In the end, you should keep at least 5% of your travel budget for miscellaneous expenses. Pro tip: Learn how you can save on the biggest travel expenses. If you’re planning a group trip, you can exclude this section from the total trip cost and let each traveler determine how much they want to spend on “fun” things. If you want to see the sights and splurge on souvenirs, you’ll find comfort in setting aside 10% of your travel budget toward leisure expenses. Leisure is completely up to you, and dependent on your free time. When planning a trip, you can’t forget about food expenses! Although individual meal costs are a little harder to calculate, you should at least allocate 20% of your travel budget for food. Unless you’re staying with a host family, you should dedicate 20% of your travel budget toward lodging. Lodging costs come in second for large expenses. Plan on allocating 35% of your travel budget toward airfare and other transportation you may need during travel. Leisure is a flexible section on the travel budget pie, yet one you should still consider when filling out your travel budget template.Īirfare will likely take the bulk of your travel budget. Your major expenses will include transportation, lodging, and food. Step 4: Add major expensesīy blocking your major expenses first, the rest of your expenses will fall into place. In addition to buying travel insurance, you should set aside at least 10% of your travel budget for emergencies that may occur while traveling. If you’re traveling with a nonprofit, an educational program, or for general volunteer work, Volunteer Card offers incredible policies for unbeatable rates! You’ll get the coverage you need at a price you can afford, with plans starting as low as $29. If you want to know when travel insurance comes in handy, check out these eight scenarios where travel insurance saved lives–and pocket-books! Whether you’re traveling alone or as part of a group, you should always purchase travel insurance before leaving the country. Travel insurance is an essential part of your travel budget worksheet. Set a deadline for people to commit to joining the group trip so you can accurately budget early enough to fundraise. For example, you might know the price of one plane ticket, but without knowing the total number of flyers, you’ll get stuck in your budgeting process. Otherwise, you need to nail down how many travelers you’re expecting before you can estimate your total trip costs.
If you’re planning for solo travel, you can skip this step! The site easily converts prices to your preferred currency. This free, expense tracking site lets you search by country for common items such as hotel stays and transit fares to discover their average costs. You can use Budget Your Trip to find the average daily travel costs from actual travelers. Then you’ll have an idea of what to expect to pay and know what to budget. **Download a free travel budget template at the top or bottom of this page** Step 1: Research average costsīefore making a travel budget, you should research ball-park prices for what things cost in your intended destination. Feel free to download our free travel budget worksheet and follow along with these four, easy steps to budgeting your next trip. Whether you’re leaving for solo travel or group travel, you can use this travel budget template to determine your average expenses and discover how much you need to fundraise for your upcoming trip.
If you want to save money on travel, you need to plan out your finances. Get your free copy of a travel budget worksheet today! How to Save Money with this FREE Travel Budget Template