That Travel Nest Egg: Budgeting

Have you been wanting to travel but found it difficult to squirrel away some of your income to facilitate this? It can be hard to know where to start when all you have is a destination in mine. Here are some budgeting tips to help you get started on planning your big adventure.

Select A Time And Location

To know how much money you need to put away each month you need to know A) where you are going B) when you are going and C) for how long you are going. These three questions will determine a good jumping off point for how much money you need to save each month and help you start researching some important info when it comes to booking flights and hotels. The time of year you go to your destination of choice can be a major factor in the cost. High season is triple the cost of the low season so be mindful of this. As well, if you are going for one week and staying in a hostel you will not need as much money. But if you are planning to go on a month-long trip to Vietnam and stay in a mix of hotels, hostels, and use a lot of transportation you will need to factor in all of these costs. It is always better of over-budget than under-budget when planning a trip.

That Travel Nest Egg: Budgeting

Research The Type Of Accommodation You Want

If you are planning to hostel it, guesthouse or stay at 5-star hotels then you will want to look at what the best options are for your budget. Head to Tripadvisor or Hostelworld to get an up to date idea of where people have been staying and the prices.

Flight Costs

If you book a flight the month before your vacation, chances are it is going to be WAY more expensive then if you book it six to four months in advance. With Skyscanner, you can price watch flights and see how the prices go up and down on any day of the week. Sometimes it can go down a couple of hundred dollars which is when you would want to buy your flight.

The Budget

Now that you have an idea of the cost of things you can go over to Excel and start a budget to see just how much everything is going to cost collectively and how much you should be saving each month. That way, when it comes time for your trip you do not need to dive into your savings and can just sit back and relax on the beach or in a picturesque city.