Travel Budgeting 101

By BankBazaar | September 9, 2017

Travel Budgeting 101

What’s the first thing that comes to your mind as soon as you see a long weekend approaching? A holiday, right? You start planning weeks in advance just to get everything right. This includes looking for the best accommodation and flight bookings to ensure that you have a memorable trip ahead.

BB Tip: A Travel Credit Card could simplify a lot of things for you. Now’s the time to apply for one!

However, if you find yourself running on low financially, don’t worry too much. There are ways you could make the most of your holidays even on a shoestring budget. Here’s how you can go about it:

  • Start With The Basics

First things first! You need to find out how much your trip is going to cost you. This includes expenses for accommodation, flight/train/bus tickets, food, sightseeing etc. All these expenses may vary depending on the type of traveller you are, especially if you’re okay compromising with the quality of hotel you stay in, or taking the bus or train instead of flying.

All these factors determine the overall cost of your vacation. If you are okay with slightly inexpensive choices like staying in a homestay instead of a five-star hotel or taking the bus instead of flying, then you could substantially cut down on your travel expenditure.

If you save enough in these departments, you automatically get to spend more on other facets of your trip, such as sightseeing, food etc. Homestays also give you the opportunity to get more in touch with the local people as well as the surrounding. That way, you get to know more about the place, the local cuisine, culture etc. After all, it’s the experience that counts.

Additional Reading: 5 Amazing Ways You Can Use Your Credit Card To Travel On The Cheap

  • Figure Out The Destination Costs

The amount of money you need to spend at your preferred destination is bound to vary depending on where you’re planning to go. If it isn’t a popular travel destination, you’re likely to get better deals.

While choosing your travel destination, it’s always advisable to keep factors like ‘peak tourist season’ in mind. If you’re planning an international trip, these factors become even more crucial.

If this sounds like too much work, try and browse through a few reputable travel blogs and websites. Doing so will provide you with all the necessary information required to make the most of your vacation. You could even chance upon great combo deals and discounts through these sites that could go a long way towards reducing your travel expenses.

Additional Reading: 5 Budget-Friendly European Holiday Destinations

  • The Known Costs

There are always two types of expenses involved in a trip—the known ones and the miscellaneous ones. A crucial part of your budgeting involves figuring out these costs. Booking ahead can help reduce these expenses considerably.

You’ll get a lot of time to figure everything out and you’ll know in advance exactly how much you need to spend. On the other hand, if you are an ‘on-the-go’ type of traveller, these charges will remain a mystery to you until you actually make your bookings on-the-spot.

Additional Reading: Financing Your Travel – The Smart Way

  • The Miscellaneous Costs

Life is full of uncertainties. You can never predict the future. This logic applies to your travel plans as well. You can’t just leave everything up to chance and take a risk. You need to leave some room for some unexpected expenses as well.

These include medical emergencies, losing your luggage or even getting lost. Yes, these things could happen to you. We don’t mean to scare you off. We’re just helping you plan better. While drawing up a budget for your vacation, don’t forget to factor in these scenarios as well.

Additional Reading: 12 Clever Ways Indians Save on Travel

There’s a lot more to planning a trip than merely deciding where to go, what to eat and what to wear. Managing your money right is the most crucial part of vacation planning. If you get it right, the other things will automatically fall into place. We hope these tips help you budget yourself better so you have a fantastic trip regardless of your finances.

By the way, do you have the right travel buddy? No, not your friends. We’re talking about the right Travel Credit Card! If not, don’t worry. We have plenty of offers for you to choose from.

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