In a perfect world, we’d all have unlimited funds to drop on first-class flight tickets, luxury hotels, and fancy dinners. How we travel would be dictated by comfort and choice, unrestricted by the relative contents of our bank accounts. Alas, we don’t live in a perfect world, and while this certainly doesn’t mean we can’t have a good time regardless, we do still need to be mindful about how much we spend in the process. Creating a budget in advance can help—read on for some tips to get you started.
Map Out Your Expenses
Before you arrive, spend some time researching your destination’s cost of living and figure out how much you’ll need to cover accommodation, transportation, and food. Decide how much you feel comfortable spending in total, then compare and contrast available options within each category to see how they fit within your overall budget. Include everything from major expenses like flight tickets to small daily purchases such as a cup of coffee, which can add up quickly if you’re not careful.
Build in a Contingency Fund
No matter how meticulously you plan, there’s always a chance that some unexpected cost will arise. While there’s no way to prevent every possible bad scenario, you can at least avoid adding financial stress to the fire by allocating a percentage of your total budget to cover any unforeseen expenses in advance. Worst case, you’ve got a safety net should you need it, best case, you’ve got money leftover after your trip.
Use Budgeting Apps
Thanks to the accessibility of finance applications, tracking your expenses in real-time is easier than ever. If you struggle to set and stick to your budgets, try using apps like TravelSpend or TripCoin, which allow you to set spending limits for different categories and provide instant notifications when you approach or exceed them.
