Gloucestershire business. Simon is an Associate Member of the Chartered Institute of Professional Development.

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