How Much Should I Budget for Traveling Per Year?

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So, whether you're reading an article or a review, you can trust that you get credible and trustworthy information. Our experts have helped you master your money for more than four decades. We continually strive to provide consumers with the expert advice and tools necessary to succeed along life's financial journey. It's smart to plan, save money and budget for a vacation, especially since some places still have COVID-19 restrictions and the cost of fuel, food, and most everything else is on the rise.

Transportation, accommodation and food and entertainment are the main expenses of a vacation budget. Let's take a closer look at each of these categories. Getting to and from your vacation destination can make up the bulk of your vacation budget, so start with transportation costs when planning your trip. In addition to airfare, if you fly, consider other transportation costs such as car rental fees, gas, tolls, parking fees, public transport fares or ridesharing services like Uber or Lyft.

Hotel prices vary dramatically based on location and demand. A waterfront hotel room in South Florida, for example, will cost more in the winter months than in the summer when deals can be found. If your budget isn't generous and you don't mind having fewer amenities, a hostel or RV park can save you money. Food and entertainment expenses can lighten your wallet if you don't make a full budget for the holidays.

They tend to be among the last costs that travelers consider when planning a trip. Budgeting for a family vacation can be more complicated than budgeting for a solo trip, especially if young children are coming. You probably won't eat in fancy restaurants or stroll through museums with children in tow but you'll probably need to budget for a larger hotel room and make reservations for activities they enjoy. Don't forget to look for group rates and discounts if you meet the requirements.

You're more likely to get cheap flights if you buy them about seven weeks before your trip; although to travel during the busy summer season it's best to book about 11 weeks (almost three months) before your travel date if you expect a low-cost plane ticket. Planning a vacation on a budget requires foresight and creativity but the time and effort invested could not only save you money but also make your vacation smoother. This is not a guide to how you can travel the world for the least amount of money possible; it's about how travel remains affordable if you choose to stay in nice apartments, splurge on fancy hotels for special occasions and don't choose the most uncomfortable budget options available.

Chandra Klingerman
Chandra Klingerman

Amateur food evangelist. Amateur beer advocate. Incurable zombie scholar. Extreme food trailblazer. Far horizon trailblazer.

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