Daily budget for expenses while traveling (meal costs and other food, souvenirs, incidentals)-20%.Accommodations (vacation rental, hotel room) -30%.Transportation (including airfare, train fare, gas, public transportation, rental cars)-30%.To help you out, here’s a basic framework of how we set our travel budgets: How much we spend on the rest of our trip is largely dictated by the plane ticket and apartment/hotel costs. Photo: Plan, Ready, Go.Īfter those are done, we have a much clearer picture of what our potential trip cost is. We booked our flights to Florence, Italy, based around the availability of this apartment with a view of the Duomo. The best travel budget is the one that gets you where you want to go at a cost you’re okay with spending. Nor will your trip automatically be better just because it’s more expensive. There’s nothing inherently virtuous about spending as little money as possible on travel. MUST READ: My Favorite Travel Planning ResourcesĪsking yourself these kinds of questions will clarify the best way for you to allocate your travel dollars in the way that works best for how you like to travel.Īnd be honest with yourself about what you want. Or maybe you’d rather stay in a hostel for a few nights and cook your own meals so you have the money to do that $350 heli-hike to a glacier on New Zealand’s South Island. Perhaps your ideal trip includes Michelin star restaurants or large rooms in high-end hotels. Do you prefer long-term travel on a shoestring, like backpacking through Southeast Asia?.Do you rely on car rentals when you travel or do you prefer to walk and/or use public transportation?.Do you prefer international travel over domestic trips?.Would you rather do one more expensive trip every now again or do you explore the world on a smaller budget so you can travel more frequently?.Do you value luxury accommodations or hotel stays and fine dining or are you more interested in investing in comprehensive tours and once-in-a-lifetime experiences at your destination?.How do you decide where your travel dollars should go? Well, a lot of this will be dictated by your personal preferences. With some smart planning, your travel budget could take you all over the world.
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