Planning for any trip or vacation can be overwhelming, especially when it comes to financial considerations. Now, you can amplify that stress even more if you’re thinking about a long-term trip. Long-term travel might mean you’re going to be away for weeks or months. So how do you appropriately plan for the amount of money you’ll need?
You don’t want to run out of funds or not have access to the money you need while you’re abroad, so some planning ahead can be helpful. The following are some tips and things to keep in mind if you’re budgeting for long-term travel.
4 Tips on How to Set a Budget for Long-Term Travel
1. Consider Your Overall Travel Style
Some people have no problem maintaining their budget when they’re traveling, even on a long-term trip. They may have a travel style that lends itself to budgeting and keeping costs low. Not everyone is going to be the same, however.
If you’re used to traveling on short but relatively luxurious vacations, you’re going to have to adjust your style. Staying on a budget for a long-term trip might require that you shop at local stores and markets for food instead of going out for meals.
You might have to change the type of lodging options you utilize, and you may have to skip some of the tourist attractions that you might normally gravitate toward.
2. Learn About Your Location
Where you’re going to be traveling is going to have a much more significant impact on how you should budget above any other factor. You need to learn about where you’re going in the sense that you research how much the cost of living is.
How much are you typically going to spend on a meal or transportation? What are the other costs that you might have to consider that are unique to your specific destination?
3. Create an Actual Budget
Before you leave for your trip, try to use a budgeting app or budgeting software and create an actual formalized budget. Some things you’ll need to consider include your rent, Internet and utilities, groceries, going out for dinner or drinks, transportation, and miscellaneous costs.
You can create a few different sample budgets that will allow you to compare how different options could change how much money you’re spending.
When you’re creating a budget one of the best resources you can use are blog posts from people who have gone to your destination. Check out what they say, how much they spent while there were there and see what might seem reasonable for you.
4. Think About Saving Money Back At Home
Finally, with long-term trip planning, you’re not just thinking about how to budget for where you’re going. Unless you’re getting rid of everything, you’re probably going to have expenses back home you need to maintain while you’re away such as things like a car or mortgage payment.
While there are some expenses you may have to keep up, part of your budget planning should also include finding ways to save money back at home while you’re away. For example, go through and make sure you cancel all those monthly subscriptions you won’t need while you’re gone and your cell phone as well.