NEVER ENDING CYCLE

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      • Part 1: Save Money to Travel
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      • Part 3: Finding the Cheapest Accommodation
      • Part 4: Daily Expenses
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  • Home
  • Destinations
    • Asia/Oceania >
      • Japan
      • Sydney
      • Beijing
      • Guilin
      • Shanghai
      • Hong Kong
      • Taiwan >
        • Yilan & Taipei
        • Tainan
      • Puerto Princesa
      • Kuala Lumpur
      • Hanoi
      • Melbourne
      • Singapore
      • Seoul
      • Bangkok
      • Penang
    • North America >
      • New York City
      • Boston
      • Honolulu
      • Chicago
      • Toronto
      • Jacksonville
      • Portland
      • Charlotte
      • Vancouver
      • Minneapolis
      • Seattle
      • Washington D.C.
      • Acadia National Park
      • Arches National Park
      • Providence
      • Savannah
      • Austin
      • Montréal
      • Asheville
      • Nashville
      • Charleston
      • Kona
      • Anchorage
      • San Juan
    • Europe >
      • London
      • Paris
      • Edinburgh
      • Rome
      • Reykjavik
      • Brussels
      • Amsterdam
      • Copenhagen
      • Porto
      • Lisbon
      • Valencia
      • Oslo
      • Marseille
      • Vienna
      • Stockholm
      • Palma Mallorca
      • Florence
      • Helsinki
      • Tallinn
      • Split
      • Geneva
      • Madrid
      • Vilnius
    • Africa/Middle East >
      • Doha
      • Cape Town
      • Dubai
      • Istanbul
      • Nairobi
    • South America >
      • São Paulo
      • Buenos Aires
      • Lima
      • Rio de Janeiro
  • Guides
    • United Economy Plus Review
    • Qatar Airways Business Class Review
    • JetBlue Airways Mint Class Review
    • Long-Distance Driving
    • Packing
    • Disneyland
    • Disney World
    • United Business Class (Polaris) Review
    • Travel on a Budget >
      • Part 1: Save Money to Travel
      • Part 2: Finding the Cheapest Flight
      • Part 3: Finding the Cheapest Accommodation
      • Part 4: Daily Expenses
  • Services
    • Travel Consultant
  • About Me
    • Blog Updates
  • Contact

Part 1: Setting aside enough money

Everyone wants to travel to some extent, but the big question is always “Do I have enough money for this?”. It’s easy to just put it all on a credit card and forget about it, but you don’t want to go into debt to travel. What I usually do is that I put a part of my income towards a small “travel fund” for myself after I’ve paid off all my necessary expenses. Then, I look at the fund I’ve established to see if I have enough money to travel to whatever destination I want to visit. The calculation looks like this:
 
Cost of flight + (cost of accommodation per night * number of days) + tours, day trips, etc. + (daily expense * number of days) = total cost of trip
 
If the total cost of the trip is less than what you have in your fund, then off you go! However, calculating a final number might not be exact. The first three items are things I spend before I depart, leaving only my daily expenses as the variable cost. Now, let’s split up each item. 
 
Cost of flight – 99% of the time, this will be your biggest expense. The cheaper your flight, the more money you’ll save – I’ll elaborate on what you could do to minimize this cost later.
 
Cost of accommodation ­– This will most likely be your second biggest expense. You could spend very little here, but it really depends on what you value. More on this later.
 
Tours, etc. – If you want to book any tours or day trips from a provider, add in the associated cost here. If you’re dead set on going somewhere you’ll want to book these early as space may fill up. I like to use Airbnb Experiences, Viator, or Klook if I’m trying to book a tour. Usually you can tell how good the tour is by reading the reviews. 
 
Daily expenses – I usually set aside $50-$75 a day regardless of where I’m going. If I’m in a country with a higher cost of living, I would set aside the amount in the higher band, and vice versa. Realistically, you could get away with $50/day in any country. However, I like to play it safe, so I always set aside at least $75/day. It’s always better to overestimate than to underestimate. If you overestimate, you could potentially end up with money left over when you come back!
Next: Part 2
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