Travel Budget

Travel Budget and savings

 

Overview

One of the first things we do when planning any trip is to determine an approximate cost and whether (or how) we can afford it.

On this page, you will find resources, tools, and links to help you:

      • Work out how much your trip will cost
      • Decide if you can afford it
      • Adjust your expenses and income to achieve your travel budget goals.

Section 1 – Gives a summary of the expenses and income sources I consider when costing our travels. Some won’t be as important if you’re only planning a short getaway. However, for long-term trips and continuous travel, they will be. For a more detailed breakdown head over to this Post.

Section 2 provides a selection of resources, including access to a spreadsheet I whipped up in the early days and a simpler version for shorter trips.

Section 3 Links to posts on travel planning (including budgeting) I’ve already written

Of course, resources such as websites, apps, and banking products, constantly evolve. We try to keep up, but please tell us if you know of products, services, and tools you think are superior to those mentioned. We’re always excited to learn about and test new things.

 

Section 1 – Creating a Travel Budget

Step 1 - Estimate Trip Costs

Trip costs include:

  • Transport
    • To and from the destination –
    • Getting around the destination
  • Accommodation
  • Food & Beverages
  • Tours, tickets, and entry fees
  • Entertainment
  • Visas and Documentation
  • Specialized travel clothing and equipment
  • Guides , books and maps
Step 2 - Add Extra Costs

We’ve highlighted the costs of the actual trip. But don’t forget to account for additional expenses because you are away. These might include:

  • Pet care (Maybe even child care)
  • Gardening and maintenance
  • Security

Anything else you need to pay someone for because you are not available to do them.

Step 3 - Add Usual Bills

Unfortunately, just because you’re on holiday, doesn’t mean all your usual expenses magically disappear. Don’t forget to account for and schedule payment for:

Rent/Mortgage payments

Utilities

Insurances – house, car, life

Car expenses – road tax, registration, loan payments

Health Insurance premiums

Memberships and subscriptions – Gym, Magazines

Step 4 - Sum Available Funds
Step 5 - Reconcile Budget

If you add up your current savings plus what you can save by the time you want to leave and deduct the cost of your trip, you’ll know how much you have extra or you’re short.

 

(Current savings + future savings) – Trip costs = surplus/deficit

Step 6 - Make Adjustments

If you add up your current savings plus what you can save by the time you want to leave and deduct the cost of your trip, you’ll know how much you have extra or you’re short.

 

(Current savings + future savings) – Trip costs = surplus/deficit

Step 7 - Rinse and Repeat

If you add up your current savings plus what you can save by the time you want to leave and deduct the cost of your trip, you’ll know how much you have extra or you’re short.

 

(Current savings + future savings) – Trip costs = surplus/deficit

Section 2 – Travel Budget Resources

  • Get Access to my Comprehensive Travel Budget Template HERE
  • Get Access to my simplified Travel Budget Template Here

Numbero – An excellent website for finding costs in different cities around the world

Section 3 – Relevant Posts & Pages

    •  How we cost our trips.
    • X ways to reduce the cost of your holiday
    • Travel Resources – Use the tools provided on the individual Travel Resources pages to estimate your costs.

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