So it's your birthday in five months and you would like to spend it relaxing in Seychelles. However, you know that with your current monthly salary, you will not be able to afford the luxurious trip that you desire. Creating a travel budget enables you to actualise your travel goals by planning financially for them.
Having a travel budget helps you to:
Plan better
Make decisions quicker
Save money
Before creating a travel budget
Do your research:
Travel can either be a relaxing experience or a stressful one; doing enough research about all the factors involved can contribute to the experience significantly. When creating a travel budget, it is important to research details such as; what is permissible in your destination country, what their visa laws and the process entails, and what the local scene looks like - is it safe for tourists to visit? Doing your research will avail you of a wealth of relevant information that will impact your destination selection and travel experience.
Search for bargain deals:
Typically, flight tickets are cheaper when you book months before your desired travel date. Surfing on ticketing websites and comparing prices can help one make better financial decisions as regards logistics payment.
Identify surge periods:
Certain periods like Christmas or summer are always accompanied by a hike in hotel and flight prices. Before creating a travel budget, noting these surge periods will contribute to the way you approach setting up a travel budget.
How to create a travel budget
So you have done all the background work that needs to be done and now you are trying to figure out how to allocate your finances accordingly. Considering these factors will help you create an appropriate travel budget:
Means of travel:
Travelling by air or by train costs differently, depending on your destination. In the same way, flying first class or economy also costs differently. When creating your travel budget determining your means of travel will help you budget your money accordingly.
Determine the extent of luxury you desire:
Knowing whether or not you desire to stay in a luxurious hotel will determine how much of your budget you will allocate to accommodation. Across the board, being able to determine the extent of luxury you desire on your trip will help you form a proper spending plan for your travel budget.
Prioritise:
Determining your purpose for traveling will also help you prioritise your expense accordingly. Ask yourself questions like, ‘’Am I travelling for business?’’, ‘’Do I plan on spending most of my holiday time exploring the city or lounging in the hotel?’’. The answers to these type of questions will put in perspective what is important to you and you will be able to allocate your money accordingly. For example; if you plan on spending most of your holiday time indoors, you will realize that splurging on your hotel accommodation might serve you better than spending money on tour guides.
Conclusion
Setting up a travel budget can help you make the most of your trip as well as maximise your money. Equipped with this information, you are all set to create a travel budget. To create a travel budget, log in to the Brassmoney app and use the budget tool to set up a travel budget, today.
