Part of the AirTreks Money and Travel Budgeting Section

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How much travel money you’ll need is a difficult question to answer because everyone travels differently, but you can put the question into perspective by asking yourself a few questions:

How long will you be traveling?

It’s all too easy to burn through your nest egg during the first portion of the trip thinking you still have plenty of money at your disposal. Forming (and keeping) a daily budget based on the number of days, weeks or months you’ll be traveling is essential in keeping your savings intact.

Namdaemun Gate, Seoul

What places are you visiting?

Certain destinations are far more expensive than others. Europe and Japan are both more expensive (per day) than say Cambodia, Central America or India. If you’re on a budget and want to spend as much time traveling as possible, developing nations will stretch your dollar farther. If that’s not an issue for you, European cities are some of the most beautiful and lavish anywhere. Here are some hints on where your dollar will go the farthest.

How many stops are you making?

Transfers to and from airports can add up, not to mention trying to find budget-friendly accommodations in each new unfamiliar city. Found something good? Stick around. Also being unfamiliar with the local currency will lead you spending a lot more of it. Reduce your number of stops and keep these wastes to a minimum.

What level of comfort do you need when you sleep?

4-star hotels and restaurants will drain your funds in no time. If you’re not willing to slum it all the time, perhaps think of a sprinkling a hostel or guest house into the mix. Remember, the place you sleep does not determine how incredible your trip is. Offset that ocean view with a, shall we say, more spartan option.

Street merchant, Kathmandu

Street food is some of the most finely prepared and authentic food anywhere. Don’t overlook it – pepper street meals into your daily routine. Supermarkets are everywhere in the developed world as well, though maybe not what your used to. Picnics are fun, tasty and get the job done for far less than a restaurant.

Will you be staying in big cities, suburbs or the countryside?

Downtown accommodations are more expensive than less-convenient spots. But if you plan on spending time downtown you may save money on transportation getting there. Villages in the country can allow you two weeks at the price of two nights in the city.

Do you plan to participate much in adventure travel (i.e. safari, scuba diving, trekking or skiing)?

These activities cost serious money. If adventure tours and excitement are the way you roll,  research so you have time to determine whether booking in advance or locally is the better option.

How much overland travel are you doing and by what means?

In the cities public transportation can be a fraction of the cost of personal service. Don’t be afraid to get on a bus. Not only can it be an experience, it will allow you to see parts of the city you may not otherwise go to. Trains are a great way to see the country but also are more time-consuming than a low-cost domestic flight. Check on your options before getting a train ticket. Trains usually depart from a city center however, as opposed to an outlying airport.

Knowing how flexible or rigid you are with you plans will give you a good idea about how much money you’ll be spending on you travels.

A definite set of traveling needs will force you to spend extra money. For example, do you like doing a city tour in every new city you visit? No problem, but plan it in. Do you normally hit 2 or 3 museums a week? Plan that in too.

Finally, once you get a good number to go with, add 25% on the top per day and you should be covered for all the incidentals and surprise expenses.

Continue to the next section – TripPlanner for Airfare Costs