How to budget for your trip.

Planning a vacation can be an exciting experience, but it's essential to ensure that your wanderlust doesn't break the bank. Budgeting is the key to an stress-free and financially-savvy vacation. Everyone has their way of doing it and what works best for them. If you want scroll down to see my actual “number” budget, do so. But first, I have to give you some budgeting tips.

1. Set an overall budget

Begin by determining the total amount you are willing to spend on your vacation. This includes all expenses, such as transportation, accommodation, meals, activities, and souvenirs. For example, “I do not want to spend $X amount on this trip.”

2. Research destinations

Explore various destinations and consider their cost of living, currency exchange rates, and seasonal fluctuations. Opting for less popular or offseason destinations can often provide better value for your money.

3. Allocate funds for each expense category

Once you have an idea of the general cost of your preferred destination, divide your overall budget amongst different expenses, such as flights, accommodation, meals, transportation within the destination, and activities. It helps to look up average costs or consult travel forums, such as Trip Advisor, and blogs (like this one) to get a realistic estimate.

4. Be flexible with travel dates

Flights and accommodations are often significantly cheaper during non-peak periods. Consider traveling during weekdays or shoulder seasons to save money. Be flexible with your dates to take advantage of any deals or promotions that may arise.

5. Track your expenses

Record every expense you make during your trip. This will allow you to stay on top of your spending and identify areas where you can cut back if needed. Numerous smartphone apps can help you easily track your expenses and stick to your budget.

6. Research transportation options

Compare the costs of various transportation options, such as flights, trains, or rental cars, especially for traveling between destinations or exploring within your chosen location. Evaluate the trade-offs between convenience, comfort, and cost-effectiveness.

7. Prioritize activities and experiences:

Identify the must-do activities at your destination and prioritize them within your budget. Look for free or low-cost attractions and cultural events, as they often provide unique insights into the local culture without breaking the bank.

8. Leave room for unexpected expenses

No matter how well you plan, unexpected expenses can pop up during your trip. It's wise to allocate a separate amount for emergencies or miscellaneous expenses to avoid any financial stress.

9. Be realistic

Everything sounds good on paper until it doesn’t. If you like to splurge on certain categories, budget for it. Do not try to cut corners to then “go over your budget” and be hard on yourself. If you like to spend your nights at a Four Seasons, budget for it. If you like to fly first class, budget for it.

Remember, budgeting is about finding the right balance between cost-saving measures and enjoying the experiences you desire. Now, let me tell you the numbers try to stick to when looking for affordable luxury.

Disclaimer: Before I start to give you my numbers, keep in mind sometimes these will change depending on the destination. I am also aware that these numbers are not everyone’s numbers. I am grateful to have the knowledge and means to be able to have this budget when it comes to my trips. This budget is per person. With that out of the way, let’s get started kids. Pencils and calculators out, class is about to commence.

My Budget:

1. Accommodations

Hotels: $120-$150 per night

Flights: $400-$500 round trip *Disclaimer: I fly non-rev meaning most of the time, I am flying stand-by and not purchasing tickets. However, when I am, this is my budget.

2. Transportation

Uber: $50-$60 a day (this is one of my splurging categories. If I can spend less, I will, but comfort and convenience is essential for me.

Public transportation: $10 a day

3. Activities/Excursions

Once in a lifetime: $150-$200

All others: $75 or less

4. Meals

Breakfast/Lunch/Dinner: $20 per meal or $100 a day with snacks and alcohol beverage.

5. Souvenirs

Per destination: $20

Embracing the art of budgeting can transform your travel dreams into reality. By carefully planning and prioritizing your expenses, you can save money without compromising on the quality of your trip. Budgeting for your vacation will not only give you peace of mind but also enable you to make the most of your experience, ensuring that every penny counts towards unforgettable memories. So, start now, and watch your savings grow as you inch closer to that perfect getaway!