Budget Basics

Travel Budgeting Basics

New to budgeting your vacations? Before getting into the nitty gritty of planning, here are a few basics to understand before you get started!

Decide What's Most Important

Vacations should be tailored to each person's interests and budget. Try to decide what is most important to you in a vacation first. 

Are you set on one location or open to cheaper options? Are there must-see attractions you want to visit? Do you have a not-to-exceed budget already? Are the dates you need to travel specific or flexible? Are you traveling solo, with family, or as part of a group?

These are all questions that should be discussed with the entire travel party before getting started on a plan and budget.

Pay Attention to T&Cs if Travel Hacking

Travel hacking is an awesome tool to make your dream vacations happen for cheaper. However, there are some terms and conditions you need to look out for prior to traveling if you're planning on using credit card points or other offers to help make your vacation more budget-friendly.

Some airlines/hotels will give you better deals when using points if you're booking last minute. However, if you're an early booker like me, you'll want to know exactly how far in advance airlines open up their schedules to find better mile-to-dollar values.

Also, be sure to understand what you get out of your flights or hotels when determining if it's a good deal. That flight to London might only be 20k miles, but how much are you paying in carrier fees? Are your bags included? Does your card get you airport lounge access, or free hotel upgrades? The small things will add up quickly if you don't account for them in your original budget.