When planning your travels, the very first thing to do is plan your travel budget. Because without knowing how much you have to spend, you are not going anywhere.
Top 10 Things To Consider When Planning Your Travel Budget In 2020
How much are you willing to spend on flights? This includes your international flights and any domestic flights you might take once you arrive there.
TIP: If you will be flying domestic once you arrive, it may be cheaper to book your international flights in one booking and your domestic flights in another.
Be sure to gauge your flight prices using my Top 3 Sites:
Also don’t forget to check the airline sites directly, as they may have some special offers exclusive to their site. You may also earn more miles that way, as I do with Qatar Airways after joining their Privilege Club.
What type of accommodation do you prefer? Do you prefer comfort, budget hostels, or are you after somewhere where you can meet other solo travellers? These are things to consider, as it will greatly impact your budget.
In addition to the sites mentioned above, be sure to check the following for the best hotel deals:
Also, consider the below. Airbnb needs no introduction, though, for anyone that isn’t familiar with it, it allows you to rent an entire place or a room within a place. Likewise, couch-surfing allows you to stay with locals and meet travellers from all around the world.
When travelling food is a large part of exploring a new culture. Some travellers would prefer to have a hearty meal every day, whilst others will be more than happy eating street food or even from a convenience store.
You should research how much an average meal is in the country where you want to travel. That will allow you to gauge how much to budget for your everyday meals, as well as for any special meals that you may have planned.
Don’t forget to take into consideration you’re snacking and drinking habits. I find that when we travel we tend to be more willing to try new things. If you walk into a convenience store hoping to only pick up one thing, trust me you will come out with much more.
This is a factor that a lot of people look over. But in the right country, transport alone can eat into a lot of your travel budget. Not to mention that airport transfers can be the most expensive taxi journey of your life in some countries, and the cheapest in others.
Ensure you have an estimate for each of the three factors below.
- Airport Transfer
- Intercity Transportation
- Intercountry Transportation
TIP: Refer to my city guides where I have a whole section on getting around each city. You’re welcome ?
Is it even travelling if you’re not doing any activities? Be sure to thoroughly research what activities you want to do and make note of any entrance fees, and day tour prices.
Even places like national parks or popular viewpoints that we may consider to be free may have an entry price. Be sure to double-check these, so you’re not caught out on arrival.
TIP:If you’re looking for things to do, be sure to check out my City Guides.
If you’re looking for more inspiration, be sure to check out my Top 3 go-to sites:
Now I’m not huge of shopping in general, let alone when I’m away. However, if you know your heading to a shopping Mecca, then be sure to factor it into your travel budget.
I thought I was heading to Myeong-Dong in Seoul for some light window shopping and to savor their halal street food. I left with bags of skincare and 5 giant Pokemons hanging off me. These things happen.
Not to forget any gifts or souvenirs that you may want to bring back for your loved ones. And most of all, snacks. I always bring my hand luggage for this purpose alone. To fill it up with snacks for my return.
7. Pre Travel Shopping Budget
Don’t forget the new backpack, camera, shoes, or other bits that you plan on purchasing before your trip. Not to mention clothes. It’s easy to overlook these expenses, but they could easily eat into your travel budget before you even leave home.
This is a non-negotiable expense. If you have enough money to travel, then you have enough to purchase insurance. Be sure to get one that covers any activities that you plan on doing as well as any medical or emergency repatriation that you may require in a worst-case scenario.
Unfortunately, some things are just unpreventable, especially when mother nature chooses to do its thing. So ensure that you’re always prepared by being covered.
9. Travel Vaccines Budget
One of the most important things to do is to research which vaccines you will require for your travels. Some countries may not even allow you in unless you have proof of your vaccine.
If you are not sure which vaccines to get after visiting the government website for your chosen destination, then be sure to speak with your doctor. If you have to pay for it, then be sure to add it to your travel budget.
10. Safety Net (you know just in case)
This is a very personal matter, but I always like to keep a safety net just in case if I exceed my travel budget. Or for worse case scenarios.
It’s up to you to decide how much is enough of a safety net, but I would suggest having at least £200-£500 as back up. This doesn’t have to physically be on you, but you know you’ll be able to reach it if you have to. Personally, I rely on my Monzo card for this.
How To Manage Your Travel Budget With Monzo
Monzo, the shiny coral card that you would have seen floating around. If you haven’t got one yet, well what are you waiting for?! This has allowed me to create my saving pots including the one for travel and in return has made my life so much easier!
It allows me to see how much I have, how much I have deposited, and how much I have withdrawn from the pot. Which really helps me to keep things in perspective!
I can even choose how much to pay into my pot every month, and it will remember it for the next and I don’t have to think about it again. This has allowed me to save a great amount in the background. Not to mention that it’s a MasterCard which allows me to use it wherever I’m travelling.
To Conclude The Travel Budget
Now, you don’t need to know the ins and out of how much you’re going to spend at every location. But the more you know beforehand, the more you know what your travel budget will look like.
At the very least, I like to know how much my activities, flights and accommodation will cost. And a rough estimate of how much I think my meals and transportation would come out too. Beyond that, I decide how much I’m willing to spend on each other area.