One of my favorite parts of going on vacations is planning them! If you are like me and enjoy having an organized plan and budget in place when spending large amounts of money – keep reading. I will be showing you the easiest way to budget for a vacation and give you a free vacation budget template PDF!
The purpose of a budget is to ensure that you stay within the spending amount you can afford and come home refreshed, with no debt. Budgeting is not hard! Once you have determined all the details of the trip, you can make a budget for each factor.
Haven’t picked a location for your trip yet, check out this post.
Not sure where to go on vacation?
Setting a budget amount
The first thing you should do is determine how much you can spend. This will help you create a breakdown budget for each part of your trip. The average cost of a one-week vacation in the US is around $1,500 per person. This will bring you to $3,000 for a couple’s trip. So, you can start with that if you are not sure what is realistic for you.
Next, we can go through each factor that will go into the budget.
Travel
Depending on where you are going and how far it is will determine the initial amount you will be spending and need to budget for.
Driving
You will need to factor in the following:
- Gas, to and from
- Snacks/ Meals during the ride
- Any between lodging, if necessary
Here is an easy formula that you can use to figure out the gas.
Total trip mileage divided by your car’s mpg equals total gallons for trip
Total gallons times the current price per gallon equals the total cost of gas for the trip.
1200 miles / 30mpg = 40 gallons
40 gallons x $3.70 = $148
Flying
You will need to factor in the following:
- To and from the airport plus parking garage fees
- Try to ask a parent or friend to drop you off and pick you up to save on parking garage fees.
- Airport food and beverages
- I would eat before and after you are at the airport. The food there will be almost double what you would pay anywhere. Convenience for you = Upcharge for them
- Airline tickets and baggage fees
- Check out sites like Google Flights, Momondo, and Skyscanner.
With Google Flights, enter in the details of your trip and search. If your dates are flexible, use the “date grid” to find the best date combinations to lower the cost. Once you find your favorite departing and returning flights, turn on the tracking feature to track the price fluctuation. Keep in mind that some of the lowest rates are on Sunday 28-35 days before for domestic flights & 3-4 months before for international.
Lodging
There are so many options now that this part of the budget can be pretty flexible depending on your journey and/or destination. If you are looking for a cheaper option than hotels without sacrificing comfortability and style, I recommend Airbnb. They have been constantly growing and expanding with hosts from all over the world. And there are many filters to help cater to your desired experience, whether it be an inexpensive shared space or an entire house to yourself.
Pro Tip:
- Filter using Superhost and Airbnb Plus to get the overall top-rated hosts and spaces.
- In hot or cold climates – filter for AC and heating.
- Working Remote – filter for Wifi
- Want to save money on food – filter for a kitchen. Make sure you read what they consider a kitchen. Some just have microwaves and some have a full stove/oven.
Other options:
Hotels/ Motels
Resorts
Hostel
BnB
Transportation
Depending on your location, you can either use public transportation, ride service, or you can rent a car.
Public Transportation
Check out your location’s welcome page for the routes and/ or transportation apps.
Ride Service
These include Uber, Lyft, and taxis. Also, check out RideGuru to help compare the distance cost across the different ride platforms.
Rent a Car
I rent a car for 100% of my trips. I like to have the freedom and control of where and when. And in busy areas, public transportation can become uncomfortable, and ride service fees can quickly add up. My go-to car rental site is Turo! It is similar to Airbnb but for cars. You can rent cars from economy to luxury for almost any amount of time you need. There are even hosts that will pick you up and drop you off at the airport for free or for an additional fee.
Turo: For drivers under 20 y/o, you will be charged a “Young driver fee” of $50/day and under 25 y/o will be charged a “Young driver fee” of $30/day. So, if you have anyone in your party older than 25, have them rent the car under their name and add others as additional drivers.
Important: They have an option for you to waive the Turo-provided insurance. I recommend you do not do this. Most car insurances do not see Turo cars as a rental.
Food
This is going to be one of the most expensive parts of your budget. This may vary per person depending on your relationship with food.
Some people eat to live, but others live to eat.
This just means foodies, like myself, love trying new cuisines from different places and will dedicate a much larger portion of their budget to dining rather than just budgeting enough to cover each meal inexpensively as possible.
Check out my nifty chart below to help you with creating a food budget!
Pro Tips:
- Save on Breakfast – go to the nearest grocery store and buy frozen breakfast bowls/foods
- Preparing your own meals – make sure your lodging includes methods of cooking
- Balance – eat moderately throughout the week and have 1-2 special meals/restaurant that you splurge on
- Use a card for meals and have cash on hand for tipping
Activities
Saved the best for last! After budgeting for all the sections above, what is left can be used for activities. Saving this section for last is important so that you don’t subconsciously spend all your money on everything you see that might be a glimpse of fun. This will also persuade you into researching experiences that are free or discounted. And remember not to stress about having something planned for every second of the day. It will be less stressful to know you have enough time for relaxing – aka for me, an afternoon nap!
Write a list of all the activities and excursions you would like to experience and google the pricing. Use the remainder of your budget to select the final choices.
Tips:
- Use weekdays for paid activities, most places will be more expensive and crowded on the weekends
- Visit popular areas early as possible for less crowd and the best photos
- Don’t cram too many events in one day.
The easiest way to budget for a vacation is to write it all down. Here is a FREE PDF to help you create your budget: LE Travel Budget Planner
Now that you have properly planned for your trip, now you can just sit back and wait for the big day!!
Need help with making sure you will have enough money saved for your trip, check out my post about making a 12-month saving plan.