Stop overspending – set a trip budget that works in 4 simple steps

Have you ever gotten home from vacation to realize you spent way more than you thought you would?

We’ve all been there. ::face palm:: Trust me, there’s a better way!

You can get your trip budget spot on, with just a little bit of pre-trip prep. It’s the little costs associated with a trip that are often overlooked and can add up in a big way.

These 4 simple steps will help you create a trip budget that reflects what your trip is REALLY going to cost.

Let’s get started!

Step 1: You need to consider EVERYTHING.

Like I said before, it’s the little costs that add up in a big way.

Here’s some examples of what I mean by EVERYTHING:

Airfare – including extras like seat selections, baggage fees and airport parking fees.
Transportation/Getting Around – Uber/taxi to the airport, ferries, metro/ subway, train, bus, etc.
Rental car costs – don’t forget extra insurance costs and gas. And things like vignettes and International Driving Permits if driving internationally.
Lodging – including tourist tax, if applicable to your destination.
Activities – all the things you want to do, like attraction entry fees, museums, tours, bike rentals, etc.
Food – average costs of how expensive food is at your destination (based on how you like to eat) also don’t forget expensive airport food and drinks.)
Spending money – for shopping, souvenirs, gifts, etc.
COVID testing costs – its 2021, this is a thing now. Make sure you know the COVID entry requirements of your destination, AND for returning home.
Misc extras – Trip insurance (important these days!) cell connection charges, international ATM withdrawal fees or credit card fees, pet boarding or house sitting, pre-trip necessities (luggage, cute vacation outfits, tanning, waxing, pedicure, etc)

As you can see, there’s plenty of “little things” to consider. All of them add up to your total trip cost.

Step 2: Research as best you can

It’s important to get some rough numbers together in each category. It doesn’t have to be perfect; a general idea or price range is good! With a little research you can rule out surprises, and determine if you can actually afford the vacation you’re coveting.

No idea how to start? Here’s some great places to begin your trip budget research:

*Tip: Try to get as far into the booking process as you can without actually booking. This way you’ll see the end price, after all the taxes and extra fees. No surprises!

Airfare: Google Flights or Skyscanner, or directly with the airline.
Lodging: Booking.com, Airbnb, Vrbo, Hotels.com, Recreation.gov (for campsites)
Rental cars/ ride share: Carrentals.com, Kayak.com, Turo.com or directly with the car rental agency
Driving: Find an estimate on gas cost by using sites like AAA Gas Prices or GasBuddy
Taxi/ ferries/ train, etc: Use Rome2Rio to get an estimate on how to get anywhere in the world.
Activities: Find websites with prices for the activities you’re interested in (do a Google search), Tripadvisor is also a great source for finding direct websites for popular attractions.
Food: Try looking up restaurant menus at your destination to get a feel for how pricey food is there. This will depend on your taste of course. Try Tripadvisor restaurants or even OpenTable to find restaurant websites/ menus.
COVID Testing: This will depend on your destination. A good place to start is the CDC’s Travel Recommendations website.

These are just suggestions of where to start your research. But the sky is the limit! The more in-depth your research, the more accurate trip budget you’ll have.

Step 3: Pad your budget

Whatever numbers you got together in Step 2, add a little more. Its best to come in under budget (yay!) than over.

You don’t have to pad it by a lot, just make it reasonable. For example: You’re finding rental car prices ranging from $400 up to $800 for a week’s rental. I’d budget off $600-700 rather than assume you’ll get one for $400. Just to be safe!

If you think tickets to a certain event will be approx. $100 but you’re not sure, try budgeting off of $120-$150 instead. It’s better to have more money in your pocket than to come up short!

Step 4: Starts saving!

Once you tally up all your possible trip costs, you’ll come up with a total trip budget number. Now you have a more accurate idea of what your vacation is really going to cost you. The only thing left to do is start saving!

If you’ve already got it in the bank, great! Ear mark it or set it aside for your trip – and don’t touch it!

But if you don’t have it in the bank, now you have a saving goal! If it’s a vacation you reallllly want it will be easy to keep it at the top of your mind.

The easiest way to save money is to not spend it. Check out: These 6 money saving tips will help you turn that dream vacation into reality for some great saving tips to get started!