3 Ways To Stick With Your Budget While Travelling

3 Ways To Stick With Your Budget While Travelling

Plan your vacation in advance to avoid surge pricing

Photo by Luca Bravo on Unsplash

Do you want to spend some time traveling across the world? Or go on a fantastic vacation? You don’t have to be rich to travel, but you will need to be clever in your budgeting. Here’s how I went about doing it.

There’s a common misconception that traveling is a costly hobby. People who travel frequently must have rich families, large lottery winnings, or high-paying careers, right?

The average person cannot afford to travel! For the rest of us, it’s too pricey… right?

I get where you’re coming from, so don’t worry. I used to believe the same thing. As an American who had never heard of a hostel or a GAP year, I assumed overseas travel was only for the wealthy.

But, after spending several years traveling worldwide, I’m here to tell you that international travel is doable for the rest of us as well.

I learned how to spend less, save more, and supplement my income.

It wasn’t simple, and it took a lot of effort and sacrifice, but if I could do it, I’m convinced you can as well. The procedure is the same whether you wish to go for two weeks or two years.

Here’s a quick formula to help you save money for your next vacation.

1. Begin Keeping Track Of Your Spending

Money isn’t problematic in and of itself. Neither is sound financial management.

  • Do you have no idea where your money is going?
  • Are you terrified of checking your bank account balance? That’s where the majority of the tension is generated.

The answer is straightforward.

Set aside a day this weekend, get your favorite bottle of wine (you’ll need it), and go through your accounts to figure out EXACTLY how much money you have, down to the dollar.

Tracking your expenses is crucial for figuring out where you can save money or maybe stop spending altogether.

I’m sure you’ve heard something similar before. But, more importantly, have you done it? Do you do it regularly? It’s an excellent method to figure out how much money you waste every month on things you don’t need.

Make a list of everything. How much do you spend each week on food? Remember to factor in groceries, dining out, bottled water, and snacks. What percentage of your income do you spend on entertainment? Movies, books, music, sports tickets, and dates, to name a few examples.

2. Stick To A Strict Budget

You’ll need to undertake two forms of budgeting in this situation. The first step is to plan a budget for your trip. The second step is to create a budget for your life.

First and foremost, figure out how much your trip will cost. Your travel budget can be as low as $50 per day if you know what you’re doing.

The cost will vary greatly depending on where you wish to go and how frugal you are. However, I recommend budgeting at least $1500 each month for long-term budget travel.

So, planning a 6-month backpacking trip worldwide, you’ll need at least $9000 in your bank account before you depart.

Your lodging might be as little as nothing if you make the right choices. If you follow these basic suggestions, finding cheap flights will be a breeze — and so on.

3. Cut Back On Wasteful Spending

Draw a vertical line across the middle of a piece of paper. Write “NEEDS” in the top left corner and “WANTS” in the top right corner.

Put anything you spend money on in one of these two columns now.

Be as forthright as possible. Do you have a Netflix subscription right now? Do you need that cappuccino you drink every lunch break? What about those Friday night beers? What about getting some new clothes?

Consult your spending journal, which you should have been keeping. How many of those daily entries were genuinely valuable to you? Will you be able to live without them?

When you’re done, go over to the “WANTS” column and write down how much each item costs next to it. Now add them all up. If you eliminate all of these, you’ll be able to start saving money right away.

The final stage is to cease purchasing items that you do not require. I know it’s more complicated than it appears.

Our highly effective and profitable marketing industry will do everything possible to get you to purchase that Starbucks Unicorn Frappuccino. Allowing them to prevail is not an option.

Now is the time to take charge of your finances!

Last but not least, I’d like to provide some advice…

As you’ll discover, things rarely go according to plan when you’re traveling.

The ability to think quickly on your feet and change your course on the fly is a valuable talent for travel and life.

There will be a lot of course corrections. Don’t be surprised if you run into some roadblocks. Life is chaotic, and even the best-laid plans tend to unravel or break apart completely.

That shouldn’t matter; you’re in it for the long haul. You’ll figure out a different way to get there.

It doesn’t matter whatever plan you pick… The final destination is crucial.

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