Budget Friendly TravelingSep 24, 2023
Hello Stoic Investors,
Today I want to talk about traveling & budgets.
Traveling warms the heart so bright, but the wallet feels a bit light.
If you have ever been abroad, you know what I’m talking about.
Seeing the world comes at a cost.
Usually a big one.
The average American expects to pay $1,400 for a three-day vacation in 2023 (Forbes).
That’s a lot.
However, that doesn’t mean a budget and traveling can’t co-exist.
Let’s break this myth.
Budget > Traveling???
A budget is essential to money management.
You need to be in control of your money.
But what happens when this “control” turns into obsession?
Life passes you by.
Saving every penny will not do you any good.
What’s the solution?
A sinking fund
A sinking fund is a strategic way to save money by setting aside a little bit of money each month.
It’s a simple concept really.
Each month, you set aside a certain sum for a particular goal, which you can use later.
So, in this case, you would set aside some money for traveling purposes.
Because you’ll still be within your budget and get to experience life.
However, that doesn’t mean you should allow your sinking fund to eat into your investment strategy.
And it’s easy to prevent this from happening.
Budget friendly traveling
The goal is to have a fulfilling travel experience without overspending or going beyond your financial means.
And this usually starts with choosing the right destination.
Here are some.
But that’s just the start.
Here are three more steps.
Step 1: Plan and Research
Research is your best friend. Look up budget-friendly flights & accommodations, local transportation options, and free or low-cost attractions at your chosen destination. Read travel forums, blogs, and reviews for tips from other travelers who have visited that place on a budget. Create an itinerary that includes both paid and affordable activities.
Step 2: Set a Daily Spending Limit
Determine how much you're willing to spend per day on food, transportation, attractions, and other expenses. Stick to this limit by tracking your spending each day. This will help you make conscious choices and avoid overspending.
Step 3: Prioritize and Adapt
Prioritize the activities and attractions that matter most to you. Skip costly tourist traps and focus on experiencing the local culture. Be open to adapting your plans based on unforeseen opportunities or better deals you might find while you're there.
While this might seem like a daunting task, it really is a part of travelling.
Imagining places, you’re about to visit.
You can even turn it into a fun experience to share with your partner and/or friends.
Keep in mind that money is a tool to bring happiness into your life.
And if you love traveling, don’t waste a minute and start planning!
So, note down these points and start traveling today:
1. The average American expects to pay $1,400 for a three-day vacation
2. A budget and traveling can co-exist
3. Budget friendly traveling starts with choosing the right destination.