If you’re already dreaming of your next adventure and the attractions, activities and natural wonders which you’ll experience, it’s a smart idea to learn how to budget your money for your next vacation. So that you’ll be able to embark on your next trip sooner rather than later!
How to Budget your Money for a Vacation:
Set up a seperate savings account for your vacations:
Even if you start saving for your next trip you may be tempted to use some of the money which you’ve saved for your next getaway on items which you don’t really need. Like a new pair of designer shoes. That’s why it’s a great idea to set up a seperate savings account for your vacation, instead of keepings you travel funds in your everyday bank account or your long term savings account. As a bonus, once you start to see the balance of your travel account grow, you’ll become even more motivated to contribute more money to your travel fund.
Purchase a debit card which allows you to store multiple currencies on a single card:
Another way to avoid spending the money which you save prematurely is to purchase a debit card which will allow you to store multiple currencies on a single debit card. So that you’ll be able to load your card with the currency which you’ll require on your upcoming trip on your debit card, in the months leading up to your trip. If you plan on visiting multiple countries on a trip, you’ll also find that having access to a debit card which can be loaded with multiple currencies is extremely convenient.
Set up a monthly automatic payment from your everyday savings account to your travel account:
If you find saving for an expensive trip such as a round the world trip is challenging may want to set up an automatic monthly payment from your primary everyday savings account to your new travel account. So that you’ll be able to spread out the cost of your big trip.
Figure out how much money you’d like to spend on souvenirs:
Think about whether there are any specific souvenirs which you’d like to purchase from a particular country. As an example, if you’re planning to visit Milan you may want to budget to purchase a genuine leather jacket from a local leather store. Remember to factor your souvenirs into your budget, if you plan on doing any shopping on your next trip.
Work out a daily budget:
One of the easiest ways to budget for a trip is to work out a rough daily budget for each day of your trip. As an example, if you’re traveling to Hawaii on a tight budget you may decide that you’ll spend $60 a day on food and $100 per day on tours, attractions, activities and shopping. Remember that everyone’s budget will differ, even for the same destinations as your travel style and budget will greatly influence your daily budget.
So if you wanted to budget for your next trip but didn’t know how to get started, simply follow all of the fool proof budgeting tips which have been listed above. So that you’ll get a little closer to embarking on your dream trip.