Planning to travel this year? Often, it can feel like you simply don’t have enough money in the bank to pay your bills and do the travel you’d like to do as well. However, with a few tweaks to your budget and some smart travel booking, you can get plenty of trips in this year.
Here are some tips to help you budget for travel this year:
Check your balance
One of the first things you need to do is take a good look at the money you have coming in… and the money you have going out. That means making a list of all of the bills you need to pay each month. This includes:
- Gym membership
- Phone bill
- Spotify, Netflix, Apple Music etc
Next, make sure you spend some time thinking about where you can potentially cut costs- maybe you could
Track your spending
You may think you spend all of your money on necessities each week, but you’d be surprised how quickly small things can add up. Spend one to two weeks recording every cent you spend, either with an app or a notebook and pen. That means all those coffees out, movies, dinner, drinks, shopping, and more.
Set your goals
In order to budget for your travel, you’ll need to set smart goals. Where do you want to go? When would you like to travel? How long would you like to travel for? Spend some time on travel blogs, websites, and Pinterest to see the types of destinations you’d like to visit.
Once you’ve set your goals, you can begin working out how you’ll get there. Work out how much your tickets will cost, along with accommodation, travel insurance, food, and tours.
Be sure to begin planning well in advance so you can look for cheap flights. Don’t forget to compare travel insurance options so you can be safe while you’re travelling.
Even if you’re on a low income or have large expenses, you can find a way to budget for travel this year. All you need to do is prioritise. Instead of going out to eat once a week, invite friends over for dinner. Take coffee with you to work and ditch the daily Starbucks lattes. With a few cutbacks, you’ll be able to afford to do plenty of travel. To keep yourself motivated, read travel magazines and blogs and research your destination.
What are your top tips for budgeting for travel? Leave a comment below and let me know.