Imagine waking up and making the decision to travel the world and see beautiful places, but your wallet makes fun of you when you look at it. Travelling doesn’t have to be as expensive as it seems. Impulsive purchases during vacations often give the illusion of travel being exorbitant. Setting realistic expectations and being mindful of spending can make travel more affordable. Here are some practical tips to manage your finances while travelling on a budget.
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Plan Meticulously
Meticulous planning is the cornerstone of budget travel. Research and plan every detail of your trip, including destinations, transportation, accommodations, and activities.
Set a budget: Determine how much you can afford to spend on your trip. For example, if you're planning a week-long trip to Europe, a budget of ₹1,00,000 to ₹1,50,000 might cover accommodations, food, local transport, and sightseeing.
Research costs: Look up average costs for accommodations, food, and activities in your destination. Budget hotels in popular European cities like Prague or Budapest can range from ₹2,000 to ₹6,000 per night, depending on the season.
Create an itinerary: Outline your daily activities and estimated costs. Budgeting ₹1,500 to ₹3,000 per day for meals and ₹500 to ₹1,000 for local transport gives you a clear idea of daily expenses.
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Save in Advance
Saving money before your trip is crucial to staying within your budget.
Automate savings: Set up a dedicated travel savings account and automate monthly contributions. Saving ₹5,000 per month for a year gives you a ₹60,000 budget, not including flights.
Cut unnecessary expenses: Identify and cut back on non-essential expenses. Cooking at home instead of dining out can save ₹10,000 to ₹15,000 per month, adding up to ₹30,000 to ₹45,000 over three months.
Utilize windfalls: Allocate bonuses, tax refunds, or unexpected windfalls to your travel savings. A ₹30,000 tax refund could cover your flight or accommodation costs.
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Pack Wisely
Packing efficiently saves money and hassle during your trip.
Bring essentials: Pack toiletries, medications, and versatile clothing. For example,a beach vacation in Southeast Asia, packing light can save on checked baggage fees.
Borrow or rent: Consider borrowing or renting special equipment or clothing. Renting snorkelling gear for ₹500 a day instead of buying for ₹2,500 saves ₹2,000 per person on a week-long trip.
Avoid overpacking: Limit luggage to avoid extra baggage fees. Packing within carry-on limits saves ₹3,000 to ₹6,000 per flight segment.
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Choose Affordable Accommodations
Accommodation choices significantly impact your budget.
Stay in hostels or budget hotels: Hostels in major cities like London or New York start at ₹1,500 to ₹3,000 per night. Budget hotels in Tokyo or Paris can be found for ₹5,000 to ₹8,000 per night.
Consider vacation rentals: Few affordable stays/homestays offer affordable options for extended stays, like renting an apartment in Barcelona, which can be from the range of ₹5,000 to ₹7,000 per night for a week.
Use rewards points: Redeem travel credit card points or hotel loyalty points for free or discounted stays.
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Transportation on a Budget
Transportation costs can add up quickly. Here’s how to keep them in check:
Book flights early: Secure the best rates by booking flights well in advance. For instance, flights from Delhi to Bangkok booked three months ahead can cost ₹8,000 to ₹12,000 round trip, compared to ₹15,000 to ₹20,000 closer to departure.
Use public transport: Buses, trains, and metro systems are usually much cheaper than taxis or rental cars. A metro pass in Singapore costs ₹500 for three days, while a taxi ride of the same distance costs ₹1,000.
Walk or bike: Explore cities on foot or by bike to save money and enjoy a more immersive experience.
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Manage Daily Expenses
Being mindful of daily expenses can prevent budget overruns:
-Eat like a local: Avoid tourist traps and eat at local restaurants or street food stalls. For instance, a meal at a local restaurant in Thailand costs ₹300 to ₹500, while a meal in a tourist area costs ₹800 to ₹1,000.
-Shop smart: Buy souvenirs and necessities from local markets rather than expensive tourist shops.
- Avoid tourist traps: Research free or low-cost attractions and activities.
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Use Technology to Your Advantage
Several apps and websites can help you save money and manage your budget:
- Travel budget apps: Use apps like Trail Wallet or Trabee Pocket to track your expenses in real-time.
-Deal websites: Websites like Groupon or LivingSocial offer discounts on activities and dining.
-Currency exchange apps: Use apps like to find the best exchange rates and avoid high fees.
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Emergency Fund
Always have an emergency fund set aside:
-Set aside extra money: Allocate a portion of your budget for emergencies or unexpected expenses.
- Keep it accessible: Ensure this fund is easily accessible, such as in a separate bank account or travel-friendly card.
By planning meticulously, saving in advance, packing wisely, and managing daily expenses, you can enjoy your travels without breaking the bank. With these tips, your wallet will thank you, and you can focus on making memories rather than worrying about money.
Safe travels!
