How to budget for your travels abroad
Pulling the trigger on an international trip is exciting. The process of setting up a budget for the trip can help build that excitement month by month, as well as breaking up the commitment into manageable chunks. Thankfully, there are tools to make the process less complicated. Here are a few tips to make your travel dream a reality.
The more time you give yourself, the better! Not only is it better to have more time to save, but it also helps track pricing fluctuation based on demand and fuel costs. Plus, having a credit card that accrues points is perfect for travel expenses, giving you more time to accrue and use! We suggest working backward — identify the time of year you think would be the optimum time to go and then see how much time you have between that departure month and the current month. If there isn’t enough time to save for the dream trip you want, consider putting it off until the next year to give yourself more time to save.
Identify your priorities — what is a must-do and/or must-have item(s)? First, list those “musts,” then begin researching the average costs to help narrow down what is a true “must” and deserves to be included in the goal budget.
Consider a variety of lodging options. Hotel rooms may offer a mini-fridge and coffee maker that could work for breakfast or midday pick-me-ups, and sometimes you can find a hotel that bundles a generous breakfast with the cost of your stay. But you’ll rely on restaurants for your other meal offerings. VBRO or Airbnb options provide access to a kitchen, which can help save on dining costs and give you more ownership over how you fuel your body/stick to your home routine.
Take advantage of digital tools to help you track your trip savings. Once you’ve identified your goal amount, set it and forget it! Oftentimes, bigger banks will have goal-setting and saving options available to established customers. If not, you can check out free online savings accounts such as Chime or Marcus.
Research relevant travel documentation requirements and costs. Depending on your location, it may be required to submit a visa, obtain an updated passport/government ID, medical documentation, and vaccinations to enter the country. Visit the relevant “US Embassy” + “country you want to travel to” website to not only determine what documentation and/or vaccination(s) is required to enter the country but also important travel information.
Identify a daily budget. Once you’ve solidified your total budget and have had time to save for a bit, use this formula to determine a daily budget to respect: Money saved – Expenses list / Number of trip days = Daily budget.
Look out for hidden costs with offerings that seem like deals. You can often find dirt-cheap airfare, but it comes with an overnight layover. Package deals like cruises often have daily expenses that add up; by the time you have a couple of cocktails or take a couple of excursions in port, you end up paying a premium.
Be sure to budget to bring home a memory. Perhaps a piece of art by a local artisan? Hand-crafted textiles, jewelry, wine, or oils from the region can give you a tangible memory of your trip.
Connect with an experienced international traveler. Feeling overwhelmed? Chatting with an experienced international traveler can be reassuring and helpful in your planning. You can schedule a free call with a Body Synergy Fitcation team member to learn more about our international destinations and make a new travel friend before your next trip!