Use Personal Capital to reach your travel savings goals Even with all of our detailed planning, sometimes unexpected emergencies – and expenses – arise.įrom dropping your phone in the ocean to twisting your ankle on a day hike and needing to go to the doctor, it is so much better to have some emergency money set aside to accommodate unexpected expenses.Įven just an extra $50 set aside in a secure cash account can create so much peace of mind while you are traveling and prevent you from having to go over budget due to an emergency.ĭetermine how much money you feel comfortable setting aside for emergencies and add that amount to the final number from step two to find your final budget amount. You know the age old adage, “if it can go wrong, it will go wrong?” Never has it been more relevant than while traveling. Once you have identified all of your travel expenses, add up all of the costs and voila! You now have a detailed and realistic budget for your upcoming trip. While a month-long European tour for $1,000 sounds great in theory, it’s definitely not realistic and is not setting you up for financial success. This is where it’s especially important to be realistic about the amounts you will need to spend. Don’t forget to include your financial priorities! Whether you prefer to plug these numbers into a spreadsheet, fill out a budgeting app, or write them down with a good ol’ fashioned pen and paper, identifying all of your anticipated expenses will give you the most realistic budget for your trip possible.įrom airfare to baggage fees to accommodations to food, the more detailed you can be the better, as it will help you create the most specific budget possible. Next, write down all of your travel expenses and their estimated costs. Whether it’s going to the top of the Eiffel tower, taking a sushi tour through Japan, buying a designer handbag in Italy, or flying first class for the first time ever, these are the experiences that will be prioritized in your travel budget. These are the things you must do, see, or buy during your travels so that you feel like the trip was as personally fulfilling as possible. The first step to creating a sustainable travel budget is identifying your travel must-haves. So rather than thinking of your budget as a “stop sign” that gets in the way of your fun and adventures, rather think of it as the steering wheel that allows you to take on new experiences with control and security! Identify your “must-haves” A good travel budget should allow you to make room for your travel essentials and priorities, and the only restrictions within your budget should be restrictions from making purchases that may not ultimately align with your personal financial goals. The only restricting your budget should really be doing is restricting you from making purchases that might not ultimately align with your personal financial goals. Rather, we want to create a budget that allows us to be fully present during our travels because we aren’t stressing about finances. Now I know that when a lot of people hear the word “budget” they automatically think “restriction” – but this isn’t the mindset we want to have as we create our travel budget. Think of your travel budget as your ultimate travel companion – always down for an adventure, with you through the highs and lows, and also keeps you grounded and secure as you navigate new countries and experiences. After all, your trip should be stress-free and relaxing the last thing you need is to see “declined” on a screen when you swipe your card – especially when you are traveling abroad!įortunately for you, as a seasoned traveler and a money coach, I have all the tried-and-true tips and tricks for creating a travel budget that feels totally fulfilling rather than restrictive, all while helping you reach your overall financial goals. Creating a realistic and sustainable travel budget is one of the best ways that you can prepare for a trip so that you can be wholly present and stress-free on your vacay.
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