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How to Budget Your Money for Travel

At PondHopping, we mainly write about what to do once you arrive to your travel destination. But we know that sometimes it’s hard to even get to that destination, so I decided to give my thoughts here…

Everyone has the desire to travel whether it’s across the world to an exotic destination, or to a local hidden gem that’s just a few hours away. Many people think that traveling is too expensive or they don’t make enough money to travel. Well, I’m about to reveal a simple super ninja money saving method to save for traveling whether you’re a millionaire or a broke college student or anything in between…

Here’s the short answer in three words: Budget Your Money. Whatever your income is, it’s time to start budgeting out some money for travel. Whether you’re aware of it or not, on a monthly basis, you budget and pay for electric bills, gas bills, cable/internet bills, loan payments, groceries, car payments, pet supplies, etc. If you really want to make travel a reality for you, you have to start including a travel budget in that monthly budget of yours.

travel budget

travel budget

Depending on what type of traveling you want to do you would want to put in more or less money into your monthly travel budget. Before you can get an accurate dollar amount for what to budget away each month you need to do a little research, nothing too heavy though, don’t worry.

Let’s say you want to travel to Paris in one year from now. To see how much money this trip is going to cost, you would need to look up these things first:
1.Round Trip Plane tickets to Paris- Look up the prices now, and assume that they will be around the same in one year or a little bit more.
2.Hotel/Hostel Costs for the amount of days you want to stay
3.Depending on if you want to eat at high-end restaurants, or just go to markets and grocery stores for food, think about a ball park estimate for each day you’re staying
4.What are you going to do in Paris? Go to museums, attractions, parks, shopping? Budget out your entertainment funds- again a ball park estimate
5.Transportation- Are you going to use the Metro? Taxis? Bus? Rent a car? (I wouldn’t recommend renting a car in Paris) Budget that out too

*Hint- Always over estimate because people usually tend to underestimate when saving and it’s better to have extra money for your trip then not enough

eiffel tower paris

eiffel tower paris

Now you have a fairly accurate estimate of how much money you’re going to need to pull this trip to Paris off. Let’s say the plane ticket was $1,000, hotel was $500 for 4 nights, food is going to be $250 dollars, entertainment will be $150 dollars, and transportation $100 dollars. That totals $2000 dollars. Now if you want to go in 1 year from now, that would be $2000 divided by 12 months which is about $167 dollars per month.

Now you can either pull out $167 dollars a month and put it in a travel envelope or put it in a separate savings account. If you can’t afford the $167/month, go to Paris in a year and a half, or ask for money for your trip for your birthday/Christmas/holiday’s to help out. Either way budget your money for travel that makes the most sense to you. I’ve given up many things in order to travel myself like cable or reducing certain things here and there to save extra money for traveling. If you REALLY want to take that trip you’ve always wanted to go on, you might need to sacrifice things in your life that you’re less interested in…

Wherever it is you want to travel, try and keep a travel budget every month in the amount that you need and how fast you want to leave to make your traveling dreams come true.

Do you have a great money-saving technique, tip or method you want to Share? 

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Happy PondHopping,
-Jeff
Unpack Your International Side

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