Can You Afford to Travel?
Let’s start out easy here. You may have dreams of globetrotting and living your best life in distant lands, but can you actually afford it?
Where you want to stay, what you intend to do when you get there, and physically how far away you will be from home can all have a considerable bearing on how deep your pockets will need to be.
Before you book yourself silly, really break down the potential costs of your dream trip and tally it up with the amount of money you will realistically have to fund it.
Sometimes, it may be better to put your plans on hold until you have saved up enough cash to really experience a place, rather than rushing to get there and missing out on some of the best bits.
-Bottom Line
How Much Do I Need to Travel Overseas?
You are welcome to download the above travel budget planner will help you decide how much you need based on your destination, your holiday, and your own spending habits.
A good budget is like a warm apple pie. It makes you feel all safe and warm, but it takes a few ingredients to get to the finished product. Having a holiday budget also means you’ll be able to have more apple pie and not feel guilty apart from the excess holiday calories but they don’t really count anyway, right?
Everybody’s budget is different, but this will give you an idea of the things to think about when planning your holiday expenses:
The 3 Approaches to Travel Budgets
Whether you are a plan-well-in-advance sort of traveler or more of a fly-by-the-seat-of-your-pants kind of person, there are different ways to approach setting out your budget based on what works best for you.
1. Plan Your Adventure Well in Advance
The most traditional way to book a vacation is to think of somewhere you want to go, plan your vacation dates, and decide how long you want to stay. This kind of advanced planning is the usual go-to for most travelers, as it allows you to book time off of work or plan trips around school semesters, and gives you the opportunity to firm up plans before you leave.
Knowing when and where you are going also has another key advantage — it gives you plenty of time to save up all the cash you will need to really enjoy your time there.
2. Travel Based on Your Bank Balance
All of us want to get the maximum value for the money we spend while traveling. What you can do is work backward to identify the most amount of fun you can have for your money.
The awesome power of the internet has made impulse traveling even easier, as you can simply hit up any number of booking sites to find an exciting destination, as well as suitable flights, accommodation, and excursions in just a few clicks.
3. Travel with Your Regular Income from the Investment
The interest payments from fixed-income products can also be the travel fund for investors every year. Redeem the dividends of stocks investment or distribution of unit trust fund, might be extra money for your next vocation.
Saving for Your Vacation
Before you worry about how to manage your finances while you are away, you will need to devise a plan that gives you the funds to get you there in the first place. Unless you have been blessed with a sudden windfall or a lottery win, you will need to save your cents to achieve your goals.
Set a Savings Timeline
If you receive a regular wage, or you are able to forecast your earnings accurately, you can start to set a timeline on how long it will take you to save up for your vacation.
If you put aside just RM500 a month, for example, you will be able to have RM6000 to play within just a year.
This amount may not pay for a new life abroad, but it could you buy a week to Asia Pacific Country.
Let’s plan and save for your next Vocation now!