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How Much Money Should You Expect to Spend on Vacation?

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Regardless of how long you will be traveling for, budgeting for your trip and trying to establish precisely how much money you can expect to spend while you are away can be tricky. Traveling can be expensive, especially if you plan on doing a lot while you’re there. If you are going to an all-inclusive spot, you should still expect to spend some money on excursions with your partner or family members.

There are certainly a number of factors that come into consideration when trying to plan your trip–such as the country that you are visiting, how much things typically cost there, the types of activities you like to do while you are away, and the accommodation that you will be opting for.

No two trips are going to be the same when it comes to finances, but there are some tips to help you plan your travel budget. These tips will help you establish how much money you should expect to spend on vacation

Book the Flights First

You can be on the lookout for travel hacks for various sections of your trip planning, however flight prices are an unavoidable expense associated with travel. They are always going to constitute a large portion of your trip expenditure, particularly when traveling internationally.

There simply is no logic in planning all the intricacies of a trip and then realizing that the flight to get there is going to be incredibly expensive. Book the flights first, and then assess the other costs later. To try to get the best rate on flights, you can utilize various flight search engines in order to be able to compare the prices across different airlines and date ranges.

You may be able to find lower rates for flights during a sale, however that is not guaranteed and it can be risky to wait until the last minute to book flights. Once you have gotten this large chunk of your trip expenditure out of the way, you will know how much money you have to play with for the rest of the trip.

What Accommodation Do You Prefer?

Your personal preferences and travel style are going to play a big role in determining the overall cost of your trip. Will you stay self catered or will you opt for a family-friendly resort? Are you more of a budget traveler or do you prepare to stay in boutique hotels and travel in luxury?

When planning your accommodation, not only do you need to establish the price of the accommodation itself, but you also need to keep in mind the associated costs once you arrive. As an example, if you choose to stay in a self-catered apartment, your accommodation may be cheaper than an all-inclusive resort, however your food budget is going to be more.

How Long Will You Be Traveling For?

We would all love to spend two weeks in the Caribbean rather than just one, but can your budget afford it? Keep in mind that the longer you are away, the longer you have to pay for food, accommodation, and other localised expenses such as transportation and activities.

The local prices in the country you will be visiting plays a role here, as does determining what kind of activities you want to engage in while you are away. If you plan on arranging various day trips and excursions during your trip, the total cost can soon add up. If you’re traveling with your partner, consider staying at an adults-only resort. This way, you’ll pay for your food and drinks up front, and get deals on other activities you want to do off the resort.

Are You a Luxury or Budget Traveler?

Minus the super exclusive locations, most destinations are accessible and affordable for most people. However, that all depends on your personal style. For instance, a luxury traveler that wants to shop on 5th Avenue and visit spas is going to spend considerably more in New York City than a traveler that just wants to see the sights or enjoy the city’s free activities on a budget. Consider what type of vacation you want, assess your actual budget, and keep track of your spending to ensure that you stay within this.

Will You Plan Excursions?

Day trips and activities organized by hotels and local tour companies always wind up costing more than activities that are planned independently. You can save money by organizing everything yourself, however whether that is feasible or not depends on what you are comfortable with.

Some people prefer not to have the hassle of planning everything themselves, and they like the comfort and security that traveling with a tour operator provides. That is completely fine, but establish a budget for what you want to do and how much you are willing to spend on this. Keep in mind that you may have to account for a little extra for tips and additional fees so it is always worth setting aside a little more.

Take This Seriously

You want to make the most of your vacation, the last thing you want to do is not plan the trip the right way. Make sure you are thinking of all things that could occur–that means shopping, tips, and emergencies.

If it helps, you can start a vacation fund and set a goal amount to save. This way, you’ll end up having enough money to go on the trip and money to come home with.  No matter how much money you spend, make sure you are spending it wisely. You want to come home with as many memories as you can, leaving you excited and anxious for your next trip.

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