5 Tips for Maintaining a Budget While Traveling Abroad

Written by Megan May 31, 2016

It’s no secret, traveling can be expensive. Most people are saving money for months before they start their traveling endeavor, especially to a foreign country. Right now, 1 euro is equivalent to 1.11 US dollar, which makes traveling to Europe more costly than spending money within the United States. However, if saved and spent wisely, money should never be an issue while traveling. Here are some quick tips to help you avoid going over your budget:

1. Split Your Full Budget into Weekly Portions: During your time away, you usually have an idea about what you will be doing from week-to-week. Maybe you plan on traveling to London one weekend to shop and sightsee, but another weekend you plan on backpacking local mountains and hanging out with locals. Both options are great; however they should be budgeted very differently. Perhaps give 30% of your total budget to London, and give 10% to backpacking. Splitting up your budget can help save money by allowing you to periodically stay in check. 

2. Pick One Must-Have: If you’re traveling to Italy, you might just need to have one splurge moment. Allow yourself to completely fall in love with one item or service and get it. However, avoid spending money on multiple luxurious goods or services. Cheaper items and services that are still unique and fun and are often right around the corner.

3. Expensive Doesn’t Always Mean Better: Wine, in Italy, is a prime example. If you are traveling from America, chances are you are no expert on Italian luxuries like leather and wine (if you are, perhaps choose leather or wine to be your must-have); therefore, spending money on expensive items is unnecessary when even the cheapest option is incredible. When you are looking for a leather belt or a bottle of wine to bring home, don’t worry about the price! The cheapest wine and leather in Italy is better than many expensive wines and leather products in America anyways. 

4. Buy Tickets in Advance: Just like in most countries, planning ahead of time can save you a lot of money. If you are planning on buying plane or train tickets, make sure you try to buy them as far ahead of time as possible. Also, if you are booking a place to stay, make sure you do so ahead of time so you’re not forced to drop a lot of money on a place to sleep because the other areas are filled. Research and booking in advance are a crucial part to staying in your budget. 

5. Leave Wiggle Room: Unexpected traveling expenses will happen without a doubt. Maybe you run late for a train and have to purchase another ticket. Maybe you have to get a taxi because trains are not running due to a holiday. Maybe your flight gets cancelled and you have to make it home by bus. Expect the unexpected and leave yourself some breathing room in your budget.