How to Make a Travel Budget in 5 Easy Steps ✈️

How to Make a Travel Budget in 5 Easy Steps ✈️


Traveling is a priority for many, but if it’s
not budgeted for, it has the potential to create some financial stress. So today, we’re talking about how you can
create a travel budget. Hi, I’m Marissa with Dollar Sprout. Today, we’re talking about budgeting for travel. While we’re talking about travel, we’d love
to hear your opinion. Let us know in the comments what you include
in your travel budget. And if you’re new, scroll down and subscribe
to the Dollar Sprout YouTube channel so you won’t miss a new money video. Traveling can be really a great hobby. Taking time off from your job to explore,
learn about new culture, or just relax. In fact, my husband, Jacob, and I are currently
getting ready to head on our Hawaii vacation here in a couple of weeks. While this trip is right around the corner,
we’ve been preparing for it with our monthly budget. Every month, we put money into a savings fund
that goes towards vacation. I love including this in our budget, because
this is money that’s marked for vacations only, which gives us the permission to spend
guilt-free. By saving money each month for vacation, we
have the money to set aside and ready to be spent, so we aren’t going into credit card
debt to take our vacation. Creating a budget for your vacation is so
important, but if you’ve never budgeted for travel before, you might not know where to
start. There are a few main categories to pay attention
to in your travel budget, and once you figure those out, the details will fall into place. Here are some things to consider in your travel
budget. Choose your destination and preferred date. Keep in mind that some destinations are more
expensive than others and time of year can also make a difference in pricing. If you choose to go to a vacation spot at
a popular time of year, you may end up paying more. The best way to save here is to be flexible. See if you can travel during off season and
check out different travel destinations for pricing on lodging and airfare. Since my husband and I don’t yet have kids,
we don’t have to worry about traveling around kids’ school schedules. Instead, we traveled during off season and
are able to save a ton at this way. Unfortunately, we did get married in the middle
of July, one of the most expensive times to travel, so we’ve never traveled during our
anniversary, but instead celebrate by traveling a few months earlier or later. Make a list of your major expenses. When you’re drafting your travel budget, make
a plan for the big expenses first, like transportation, accommodations, and food, but there are still
ways to save on all of these. If you plan to fly for your vacation, take
some time to do a little research. If you live in an area with more than one
major airport, check out the prices for each one. Also, compare multiple airlines for the same
flight to see which is best. Another large expense in travel is your lodging. For many travel experiences, the destination
is more important than the accommodation. If you’re looking for a hotel, check out sites
like hotels.com or even Airbnb to find something affordable in your travel destination. Another big cost for vacation can be food. My husband and I were able to save on this
cost on our Hawaii trip last year while still enjoying our vacation. When we landed on the island, we went straight
to Costco to pick up some groceries. We were staying in a condo with a kitchen,
so it made more sense for us to cook at home. We still went out once a day to enjoy some
Hawaiian food culture, but otherwise we ate our groceries in our room. It was a great way to save money and we still
fully enjoyed our trip. Make a list of smaller expenses. While food, accommodations, and transportation
are important, so are things like sightseeing, entertainment, gifts, and even tips in your
budget. Do some research to pick out a few excursions
you want to do on your trip and be sure to add that cost into your travel budget. And don’t forget to tip the maid at the hotel. Determine your monthly savings. Once you know how much in total you think
this vacation will cost, it’s time to figure out how you’re going to pay for it. To do this, take the total amount of your
travel budget and divide it by the number of months you have until you leave. If you are leaving in nine months and you
plan to spend $2,700, you’ll need to set aside $300 every month. If that amount seems like too much, you can
either adjust your timeline or make extra money. Tracking your vacation expenses. Creating a travel budget doesn’t matter if
you don’t stick to it. That’s why it is so important to track your
spending while on vacation. When we went on our Hawaiian vacation last
year, I would spend about 10 minutes at the end of every day adding up our spending to
make sure we were on track. I would record it in the notes section of
my phone, since I didn’t bring my computer with my Excel spreadsheet to Hawaii, and it
worked out well. By doing so, we realized that we were actually
underspending, which meant that we got to splurge for an extra shaved ice. Even though creating a travel budget can be
a hassle, it can make your vacation much more enjoyable. Knowing that you’ve already planned out how
you’re going to pay for everything will help you relax and have a good time. I hope this video helped you to prepare for
your upcoming vacation. If you enjoyed it, go ahead and give it a
thumbs up. Don’t forget to subscribe to the Dollar Sprout
YouTube channel for more money and videos. Leave us a comment down below to let us know
what is something that you make sure to include in your travel budget, and with that, we will
look forward to seeing you in the next video. Aloha.

One thought on “How to Make a Travel Budget in 5 Easy Steps ✈️

  1. Can you do a video on cruises? these vacations are much more affordable considering your food is free and most of the entertainment is as well…I'm planning on going on my first cruise soon and want to make sure I've covered everything! thanks for your videos of budgeting!

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