Vacations can be expensive, but that’s where planning a budget comes into play. Whether you’re looking to do a weekend getaway in another state or a six-week vacation in Europe, it’s important that you plan for your vacation spending ahead of time. This way, you can figure out if it's feasible or not.
Even if two people have the same destination, their trips could look vastly different from someone else's depending on the following five factors.
Travelling within India and travelling to a different continent would have a vastly different price-point. This is on account of what will likely be your biggest trip costs: flights and stay.
Once you decide on the place(s) you want to visit, gauge the modes of transport you’ll need to travel to and within the destination. Your stay costs can also range from a bougie five-star hotel to camping under the stars. Travel during the 'peak' season will also be more expensive than the 'off' and 'shoulder' seasons. So, get your biggest expenses out of the way from the get-go.
Every new place has something to offer - experiences that are once-in-a-lifetime. Chances are the very reason you’ve chosen this destination is to experience something new. List down everything you want to try and make sure to include it in your budget.
Your food budget will look different depending on whether you're non-veg and veg, drinks, eating street food versus a nice restaurant and if you want to eat out for all your meals. The prices of these meals will also differ from city to city. If you’re going to a more expensive city and want to save a bit of money, you could just do what your parents did and pack 'theplas' for your meals. But don’t just focus on saving money and missing out on the local specialities - your vacation will be incomplete without them.
Whether it’s memorabilia, a fridge magnet for your parents or a custom traditional outfit, you never know what’s going to catch your eye. Keep a look out on the internet for things you might want to buy. After all, years later, it’s these keepsakes that will bring back memories of your 2023 vacation.
It’s always good to keep a bit of legroom in your budget in case of emergencies. You don’t want to run into a situation where you need money, and your budget doesn’t allow for it.
You’d rather not think of a situation where you end up in the emergency room of a different country. It’s scary to think about, but it’s better to be safe than sorry. Travel insurance doesn’t have to be very expensive; it is a very important part of your trip. Be sure to get one valid in the cities you’re visiting, and hopefully, you won’t have to use it.
Once you list it all, try and figure out an approximate amount of money you need to save for your trip. Create a bracket you’d like to stay in.
If you think the costs are more than what you can afford - travel, stay, and special experiences are where you can tweak for more room in your vacation budget.
Budgeting so extensively for your trip might feel stressful, but do it and your vacation won’t be.
Determine your destination, calculate travel and accommodation costs, add food and activities expenses, and set aside extra for unexpected expenses.
It varies widely based on destination and duration; aim to allocate funds for travel, accommodation, food, activities, and emergencies.
The 50 30 20 is a budgeting guideline. It suggests that one must allocate 50% of income to needs (like housing), 30% to wants (entertainment), and 20% to savings and debt repayment.